Today, in B2B payments, OwlTing and Nium are launching a cross-border B2B payments initiative, while Versapay and American Express are teaming up to streamline the accounts receivable process. Additionally, alliances and relationships are more important than ever amid supply chain disruptions, and Deluxe and Codat are collaborating to improve accountability.
Amex and Versapay team to improve AR process
American Express is partnering with collaborative Accounts Receivable (AR) provider Versapay to help customers improve the AR process, giving vendors who use American Express virtual cards access to Versapay’s AR network of buyers and vendors to a fully automated opt-in experience.
The program also includes access to its electronic payment delivery service (ePDS), which eliminates email payment delivery and automates the processing and reconciliation of virtual card payments, according to a press release from Versapay.
PYMNTS worked with Versapay on “The Strategic Role of the CFO,” a report that looked at Accounts Payable (AP) and AR modernization. Nearly 93% of U.S. companies with revenue of at least $25 million said they were integrating digital technologies into their accounting operations.
Treasurers turn to automation to meet the demands of global commerce
As new e-commerce ecosystems emerge, new business models – such as manufacturer-led and direct-to-consumer (D2C) digital storefronts – have highlighted the need for a B2B and business-to-consumer payments ecosystem ( B2C) consistent and in real time. .
According to “Mapping the Global Commerce Future,” a collaboration between PYMNTS and Citi, D2C business models require flexible payment mechanisms that allow brands to provide instant refunds to consumers. This helps ensure smooth user experiences and prompt payments to suppliers and contractors, limiting supply chain disruptions.
Shahmir Khaliq, global head of treasury and commerce solutions at Citi, told PYMNTS that the massive shift from consumer payments to online conduits has created expectations that interactions between buyers and suppliers should be just as smooth and intuitive.
Deluxe, Codat joins forces to improve accounting
Deluxe, a payments technology company, has formed a partnership with small business data application programming interface (API) provider Codat.
The companies will work together to allow customers who use Deluxe’s payroll and human resources solutions to automatically reconcile their accounting data in their accounting software. The collaboration will mean that business owners will only need to log into the Deluxe platform once.
Ongoing synchronization is handled transparently in the background using Codat technology. The companies said that by automating this manual process, business owners would save time, reduce errors and ensure payroll data accuracy.
The data point: real-time payments are the norm at nearly 9 out of 10 large companies
In the study “Real-Time Payments: The Fast Track to the Future of Business Payments,” a collaboration between PYMNTS and The Clearing House, we surveyed 100 executives of companies generating between $50 million and $1 billion per year to find out what benefits early adopters are getting from using RTP – and what the remaining hurdles are for instant payments.
The majority of businesses said they were now sending and receiving payments in real time, with almost nine out of ten large businesses at the bottom of the corporate ladder showing the greatest adoption. For companies with revenues between $250 million and $500 million, usage drops to 27%.
As the study notes, “companies using real-time payments are more evenly distributed when sorted by industry, not size,” with 19% of financial companies, 18% of mobile phone companies and approximately 11% of utilities and distribution companies now using real payments. -payments on time.
Supply chain disruptions underscore the value of alliances and the need to strengthen payment relationships
Over the past three years, supply chain disruptions have underscored the importance of improving collaboration with customers and suppliers – including mutual support around payments – for businesses in the B2B space. .
Jean-Michel Bérard, CEO of Esker, told PYMNTS that with the increasing globalization of the economy, B2B companies have realized how much they depend on their partners to survive and thrive. This has led some companies to adopt new supply chain risk management practices, such as diversification to reduce reliance on China.
Companies have also shifted their focus to innovation and restructured to build resilience and flexibility, and companies have found that they need to build and maintain strong relationships and alliances with their suppliers to reduce their vulnerability.
Blockchain company OwlTing and Nium launch X-Border B2B payments
Digital payments startup Nium and blockchain services company OwlTing have joined forces to power OwlPay, OwlTing’s real-time cross-border payments service.
The new service covers automatic reconciliation, online currency exchanges and cross-border payment services for the e-commerce and travel sectors in Southeast Asia. The companies said that Nium’s exchange rate, settlement network and currency support give businesses an added advantage when sending international remittances in real time.
OwlPay said it will initially focus on Southeast Asia, hoping to capitalize on the region’s expected growth in the internet economy, which could reach $363 billion in gross merchandise volume. by 2025.