B2B, automation, treasurer, invoice

In B2B Today: More Treasurers Embrace Automation

Today in B2B payments, OwlTing and Adesivo are launching a B2B cross-border payments initiative, while Versapay and American Express join forces to streamline the accounts receivable process. Plus, alliances and relationships are more important than ever amid supply chain disruptions, and Deluxe and Codat work together to improve accounting.

Amex, the Versapay team to improve the AR process

American Express is joining forces with collaborative credit provider (AR) Versapay to help its customers improve the AR process by giving providers using American Express virtual cards access to Versapay’s AR network of buyers and suppliers to a fully automated acceptance experience.

The program also includes access to its ePayment Delivery Service (ePDS), which eliminates e-mail payment delivery and automates the processing and reconciliation of virtual card payments, according to a Versapay press release.

PYMNTS partnered with Versapay on “The Strategic Role Of The CFO,” a report that examined Accounts Payable (AP) and AR modernization. Nearly 93% of US companies with at least $ 25 million in revenue said they integrate digital technologies into their accounting operations.

Treasurers are turning to automation to meet the demands of global trade

With the emergence of new eCommerce ecosystems, new business models, such as manufacturer-driven direct-to-consumer (D2C) digital storefronts, have highlighted the need for a consistent B2B and business-to-consumer (B2C) payments ecosystem 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 immediate refunds to consumers. This helps ensure seamless user experiences and quick payments to suppliers and contractors, limiting supply chain disruptions.

Shahmir Khaliq, Citi’s global head of treasury and commerce solutions, told PYMNTS that the massive shift in consumer payments to online channels has created expectations that interactions between buyers and suppliers should be just as smooth and intuitive.

Deluxe, Codat collaborates to improve accounting

Deluxe, a payment technology company, has partnered with small business data API (Application Programming Interface) provider Codat.

The companies will work together to enable customers using Deluxe payroll and human resources solutions to automatically reconcile their accounting data in their accounting software. The collaboration will mean that entrepreneurs will only need to connect once on the Deluxe platform.

The ongoing synchronization is handled smoothly in the background with the help of Codat technology. The companies said that by automating this manual process, business owners will save time, reduce errors and ensure the accuracy of payroll data.

The data point: Real-time payments are the norm in nearly 9 out of 10 large companies

In the study “Real-Time Payments: The Fast Track To The Future Of Corporate Payments”, a collaboration between PYMNTS and The Clearing House, we interviewed 100 executives from companies that generate $ 50 million to $ 1 billion annually to find out which ones benefits early adopters are gaining Using RTP and what are the remaining obstacles to instant payments.

Most companies said they now send and receive payments in real time, with nearly nine out of 10 large companies at the bottom end of the enterprise showing the most prevalence. For companies with revenue between $ 250 million and $ 500 million, usage drops to 27%.

As the study states, “companies using real-time payments are more evenly distributed when sorted by industry and not by size,” with 19% of financial companies, 18% of wireless companies, and approximately 11%. utilities and distribution companies now using real tools – timed payments.

Supply chain disruptions underscore the value of alliances, the need to strengthen payment relationships

Over the past three years, supply chain disruptions have brought home the importance of improving collaboration with customers and suppliers, including mutual support regarding payments, for businesses in the B2B space.

Jean-Michel Bérard, CEO of Esker, told PYMNTS that as the economy has become increasingly globalized, B2B companies have realized how much you rely 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 dependence on China.

Companies have also shifted their focus to innovation and restructured in order to create resilience and flexibility, and companies have found that they need to build and maintain strong relationships and alliances with suppliers to reduce vulnerability.

Blockchain company OwlTing and Percorsi are launching B2B X-Border payments

Digital payments startupbourg 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 swaps and cross-border payment services for the eCommerce and travel sectors in Southeast Asia. The companies said that the exchange rate, settlement network, and currency support of Stazione give companies an added advantage in completing international remittances in real time.

OwlPay said it will initially focus on Southeast Asia, hoping to capitalize on the region’s expected growth of the internet economy, which could reach a gross merchandise volume of $ 363 billion by 2025.

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NEW PYMNTS DATA: THE TRUTH ABOUT BNPL AND STORE CARDS – APRIL 2022

Of: Shoppers who have store cards use them for 87% of all eligible purchases, but that doesn’t mean retailers should initiate purchase options now, pay later (BNPL) from checkout. The Truth About BNPL And Store Cards, a collaboration between PYMNTS and PayPal, interviews 2,161 consumers to find out why providing both BNPL and store cards is critical in helping merchants maximize conversion.

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