TreviPay has introduced enhancements for dealer management systems for commercial equipment dealers servicing fleets.
\n\u201cIn addition to providing a smooth onboarding and integration process, TreviPay\u2019s advanced API technology captures transaction line-item details in real time,\u201d the B2B payments/invoicing network said in a news release Wednesday (Sept. 25).\u00a0\u201cThe enhancements will ensure a seamless payments experience for fleet drivers and dealers and eliminate manual, inefficient processes.\u201d
\nAccording to the release, TreviPay\u2019s solution for dealer management systems, which already offers things like consolidated billing and payments, will now also include turnkey onboarding for net terms or trade credit.
\nThe company argued that flexible payments are crucial for business buyers, as its in-house research shows that most business buyers value invoicing and flexible net terms. Seamless onboarding, TreviPay said, makes these critical payments preferences available faster.
\n\u201cFrom our long history working with commercial equipment manufacturers, dealerships and fleets, we recognized reduced friction and increased efficiency are essential in today\u2019s dynamic and fast-paced business landscape,\u201d said Dan Zimmerman, TreviPay\u2019s chief product and technology officer.
\n\u201cTreviPay\u2019s proprietary B2B technology platform builds deep-rooted business relationships, leveraging payment automation to eliminate manual entry and reduce administrative costs, from a dealer\u2019s first interaction with a new client,\u201d Zimmerman added.
\nPYMNTS examined challenges facing the fleet management ecosystem earlier this year in a conversation with Daniel Simon, CEO of Coast.
\nAs that report noted, traditional payment methods like fuel cards remain the industry\u2019s most common payment scenarios, meaning that setting the sector up for success means addressing challenges like cumbersome manual processes and security loopholes.
\n\u201cTraditional systems, developed before the ubiquity of mobile devices, rely on antiquated methods for collecting transaction data, leading to poor data quality and security vulnerabilities,\u201d Simon told PYMNTS in April. \u201cThese are old school industries: construction, HVAC, plumbing, landscaping, et cetera.\u201d
\nSimon argued that the ongoing transition toward digitization in fleet management and fleet payments can outfit businesses with more reliable data and a better picture of the total cost of ownership of the vehicles in their fleet, along with a more granular picture of their employee spending behavior.
\n\u201cThis allows firms to make better decisions about their business in both the short and long term, while at the same time addressing the unique needs for field-related purchases such as vehicle maintenance and gas,\u201d the report continued.
\nThe post TreviPay Debuts Expansion to Its Dealer Management System appeared first on PYMNTS.com.
\n", "content_text": "TreviPay has introduced enhancements for dealer management systems for commercial equipment dealers servicing fleets.\n\u201cIn addition to providing a smooth onboarding and integration process, TreviPay\u2019s advanced API technology captures transaction line-item details in real time,\u201d the B2B payments/invoicing network said in a news release Wednesday (Sept. 25).\u00a0\u201cThe enhancements will ensure a seamless payments experience for fleet drivers and dealers and eliminate manual, inefficient processes.\u201d\nAccording to the release, TreviPay\u2019s solution for dealer management systems, which already offers things like consolidated billing and payments, will now also include turnkey onboarding for net terms or trade credit.\nThe company argued that flexible payments are crucial for business buyers, as its in-house research shows that most business buyers value invoicing and flexible net terms. Seamless onboarding, TreviPay said, makes these critical payments preferences available faster.\n\u201cFrom our long history working with commercial equipment manufacturers, dealerships and fleets, we recognized reduced friction and increased efficiency are essential in today\u2019s dynamic and fast-paced business landscape,\u201d said Dan Zimmerman, TreviPay\u2019s chief product and technology officer.\n\u201cTreviPay\u2019s proprietary B2B technology platform builds deep-rooted business relationships, leveraging payment automation to eliminate manual entry and reduce administrative costs, from a dealer\u2019s first interaction with a new client,\u201d Zimmerman added.\nPYMNTS examined challenges facing the fleet management ecosystem earlier this year in a conversation with Daniel Simon, CEO of Coast.\nAs that report noted, traditional payment methods like fuel cards remain the industry\u2019s most common payment scenarios, meaning that setting the sector up for success means addressing challenges like cumbersome manual processes and security loopholes.\n\u201cTraditional systems, developed before the ubiquity of mobile devices, rely on antiquated methods for collecting transaction data, leading to poor data quality and security vulnerabilities,\u201d Simon told PYMNTS in April. \u201cThese are old school industries: construction, HVAC, plumbing, landscaping, et cetera.\u201d\nSimon argued that the ongoing transition toward digitization in fleet management and fleet payments can outfit businesses with more reliable data and a better picture of the total cost of ownership of the vehicles in their fleet, along with a more granular picture of their employee spending behavior.\n\u201cThis allows firms to make better decisions about their business in both the short and long term, while at the same time addressing the unique needs for field-related purchases such as vehicle maintenance and gas,\u201d the report continued.\nThe post TreviPay Debuts Expansion to Its Dealer Management System appeared first on PYMNTS.com.", "date_published": "2024-09-25T12:36:43-04:00", "date_modified": "2024-09-25T12:36:43-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/TreviPay-b2b-fleet-management.jpg", "tags": [ "B2B", "B2B Payments", "commercial payments", "Fleet Management", "fleet payments", "Fleets", "News", "PYMNTS News", "transportation", "TreviPay", "What's Hot", "What's Hot In B2B" ] }, { "id": "https://www.pymnts.com/?p=2105716", "url": "https://www.pymnts.com/news/b2b-payments/2024/ai-prompt-engineering-helps-b2b-firms-find-needle-in-data-haystack/", "title": "AI Prompt Engineering Helps B2B Firms Find Needle in Data Haystack", "content_html": "B2B businesses are increasingly looking to artificial intelligence (AI) solutions in support of process excellence.
\nAcross marketing, customer success, compliance, payments and beyond, AI innovations are reshaping traditional workflows.
\nAmid\u00a0Google\u2019s new upgrades on Tuesday (Sept. 24) to attract more businesses to its Gemini platform, enterprise organizations and smaller businesses are finding ways to create more precise, context-driven inputs for AI tools that will drive business growth.
\nAgainst that backdrop, the rise of AI prompt engineering for B2B operations is becoming crucial to unlocking the capabilities of AI in automating tasks, deriving insights and transforming how B2B companies interact with their data.
\nAI prompt engineering refers to the practice of crafting specific, context-driven inputs \u2014 or \u201cprompts\u201d \u2014 to elicit desired outputs from AI models. Unlike traditional programming, where exact instructions are needed to achieve results, prompt engineering focuses on how to frame questions or commands in ways that guide AI systems toward more meaningful and actionable outputs.
\nThis is particularly important for large language models (LLMs), like OpenAI\u2019s GPT, which have vast capabilities but need structured, precise guidance to deliver optimal outcomes. As AI systems from firms like Microsoft,\u00a0Salesforce,\u00a0Workday, Oracle and\u00a0ServiceNow reportedly look to transition their AI copilots to AI agents, being capable of getting to the desired outcome is crucial for B2B success and driving competitive differentiation.
\nRead more: AI in Commerce: 5 Essential Use Cases for B2B Operations
\nBy learning how to communicate effectively with AI, businesses can enhance their data analysis and optimize workflows, turning AI from a complex, often opaque system into a practical business enabler.
\nIn B2B environments, data is the lifeblood of decision-making, whether it\u2019s forecasting demand, managing supply chains or crafting customer engagement strategies. AI prompt engineering enhances how companies interact with their data by allowing them to extract deeper insights more efficiently.
\n\u201cAI has the potential to really move the needle for so much of the industry in terms of their ability to better understand what\u2019s going on within their payments environments and the ability to be more proactive with their buyers or suppliers,\u201d Nick Izquierdo, executive vice president of payments at\u00a0Billtrust, told PYMNTS.\u00a0 \u201cAnd alongside that, the productivity AI brings is really driving more success satisfaction out of both sides of the equation.\u201d
\nB2B firms often struggle with data overload, facing terabytes of structured and unstructured data from various sources. Without precise query mechanisms, even the most advanced AI models can produce outputs that are too broad or vague. By mastering the art of crafting prompts, businesses can ask the right questions and guide AI to provide answers that are laser-focused on the specific business problem, significantly reducing time spent on data sorting and irrelevant outputs.
\n\u201cThe moment you slice the world through the lens of\u00a0historical transactional behavior, you can then leverage a predictive GenAI framework and say something about the likelihood of those future transactions,\u201d\u00a0Pecan CEO and Co-Founder\u00a0Zohar Bronfman told PYMNTS. \u201cIt\u2019s evolutionary in terms of how businesses can operate.\u201d
\nFor instance, a B2B logistics company can use prompt engineering to query its AI system about inventory bottlenecks during specific time periods, focusing on high-priority geographies. By framing the prompt to focus on time, location and SKU level, the company can get actionable insights quickly, helping them adjust operations in real-time.
\nRead more: AI for KYB Onboarding Helps B2B Partnerships Scale Securely
\nEfficiency is the backbone of B2B operations, where long, complex processes often stretch across multiple stakeholders, systems and even geographies. AI prompt engineering plays a pivotal role in streamlining these workflows by automating decision-making processes and enhancing the speed at which information is processed and acted upon.
\n\u201cWhat I\u2019m most excited about is the future of payments, how quickly it\u2019s moving,\u201d Eric Frankovic, general manager of corporate payments at\u00a0WEX, told PYMNTS. \u201cUnderstanding your supplier relationships, what\u2019s best for you as a company, and what best supports your size and growth goals is crucial.\u201d
\nFor instance, procurement teams can automate vendor risk assessments by creating prompts that direct AI to analyze supplier performance data, compare it against historical benchmarks and assess geopolitical risks. This cuts down the manual effort required to process vast amounts of information, delivering actionable results in real-time.
\nSeparately, in B2B marketing, businesses can design prompts that instruct the AI to not just analyze customer interaction data but to do so in the context of industry trends, competitive positioning and the company\u2019s unique value proposition. This makes the insights richer and more aligned with the company\u2019s broader business goals.
\nAs the findings detailed in \u201cCMOs Leaning on GenAI For Market Research, Even As ROI Dips,\u201d the fifth edition of PYMNTS Intelligence\u2019s 2024 CAIO Project, more than nine in 10 CMOs said they used GenAI for actions in the category of market research and insights.
\nUltimately, prompt engineering offers businesses something invaluable: speed. In competitive B2B markets, the ability to move quickly is critical. Whether it\u2019s responding to shifts in customer demand, adjusting supply chain strategies or rolling out new products, speed can make or break success. Prompt engineering ensures that businesses can get to outcomes faster, bypassing the trial-and-error phase that often accompanies new technology adoption.
\nAnd as PYMNTS covered last month, AI is no longer just the domain of large corporations with deep pockets and extensive tech teams. Small businesses are getting in on the action as well. Recent PYMNTS Intelligence data\u00a0in the June report \u201cSMBs Race to Critical Mass on AI Usage\u201d found that 96% of small- to medium-sized businesses (SMBs) that have tried AI tools see it as an effective method to streamline tasks.
\nThat said, the ways that Main Street SMBs can unlock growth through strategic applications of AI looks a little different from the\u00a0approaches being taken by their larger enterprise counterparts.
\nThe post AI Prompt Engineering Helps B2B Firms Find Needle in Data Haystack appeared first on PYMNTS.com.
\n", "content_text": "B2B businesses are increasingly looking to artificial intelligence (AI) solutions in support of process excellence.\nAcross marketing, customer success, compliance, payments and beyond, AI innovations are reshaping traditional workflows.\nAmid\u00a0Google\u2019s new upgrades on Tuesday (Sept. 24) to attract more businesses to its Gemini platform, enterprise organizations and smaller businesses are finding ways to create more precise, context-driven inputs for AI tools that will drive business growth.\nAgainst that backdrop, the rise of AI prompt engineering for B2B operations is becoming crucial to unlocking the capabilities of AI in automating tasks, deriving insights and transforming how B2B companies interact with their data.\nAI prompt engineering refers to the practice of crafting specific, context-driven inputs \u2014 or \u201cprompts\u201d \u2014 to elicit desired outputs from AI models. Unlike traditional programming, where exact instructions are needed to achieve results, prompt engineering focuses on how to frame questions or commands in ways that guide AI systems toward more meaningful and actionable outputs.\nThis is particularly important for large language models (LLMs), like OpenAI\u2019s GPT, which have vast capabilities but need structured, precise guidance to deliver optimal outcomes. As AI systems from firms like Microsoft,\u00a0Salesforce,\u00a0Workday, Oracle and\u00a0ServiceNow reportedly look to transition their AI copilots to AI agents, being capable of getting to the desired outcome is crucial for B2B success and driving competitive differentiation.\nRead more: AI in Commerce: 5 Essential Use Cases for B2B Operations\nAI Prompt Engineering: Revolutionizing B2B Interactions With Data\nBy learning how to communicate effectively with AI, businesses can enhance their data analysis and optimize workflows, turning AI from a complex, often opaque system into a practical business enabler.\nIn B2B environments, data is the lifeblood of decision-making, whether it\u2019s forecasting demand, managing supply chains or crafting customer engagement strategies. AI prompt engineering enhances how companies interact with their data by allowing them to extract deeper insights more efficiently.\n\u201cAI has the potential to really move the needle for so much of the industry in terms of their ability to better understand what\u2019s going on within their payments environments and the ability to be more proactive with their buyers or suppliers,\u201d Nick Izquierdo, executive vice president of payments at\u00a0Billtrust, told PYMNTS.\u00a0 \u201cAnd alongside that, the productivity AI brings is really driving more success satisfaction out of both sides of the equation.\u201d\nB2B firms often struggle with data overload, facing terabytes of structured and unstructured data from various sources. Without precise query mechanisms, even the most advanced AI models can produce outputs that are too broad or vague. By mastering the art of crafting prompts, businesses can ask the right questions and guide AI to provide answers that are laser-focused on the specific business problem, significantly reducing time spent on data sorting and irrelevant outputs.\n\u201cThe moment you slice the world through the lens of\u00a0historical transactional behavior, you can then leverage a predictive GenAI framework and say something about the likelihood of those future transactions,\u201d\u00a0Pecan CEO and Co-Founder\u00a0Zohar Bronfman told PYMNTS. \u201cIt\u2019s evolutionary in terms of how businesses can operate.\u201d\nFor instance, a B2B logistics company can use prompt engineering to query its AI system about inventory bottlenecks during specific time periods, focusing on high-priority geographies. By framing the prompt to focus on time, location and SKU level, the company can get actionable insights quickly, helping them adjust operations in real-time.\nRead more: AI for KYB Onboarding Helps B2B Partnerships Scale Securely\nDriving Efficiency Through AI-Powered Automation\nEfficiency is the backbone of B2B operations, where long, complex processes often stretch across multiple stakeholders, systems and even geographies. AI prompt engineering plays a pivotal role in streamlining these workflows by automating decision-making processes and enhancing the speed at which information is processed and acted upon.\n\u201cWhat I\u2019m most excited about is the future of payments, how quickly it\u2019s moving,\u201d Eric Frankovic, general manager of corporate payments at\u00a0WEX, told PYMNTS. \u201cUnderstanding your supplier relationships, what\u2019s best for you as a company, and what best supports your size and growth goals is crucial.\u201d\nFor instance, procurement teams can automate vendor risk assessments by creating prompts that direct AI to analyze supplier performance data, compare it against historical benchmarks and assess geopolitical risks. This cuts down the manual effort required to process vast amounts of information, delivering actionable results in real-time.\nSeparately, in B2B marketing, businesses can design prompts that instruct the AI to not just analyze customer interaction data but to do so in the context of industry trends, competitive positioning and the company\u2019s unique value proposition. This makes the insights richer and more aligned with the company\u2019s broader business goals.\nAs the findings detailed in \u201cCMOs Leaning on GenAI For Market Research, Even As ROI Dips,\u201d the fifth edition of PYMNTS Intelligence\u2019s 2024 CAIO Project, more than nine in 10 CMOs said they used GenAI for actions in the category of market research and insights.\nUltimately, prompt engineering offers businesses something invaluable: speed. In competitive B2B markets, the ability to move quickly is critical. Whether it\u2019s responding to shifts in customer demand, adjusting supply chain strategies or rolling out new products, speed can make or break success. Prompt engineering ensures that businesses can get to outcomes faster, bypassing the trial-and-error phase that often accompanies new technology adoption.\nAnd as PYMNTS covered last month, AI is no longer just the domain of large corporations with deep pockets and extensive tech teams. Small businesses are getting in on the action as well. Recent PYMNTS Intelligence data\u00a0in the June report \u201cSMBs Race to Critical Mass on AI Usage\u201d found that 96% of small- to medium-sized businesses (SMBs) that have tried AI tools see it as an effective method to streamline tasks.\nThat said, the ways that Main Street SMBs can unlock growth through strategic applications of AI looks a little different from the\u00a0approaches being taken by their larger enterprise counterparts.\nThe post AI Prompt Engineering Helps B2B Firms Find Needle in Data Haystack appeared first on PYMNTS.com.", "date_published": "2024-09-25T12:12:19-04:00", "date_modified": "2024-09-25T12:12:19-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/b2b-AI-prompt-engineering.png", "tags": [ "AI", "artificial intelligence", "B2B", "B2B Payments", "data analysis", "GenAI", "generative AI", "inventory management", "News", "procurement", "prompt engineering", "PYMNTS News", "small businesses", "supply chain management" ] }, { "id": "https://www.pymnts.com/?p=2104692", "url": "https://www.pymnts.com/news/b2b-payments/2024/b2b-marketplaces-cash-in-on-fast-flexible-and-future-forward-payments/", "title": "B2B Marketplaces Cash in on Fast, Flexible and Future-Forward Payments", "content_html": "Online marketplaces are all about innovation. And in the B2B procurement space, that innovation is increasingly starting and ending with better and more seamless payments.
\nAfter all, there\u2019s an old saying about business-to-business payments: as long as it works, people don\u2019t want to see any changes, and as a result, B2B payments have long been plagued by inefficiencies, especially when compared to the growing embrace of digital payments elsewhere.
\nTraditional B2B methods, such as wire transfers, checks and manual invoicing, dominate the landscape but are cumbersome, slow and prone to human error. But as online B2B platforms grow more sophisticated and globalized, the necessity for modern payment systems that prioritize speed, security, flexibility and even integration with both buyer and supplier back-end infrastructure is clearer than ever.
\nIn an interview posted here Monday (Sept. 23), Donald Polansky, senior manager of corporate systems development at GlassCraft Door Company,\u00a0told PYMNTS that the company\u2019s own B2B marketplace has plans to utilize custom\u00a0APIs\u00a0and integrate with third-party enterprise resource planning (ERP) systems, automating the quote-to-order process.
\nWith B2B platforms continuing to mature and gain share relative to legacy procurement channels, their ability to enable faster, more secure and customizable payment options has become a differentiator.
\nRead more: Cross-Border eCommerce Is Reshaping B2B Procurement
\nPYMNTS has previously covered how, when it comes to B2B payments, accepting (and offering) more options can potentially lead to more business.
\nAs B2B marketplaces look to reduce friction across key purchase stages, they are increasingly starting by integrating smarter, more agile payment systems that align with the demands of global trade.
\nFor example, last Monday (Sept. 16) Mondu\u00a0announced a new\u00a0Stripe\u00a0integration that allows B2B merchants and marketplaces to offer Mondu\u2019s buy now, pay later (BNPL) options through their existing Stripe setup.
\nBNPL for\u00a0B2B payments\u00a0provides many of the same benefits as it does for individual consumers, but on a larger scale, according to the PYMNTS Intelligence and\u00a0Splitit\u00a0collaboration, \u201cIs BNPL the Next Driver for B2B Growth?\u201d
\nA week earlier (Sept. 10), small business-focused B2B payments platform\u00a0Melio\u00a0integrated with\u00a0Amazon Business, combining with the Amazon Business Reconciliation API and allowing companies to synchronize Amazon Business invoices in a single payment processing system, helping business owners save time.
\nMany small businesses wrestle with\u00a0late payments. According to the PYMNTS Intelligence report \u201cEnd the Wait: SMBs and the Protracted Challenge of Delayed Payments,\u201d more than a quarter of small and medium-sized businesses (SMBs) in the United Kingdom face up to 20,000 pounds (about $26,000) in overdue invoices, with 36% of payments arriving late each month.
\nAnd earlier this year, FashionGo launched a net terms solution for buyers on its online B2B wholesale marketplace for the fashion industry. The new\u00a0Dynamic Net Terms\u00a0solution is tailored to meet the needs of wholesale buyers \u2014 a segment that is traditionally underserved \u2014 and offers dynamic net terms and payment options that adjust to each buyer\u2019s profile and needs.
\nRead more: Click, Pay, Done: How Embedded Payments Could Transform B2B
\nThe emergence of\u00a0embedded finance\u00a0has supercharged the digital transformation of B2B payments and commerce, PYMNTS reported earlier. Embedded finance can speed the processes involved in B2B transactions \u2014 including invoicing, purchases orders and reconciliations \u2014 by integrating payment solutions directly into B2B platforms.
\nSolutions like BNPL and embedded finance give businesses greater flexibility in managing cash flow, allowing them to purchase goods or services without immediate upfront payments. This flexibility is especially beneficial for SMBs, which often struggle with tight liquidity constraints.
\nAt the same time, innovative payment solutions that support multi-currency transactions, cross-border payments, and real-time settlements enable businesses to enter new markets with confidence. By reducing the complexity of international payments, B2B marketplaces can attract a broader user base and foster global trade.
\nUltimately, by adopting modern, flexible and secure payment solutions, these platforms can offer businesses faster, more efficient, and more transparent ways to transact, helping to unlock growth and drive global trade.
\n\u201cWhat I\u2019m most excited about is the future of B2B payments, how quickly it\u2019s moving,\u201d \u00a0Eric Frankovic, general manager of corporate payments at\u00a0WEX, told PYMNTS. He believes AI (artificial intelligence) will play a key role in advancing digital payments, helping businesses automate processes, enhance fraud detection and optimize payment strategies, all key capabilities when it comes to the importance of tailoring the payment mix to the specific needs of businesses.
\nFor all PYMNTS B2B coverage, subscribe to the daily\u00a0B2B Newsletter.
\nThe post B2B Marketplaces Cash in on Fast, Flexible and Future-Forward Payments appeared first on PYMNTS.com.
\n", "content_text": "Online marketplaces are all about innovation. And in the B2B procurement space, that innovation is increasingly starting and ending with better and more seamless payments.\nAfter all, there\u2019s an old saying about business-to-business payments: as long as it works, people don\u2019t want to see any changes, and as a result, B2B payments have long been plagued by inefficiencies, especially when compared to the growing embrace of digital payments elsewhere.\nTraditional B2B methods, such as wire transfers, checks and manual invoicing, dominate the landscape but are cumbersome, slow and prone to human error. But as online B2B platforms grow more sophisticated and globalized, the necessity for modern payment systems that prioritize speed, security, flexibility and even integration with both buyer and supplier back-end infrastructure is clearer than ever.\nIn an interview posted here Monday (Sept. 23), Donald Polansky, senior manager of corporate systems development at GlassCraft Door Company,\u00a0told PYMNTS that the company\u2019s own B2B marketplace has plans to utilize custom\u00a0APIs\u00a0and integrate with third-party enterprise resource planning (ERP) systems, automating the quote-to-order process.\nWith B2B platforms continuing to mature and gain share relative to legacy procurement channels, their ability to enable faster, more secure and customizable payment options has become a differentiator.\nRead more: Cross-Border eCommerce Is Reshaping B2B Procurement\nB2B Marketplaces Aren\u2019t Just Selling Products\nPYMNTS has previously covered how, when it comes to B2B payments, accepting (and offering) more options can potentially lead to more business.\nAs B2B marketplaces look to reduce friction across key purchase stages, they are increasingly starting by integrating smarter, more agile payment systems that align with the demands of global trade.\nFor example, last Monday (Sept. 16) Mondu\u00a0announced a new\u00a0Stripe\u00a0integration that allows B2B merchants and marketplaces to offer Mondu\u2019s buy now, pay later (BNPL) options through their existing Stripe setup.\nBNPL for\u00a0B2B payments\u00a0provides many of the same benefits as it does for individual consumers, but on a larger scale, according to the PYMNTS Intelligence and\u00a0Splitit\u00a0collaboration, \u201cIs BNPL the Next Driver for B2B Growth?\u201d\nA week earlier (Sept. 10), small business-focused B2B payments platform\u00a0Melio\u00a0integrated with\u00a0Amazon Business, combining with the Amazon Business Reconciliation API and allowing companies to synchronize Amazon Business invoices in a single payment processing system, helping business owners save time.\nMany small businesses wrestle with\u00a0late payments. According to the PYMNTS Intelligence report \u201cEnd the Wait: SMBs and the Protracted Challenge of Delayed Payments,\u201d more than a quarter of small and medium-sized businesses (SMBs) in the United Kingdom face up to 20,000 pounds (about $26,000) in overdue invoices, with 36% of payments arriving late each month.\nAnd earlier this year, FashionGo launched a net terms solution for buyers on its online B2B wholesale marketplace for the fashion industry. The new\u00a0Dynamic Net Terms\u00a0solution is tailored to meet the needs of wholesale buyers \u2014 a segment that is traditionally underserved \u2014 and offers dynamic net terms and payment options that adjust to each buyer\u2019s profile and needs.\nRead more: Click, Pay, Done: How Embedded Payments Could Transform B2B\nThe emergence of\u00a0embedded finance\u00a0has supercharged the digital transformation of B2B payments and commerce, PYMNTS reported earlier. Embedded finance can speed the processes involved in B2B transactions \u2014 including invoicing, purchases orders and reconciliations \u2014 by integrating payment solutions directly into B2B platforms.\nSolutions like BNPL and embedded finance give businesses greater flexibility in managing cash flow, allowing them to purchase goods or services without immediate upfront payments. This flexibility is especially beneficial for SMBs, which often struggle with tight liquidity constraints.\nAt the same time, innovative payment solutions that support multi-currency transactions, cross-border payments, and real-time settlements enable businesses to enter new markets with confidence. By reducing the complexity of international payments, B2B marketplaces can attract a broader user base and foster global trade.\nUltimately, by adopting modern, flexible and secure payment solutions, these platforms can offer businesses faster, more efficient, and more transparent ways to transact, helping to unlock growth and drive global trade.\n\u201cWhat I\u2019m most excited about is the future of B2B payments, how quickly it\u2019s moving,\u201d \u00a0Eric Frankovic, general manager of corporate payments at\u00a0WEX, told PYMNTS. He believes AI (artificial intelligence) will play a key role in advancing digital payments, helping businesses automate processes, enhance fraud detection and optimize payment strategies, all key capabilities when it comes to the importance of tailoring the payment mix to the specific needs of businesses.\nFor all PYMNTS B2B coverage, subscribe to the daily\u00a0B2B Newsletter.\nThe post B2B Marketplaces Cash in on Fast, Flexible and Future-Forward Payments appeared first on PYMNTS.com.", "date_published": "2024-09-24T11:29:02-04:00", "date_modified": "2024-09-24T22:36:26-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/04/B2B-digital-marketplaces.jpg", "tags": [ "B2B", "B2B marketplaces", "B2B Payments", "BNPL", "buy now pay later", "commercial payments", "Digital Payments", "digital transformation", "ecommerce", "News", "online marketplaces", "partnerships", "Payment Methods", "PYMNTS News", "SMBs" ] }, { "id": "https://www.pymnts.com/?p=2104154", "url": "https://www.pymnts.com/news/b2b-payments/2024/wex-how-companies-are-slashing-costs-by-optimizing-business-payments/", "title": "WEX: How Companies Are Slashing Costs by Optimizing Business Payments", "content_html": "Choice can be both a necessity and a paralyzing paradox.
\nParticularly in the world of business payments, finding the optimal mix of payment methods has become a critical challenge for companies seeking to maximize operational efficiency, reduce costs and improve cash flow management.
\nAfter all, no two businesses are the same \u2014 and no two payments, no matter their monetary value, are ever alike either.
\n\u201cUnderstanding your supplier relationships, what\u2019s best for you as a company, and what best supports your size and growth goals is crucial,\u201d Eric Frankovic, general manager of corporate payments at\u00a0WEX, told PYMNTS.
\nThe rise of options like virtual cards, ACH payments and real-time payments gives businesses unprecedented flexibility. However, each method presents its own set of advantages and challenges, leading to a complex landscape that requires strategic decision-making.
\nFrankovic pointed out that there is no one-size-fits-all solution, and businesses must carefully consider their payment goals, supplier relationships and operational requirements when selecting payment methods.
\nStill, if there is one mechanism he sees as a cut above the rest, it\u2019s virtual cards. And their benefits are only set to grow as other complementary innovations like artificial intelligence (AI) mature and scale across the financial landscape.
\nRead more: Three Hidden Assets That Define Modern Business Payments
\nOptimizing a company\u2019s payment mix is a complex task that requires careful consideration of multiple factors, from supplier relationships to cash flow needs and compliance requirements. Against this backdrop, virtual cards have gained significant traction in the U.S. as a secure, efficient and often rewarding payment method.
\nFrankovic emphasized their value in the payments ecosystem, especially for businesses seeking a balance between control and return on investment. \u201cIn the U.S. specifically, if implemented correctly, virtual cards give you the best mix of security, control and return on that investment,\u201d he said.
\nThe ability to generate rebates or returns from virtual card usage has been a key driver of adoption, particularly for companies with strong leverage over their suppliers. However, Frankovic noted that while virtual cards offer substantial benefits, their optimal usage depends on the specific needs and structure of the business.
\nUnderstanding supplier relationships and which suppliers are open to virtual card acceptance is crucial in determining how this payment method can be effectively integrated into a company\u2019s payment strategy. For businesses with large supplier networks, such as multinational corporations, optimizing the use of virtual cards becomes more nuanced.
\n\u201cIt\u2019s much more about vetting that entire supplier list, trying to understand the different tranches of suppliers, those that are considered highly strategic, and you don\u2019t want to upset because they\u2019re critical to your supply chain.\u201d Frankovic said.
\nBut virtual cards aren\u2019t the only recent advance in B2B payments. Real-time payments are another payment method that offers distinct advantages when compared to legacy mechanisms and methods, particularly in terms of speed and efficiency. As Frankovic noted, real-time payments allow for the instantaneous transfer of funds, 24/7, including on holidays and weekends. This can be particularly beneficial for improving cash flow management and meeting immediate financial needs.
\n\u201cI think as this next generation or two grows up and starts to enter the workforce, that\u2019s when real-time payments will have a bigger and bigger role to play. Right now, I wouldn’t say they are widely adopted at this point,\u201d Frankovic said.
\nAnd as digital payments continue to evolve even further, he highlighted AI as a technology with the potential to transform the payments landscape. While still in the early stages of development, AI could drive significant improvements in areas like supplier enablement and payment timing optimization, leading to greater efficiency and adoption of virtual cards.
\n\u201cWhat I\u2019m most excited about is the future of payments, how quickly it\u2019s moving,\u201d Frankovic said. He believes AI will play a key role in advancing digital payments, helping businesses automate processes, enhance fraud detection and optimize payment strategies, all key capabilities when it comes to the importance of tailoring the payment mix to the specific needs of businesses.
\nAs Frankovic pointed out, the payments landscape is evolving quickly, and businesses need to be proactive in selecting the right payment methods and partners to stay competitive.
\n\u201cAnd all of this is underpinned by people. People are the key. And understanding how your provider is going to approach your business will become more important than ever. You\u2019re going to need a sherpa on this trip,\u201d he said.
\nThe post WEX: How Companies Are Slashing Costs by Optimizing Business Payments appeared first on PYMNTS.com.
\n", "content_text": "Choice can be both a necessity and a paralyzing paradox.\nParticularly in the world of business payments, finding the optimal mix of payment methods has become a critical challenge for companies seeking to maximize operational efficiency, reduce costs and improve cash flow management.\nAfter all, no two businesses are the same \u2014 and no two payments, no matter their monetary value, are ever alike either.\n\u201cUnderstanding your supplier relationships, what\u2019s best for you as a company, and what best supports your size and growth goals is crucial,\u201d Eric Frankovic, general manager of corporate payments at\u00a0WEX, told PYMNTS.\nThe rise of options like virtual cards, ACH payments and real-time payments gives businesses unprecedented flexibility. However, each method presents its own set of advantages and challenges, leading to a complex landscape that requires strategic decision-making.\nFrankovic pointed out that there is no one-size-fits-all solution, and businesses must carefully consider their payment goals, supplier relationships and operational requirements when selecting payment methods.\nStill, if there is one mechanism he sees as a cut above the rest, it\u2019s virtual cards. And their benefits are only set to grow as other complementary innovations like artificial intelligence (AI) mature and scale across the financial landscape.\nRead more: Three Hidden Assets That Define Modern Business Payments\nThe Role and Rise of Virtual Cards in B2B Payments \nOptimizing a company\u2019s payment mix is a complex task that requires careful consideration of multiple factors, from supplier relationships to cash flow needs and compliance requirements. Against this backdrop, virtual cards have gained significant traction in the U.S. as a secure, efficient and often rewarding payment method.\nFrankovic emphasized their value in the payments ecosystem, especially for businesses seeking a balance between control and return on investment. \u201cIn the U.S. specifically, if implemented correctly, virtual cards give you the best mix of security, control and return on that investment,\u201d he said.\nThe ability to generate rebates or returns from virtual card usage has been a key driver of adoption, particularly for companies with strong leverage over their suppliers. However, Frankovic noted that while virtual cards offer substantial benefits, their optimal usage depends on the specific needs and structure of the business.\nUnderstanding supplier relationships and which suppliers are open to virtual card acceptance is crucial in determining how this payment method can be effectively integrated into a company\u2019s payment strategy. For businesses with large supplier networks, such as multinational corporations, optimizing the use of virtual cards becomes more nuanced.\n\u201cIt\u2019s much more about vetting that entire supplier list, trying to understand the different tranches of suppliers, those that are considered highly strategic, and you don\u2019t want to upset because they\u2019re critical to your supply chain.\u201d Frankovic said.\nTailoring the Payment Mix to Business Needs\nBut virtual cards aren\u2019t the only recent advance in B2B payments. Real-time payments are another payment method that offers distinct advantages when compared to legacy mechanisms and methods, particularly in terms of speed and efficiency. As Frankovic noted, real-time payments allow for the instantaneous transfer of funds, 24/7, including on holidays and weekends. This can be particularly beneficial for improving cash flow management and meeting immediate financial needs.\n\u201cI think as this next generation or two grows up and starts to enter the workforce, that\u2019s when real-time payments will have a bigger and bigger role to play. Right now, I wouldn’t say they are widely adopted at this point,\u201d Frankovic said.\nAnd as digital payments continue to evolve even further, he highlighted AI as a technology with the potential to transform the payments landscape. While still in the early stages of development, AI could drive significant improvements in areas like supplier enablement and payment timing optimization, leading to greater efficiency and adoption of virtual cards.\n\u201cWhat I\u2019m most excited about is the future of payments, how quickly it\u2019s moving,\u201d Frankovic said. He believes AI will play a key role in advancing digital payments, helping businesses automate processes, enhance fraud detection and optimize payment strategies, all key capabilities when it comes to the importance of tailoring the payment mix to the specific needs of businesses.\nAs Frankovic pointed out, the payments landscape is evolving quickly, and businesses need to be proactive in selecting the right payment methods and partners to stay competitive.\n\u201cAnd all of this is underpinned by people. People are the key. And understanding how your provider is going to approach your business will become more important than ever. You\u2019re going to need a sherpa on this trip,\u201d he said.\nThe post WEX: How Companies Are Slashing Costs by Optimizing Business Payments appeared first on PYMNTS.com.", "date_published": "2024-09-24T04:02:37-04:00", "date_modified": "2024-09-23T22:42:11-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/WEX-b2b-payments.jpg", "tags": [ "B2B", "B2B Payments", "commercial payments", "digital transformation", "Eric Frankovic", "faster payments", "Featured News", "instant payments", "News", "Payment Methods", "PYMNTS News", "pymnts tv", "real time payments", "spend management", "supplier payments", "Supply Chain", "video", "virtual cards", "WEX" ] }, { "id": "https://www.pymnts.com/?p=2103316", "url": "https://www.pymnts.com/news/b2b-payments/2024/click-pay-done-how-embedded-payments-could-transform-b2b/", "title": "Click, Pay, Done: How Embedded Payments Could Transform B2B", "content_html": "Digital payments aren\u2019t just about swapping cash and paper checks for electronic methods.
\nAmid Wednesday\u2019s (Sept. 18) news that Brex has launched an\u00a0embedded B2B payments solution that complements the company\u2019s corporate card and spend management platform for startups and enterprises, digital payments are transforming the ways in which companies do business and interact with their stakeholders, from suppliers and customers to financial institutions and regulators.
\nWith more and more companies looking to streamline their operations and enhance the customer experience, embedded payments powered by credentials and tokens are emerging as a key innovation in creating frictionless transactions between B2B trading partners.
\nBy embedding payments into the core of their digital infrastructure, businesses can create a seamless, end-to-end experience that supports not just payments, but all aspects of the B2B relationship \u2014 improving efficiency, security and collaboration across the board.
\nRead more: Nine Things Payments Execs Need to Know for Their 2025 Business Plans
\nAs businesses seek more efficient ways to manage payments and working capital, embedded finance is emerging as a\u00a0transformative force in B2B commerce. That\u2019s according to\u00a0Alan Koenigsberg, senior vice president and global head of large, middle market, industry verticals and working capital solutions at\u00a0Visa, who told PYMNTS this summer that while embedded finance has been a staple in consumer eCommerce for years, its application in the B2B space is gaining momentum.
\nThe shift from physical cards to digital credentials in the B2B space signals a broader transformation, with embedded payments becoming the digital hub for conducting business in an increasingly complex, interconnected global economy.
\nThis evolution is reshaping how businesses approach payments, making them less about the mere act of transferring money and more about fostering digital connections that simplify and enhance the entire B2B transaction ecosystem.
\nThe implications of credentials and tokenization are even more profound for B2B transactions, where complex financial supply chains, multi-tiered relationships and the need for security and efficiency drive payment innovation.
\nCredentials and tokens refer to digital representations of payment methods, eliminating the need for businesses to share sensitive payment data like credit card numbers with their partners. Instead, businesses use unique identifiers (credentials) and cryptographically secured placeholders (tokens) to facilitate payments. These tools can be seamlessly integrated into existing B2B processes, such as procurement, invoicing and supplier management systems.
\nIn the B2B context, this transition enables businesses to move beyond the traditional limitations of many payment mechanisms, which were never fully optimized for B2B transactions, and which tend to involve higher values, longer time horizons and more complex payment terms \u2014 often involving multiple stakeholders within and between organizations.
\nRead more:\u00a0How Embedded Payments Help Businesses Own Key \u2018Micro Moments\u2019
\nThe real power of credentials and tokens in the B2B ecosystem lies in their ability to fuel embedded payments \u2014 a seamless integration of payment functionality into business platforms and workflows. Embedded payments enable businesses to automate and streamline payments as part of broader digital processes, creating frictionless commerce opportunities that go far beyond the traditional scope of financial transactions.
\nFor many businesses, payments have historically been treated as a separate, often cumbersome process that occurs after the real value exchange has already taken place, like the delivery of goods or services.
\nEmbedded payments, however, flip this paradigm on its head by embedding the payment function directly into business software and platforms, such as enterprise resource planning (ERP) systems, procurement portals and supply chain management tools.
\nIn this new model, payments are not just a standalone transaction; they become an integrated part of the digital hub for doing business. By embedding payment credentials into their existing systems, businesses can automate their financial workflows, reduce friction in the payment process and create real-time visibility into payment status, approvals and cash flow. This, in turn, can accelerate decision-making, improve supplier relationships and unlock new growth opportunities.
\nAs embedded payments and the use of credentials and tokens continue to gain traction in the B2B world, the future of business payments will increasingly be shaped by a digital hub model. In this model, payments are no longer viewed as a discrete, manual process that happens after the fact. Instead, payments become a dynamic, real-time and automated component of broader business operations.
\nFor all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.
\nThe post Click, Pay, Done: How Embedded Payments Could Transform B2B appeared first on PYMNTS.com.
\n", "content_text": "Digital payments aren\u2019t just about swapping cash and paper checks for electronic methods.\nAmid Wednesday\u2019s (Sept. 18) news that Brex has launched an\u00a0embedded B2B payments solution that complements the company\u2019s corporate card and spend management platform for startups and enterprises, digital payments are transforming the ways in which companies do business and interact with their stakeholders, from suppliers and customers to financial institutions and regulators.\nWith more and more companies looking to streamline their operations and enhance the customer experience, embedded payments powered by credentials and tokens are emerging as a key innovation in creating frictionless transactions between B2B trading partners.\nBy embedding payments into the core of their digital infrastructure, businesses can create a seamless, end-to-end experience that supports not just payments, but all aspects of the B2B relationship \u2014 improving efficiency, security and collaboration across the board.\nRead more: Nine Things Payments Execs Need to Know for Their 2025 Business Plans\nThe Shift From Cards to Credentials\nAs businesses seek more efficient ways to manage payments and working capital, embedded finance is emerging as a\u00a0transformative force in B2B commerce. That\u2019s according to\u00a0Alan Koenigsberg, senior vice president and global head of large, middle market, industry verticals and working capital solutions at\u00a0Visa, who told PYMNTS this summer that while embedded finance has been a staple in consumer eCommerce for years, its application in the B2B space is gaining momentum.\nThe shift from physical cards to digital credentials in the B2B space signals a broader transformation, with embedded payments becoming the digital hub for conducting business in an increasingly complex, interconnected global economy.\nThis evolution is reshaping how businesses approach payments, making them less about the mere act of transferring money and more about fostering digital connections that simplify and enhance the entire B2B transaction ecosystem.\nThe implications of credentials and tokenization are even more profound for B2B transactions, where complex financial supply chains, multi-tiered relationships and the need for security and efficiency drive payment innovation.\nCredentials and tokens refer to digital representations of payment methods, eliminating the need for businesses to share sensitive payment data like credit card numbers with their partners. Instead, businesses use unique identifiers (credentials) and cryptographically secured placeholders (tokens) to facilitate payments. These tools can be seamlessly integrated into existing B2B processes, such as procurement, invoicing and supplier management systems.\nIn the B2B context, this transition enables businesses to move beyond the traditional limitations of many payment mechanisms, which were never fully optimized for B2B transactions, and which tend to involve higher values, longer time horizons and more complex payment terms \u2014 often involving multiple stakeholders within and between organizations.\nRead more:\u00a0How Embedded Payments Help Businesses Own Key \u2018Micro Moments\u2019\nHow Embedded Payments are Transforming B2B Commerce\nThe real power of credentials and tokens in the B2B ecosystem lies in their ability to fuel embedded payments \u2014 a seamless integration of payment functionality into business platforms and workflows. Embedded payments enable businesses to automate and streamline payments as part of broader digital processes, creating frictionless commerce opportunities that go far beyond the traditional scope of financial transactions.\nFor many businesses, payments have historically been treated as a separate, often cumbersome process that occurs after the real value exchange has already taken place, like the delivery of goods or services.\nEmbedded payments, however, flip this paradigm on its head by embedding the payment function directly into business software and platforms, such as enterprise resource planning (ERP) systems, procurement portals and supply chain management tools.\nIn this new model, payments are not just a standalone transaction; they become an integrated part of the digital hub for doing business. By embedding payment credentials into their existing systems, businesses can automate their financial workflows, reduce friction in the payment process and create real-time visibility into payment status, approvals and cash flow. This, in turn, can accelerate decision-making, improve supplier relationships and unlock new growth opportunities.\nAs embedded payments and the use of credentials and tokens continue to gain traction in the B2B world, the future of business payments will increasingly be shaped by a digital hub model. In this model, payments are no longer viewed as a discrete, manual process that happens after the fact. Instead, payments become a dynamic, real-time and automated component of broader business operations.\nFor all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.\nThe post Click, Pay, Done: How Embedded Payments Could Transform B2B appeared first on PYMNTS.com.", "date_published": "2024-09-20T16:30:13-04:00", "date_modified": "2024-09-20T16:30:13-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/b2b-payments-embedded-payments.jpg", "tags": [ "accounts payable", "accounts receivable", "automation", "B2B", "B2B Payments", "commercial payments", "Digital Payments", "digital transformation", "Embedded Payments", "faster payments", "instant payments", "News", "Payment Methods", "PYMNTS News", "real time payments" ] }, { "id": "https://www.pymnts.com/?p=2103078", "url": "https://www.pymnts.com/news/b2b-payments/2024/making-sense-of-the-great-erp-system-cloud-migration/", "title": "Making Sense of the Great ERP System Cloud Migration\u00a0", "content_html": "Enterprise resource planning (ERP) systems have long been the backbone of enterprise businesses.
\nAnd for too long, these systems \u2014 which enable organizations to integrate and manage core business processes across departments such as finance, supply chain, human resources and customer relationship management (CRM) \u2014 have had any updates and modernizations put on the back burner.
\nFor the first two decades of the 21st century, ERP was among the categories of enterprise software stuck in the past, remaining on-premises and maintained by in-house IT teams, while more compelling front-office applications got future-fit face lifts and cloud migrations. In part, this was due to senior decision-makers\u2019 aversion to risk.
\nBut, driven by the need for cost-efficiency, real-time data access and advanced features, businesses are increasingly moving away from on-premises solutions in favor of cloud-based platforms. As cloud computing continues to evolve, ERP systems are becoming even more intelligent, interconnected and indispensable to modern businesses that decide to migrate their back-office operations to the cloud.
\nWhile the migration process presents challenges, the long-term benefits of cloud ERP \u2014 from scalability and flexibility to enhanced security and innovation \u2014 are hard to ignore.
\nRead more: How APIs Bridge Modern and Legacy B2B Payment Architectures
\nPYMNTS intelligence finds CFOs will invest in workflows and tools to reduce uncertainty, giving them visibility in data and payments flows. For organizations looking to stay competitive in a rapidly changing business environment, the shift to cloud ERP is not just an option; it\u2019s becoming a necessity.
\nOne of the primary reasons to consider shifting ERP systems to the cloud is the significant reduction in both upfront and long-term costs. Traditional onsite ERP systems require substantial capital expenditure, as businesses need to purchase expensive hardware, license software and employ IT staff to maintain and upgrade the system.
\nCloud models shifts ERP from a capital expense (CapEx) to an operational expense (OpEx), offering greater flexibility, especially for small and medium-sized businesses (SMBs) that may lack the financial resources to invest heavily in on-premises infrastructure.
\nAdditionally, cloud ERP allows businesses to scale their system usage up or down depending on their needs. As companies grow, they can easily add new users, modules or functionalities without requiring significant infrastructure investments. This scalability is a key advantage over traditional ERP systems, which are often rigid and costly to expand.
\nAt the same time, many digital payment mechanisms are designed to integrate seamlessly with modern ERP systems, enabling automated reconciliation and providing real-time visibility into financial transactions. PYMNTS Intelligence has found that automation, virtual cards and digital payments are becoming\u00a0cornerstones of B2B payments, with businesses increasingly recognizing their role in strengthening buyer-supplier relationships.
\nThe modern business environment demands real-time access to data for informed decision-making. With cloud ERP, employees can access critical business information from anywhere in the world, at any time. For instance, finance teams can instantly access sales and inventory data, enabling more accurate cash flow forecasts and financial planning. This accessibility is particularly vital for companies with global operations or remote workforces, where teams need to collaborate across time zones and geographies.
\n\u201cOur clients care about driving business results and analytics around understanding the value and transparency of\u00a0every transaction. They want more automation, as much as possible,\u201d\u00a0Ernest Rolfson, founder and CEO of\u00a0Finexio, told PYMNTS.
\nSee also: 3 Tips for Choosing the Right B2B Payment Method From Industry Execs
\nAs with any major IT transformation, migrating to cloud ERP requires significant change management efforts. Employees must be trained on the new system, and the organization\u2019s workflows may need to be adjusted to accommodate the new platform. Companies must invest in employee training and support to ensure a smooth transition and avoid disruptions to daily operations.
\nMeg Garand, head of CashPro Payments and CashPro API at\u00a0Bank of America, told PYMNTS that growing partnerships between banks and FinTechs is allowing ERP and treasury management system (TMS) providers to optimize their\u00a0own\u00a0software solutions.
\n\u201cCompanies can remain focused on running and growing their business without spending a ton of time on technical bank integration,\u201d\u00a0she said, noting that the ease of integration provided by bank and FinTech collaborations also results in the reduction of manual work, allowing staff to focus on strategic efforts. Garand cited, as an example, one entertainment company that was previously spending 10 days on monthly reconciliations and can now complete the process in 2\u00bd days because of the integration of CashPro API with its ERP system.
\nOne of the most exciting developments in cloud ERP is the integration of artificial intelligence (AI) and machine learning. These technologies enable ERP systems to analyze vast amounts of data and provide actionable insights that help businesses optimize their operations. For example, AI-driven ERP systems can predict inventory needs, identify cost-saving opportunities or automate routine tasks such as financial reconciliations.
\nAnd by connecting ERP systems with external applications and services, businesses can gain real-time visibility into their financial data, enabling informed decision-making and faster response to market dynamics. Whether it\u2019s identifying cost-saving opportunities, mitigating risks or capitalizing on emerging trends, ERP modernizations empower businesses to stay agile and competitive.
\nFor all PYMNTS B2B coverage, subscribe to the daily\u00a0B2B Newsletter.
\nThe post Making Sense of the Great ERP System Cloud Migration\u00a0 appeared first on PYMNTS.com.
\n", "content_text": "Enterprise resource planning (ERP) systems have long been the backbone of enterprise businesses.\nAnd for too long, these systems \u2014 which enable organizations to integrate and manage core business processes across departments such as finance, supply chain, human resources and customer relationship management (CRM) \u2014 have had any updates and modernizations put on the back burner.\nFor the first two decades of the 21st century, ERP was among the categories of enterprise software stuck in the past, remaining on-premises and maintained by in-house IT teams, while more compelling front-office applications got future-fit face lifts and cloud migrations. In part, this was due to senior decision-makers\u2019 aversion to risk.\nBut, driven by the need for cost-efficiency, real-time data access and advanced features, businesses are increasingly moving away from on-premises solutions in favor of cloud-based platforms. As cloud computing continues to evolve, ERP systems are becoming even more intelligent, interconnected and indispensable to modern businesses that decide to migrate their back-office operations to the cloud.\nWhile the migration process presents challenges, the long-term benefits of cloud ERP \u2014 from scalability and flexibility to enhanced security and innovation \u2014 are hard to ignore.\nRead more: How APIs Bridge Modern and Legacy B2B Payment Architectures\nThe Cloud Advantage: Why ERP Is Moving Off-Premises\nPYMNTS intelligence finds CFOs will invest in workflows and tools to reduce uncertainty, giving them visibility in data and payments flows. For organizations looking to stay competitive in a rapidly changing business environment, the shift to cloud ERP is not just an option; it\u2019s becoming a necessity.\nOne of the primary reasons to consider shifting ERP systems to the cloud is the significant reduction in both upfront and long-term costs. Traditional onsite ERP systems require substantial capital expenditure, as businesses need to purchase expensive hardware, license software and employ IT staff to maintain and upgrade the system.\nCloud models shifts ERP from a capital expense (CapEx) to an operational expense (OpEx), offering greater flexibility, especially for small and medium-sized businesses (SMBs) that may lack the financial resources to invest heavily in on-premises infrastructure.\nAdditionally, cloud ERP allows businesses to scale their system usage up or down depending on their needs. As companies grow, they can easily add new users, modules or functionalities without requiring significant infrastructure investments. This scalability is a key advantage over traditional ERP systems, which are often rigid and costly to expand.\nAt the same time, many digital payment mechanisms are designed to integrate seamlessly with modern ERP systems, enabling automated reconciliation and providing real-time visibility into financial transactions. PYMNTS Intelligence has found that automation, virtual cards and digital payments are becoming\u00a0cornerstones of B2B payments, with businesses increasingly recognizing their role in strengthening buyer-supplier relationships.\nThe modern business environment demands real-time access to data for informed decision-making. With cloud ERP, employees can access critical business information from anywhere in the world, at any time. For instance, finance teams can instantly access sales and inventory data, enabling more accurate cash flow forecasts and financial planning. This accessibility is particularly vital for companies with global operations or remote workforces, where teams need to collaborate across time zones and geographies.\n\u201cOur clients care about driving business results and analytics around understanding the value and transparency of\u00a0every transaction. They want more automation, as much as possible,\u201d\u00a0Ernest Rolfson, founder and CEO of\u00a0Finexio, told PYMNTS.\nSee also: 3 Tips for Choosing the Right B2B Payment Method From Industry Execs\nUnlocking the Future of Enterprise Resource Planning\nAs with any major IT transformation, migrating to cloud ERP requires significant change management efforts. Employees must be trained on the new system, and the organization\u2019s workflows may need to be adjusted to accommodate the new platform. Companies must invest in employee training and support to ensure a smooth transition and avoid disruptions to daily operations.\nMeg Garand, head of CashPro Payments and CashPro API at\u00a0Bank of America, told PYMNTS that growing partnerships between banks and FinTechs is allowing ERP and treasury management system (TMS) providers to optimize their\u00a0own\u00a0software solutions.\n\u201cCompanies can remain focused on running and growing their business without spending a ton of time on technical bank integration,\u201d\u00a0she said, noting that the ease of integration provided by bank and FinTech collaborations also results in the reduction of manual work, allowing staff to focus on strategic efforts. Garand cited, as an example, one entertainment company that was previously spending 10 days on monthly reconciliations and can now complete the process in 2\u00bd days because of the integration of CashPro API with its ERP system.\nOne of the most exciting developments in cloud ERP is the integration of artificial intelligence (AI) and machine learning. These technologies enable ERP systems to analyze vast amounts of data and provide actionable insights that help businesses optimize their operations. For example, AI-driven ERP systems can predict inventory needs, identify cost-saving opportunities or automate routine tasks such as financial reconciliations.\nAnd by connecting ERP systems with external applications and services, businesses can gain real-time visibility into their financial data, enabling informed decision-making and faster response to market dynamics. Whether it\u2019s identifying cost-saving opportunities, mitigating risks or capitalizing on emerging trends, ERP modernizations empower businesses to stay agile and competitive.\nFor all PYMNTS B2B coverage, subscribe to the daily\u00a0B2B Newsletter.\nThe post Making Sense of the Great ERP System Cloud Migration\u00a0 appeared first on PYMNTS.com.", "date_published": "2024-09-20T11:15:36-04:00", "date_modified": "2024-09-24T22:36:42-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/05/b2b-payments-ERP-API.png", "tags": [ "B2B", "B2B Payments", "cloud computing", "cloud ERP", "commercial payments", "data", "data analytics", "Digital Payments", "enterprise resource planning", "ERP", "ERP systems", "IT", "News", "PYMNTS News", "SMBs", "software", "Technology" ] }, { "id": "https://www.pymnts.com/?p=2102520", "url": "https://www.pymnts.com/news/b2b-payments/2024/this-week-in-b2b-realizing-operational-certainty-through-payments-innovation/", "title": "This Week in B2B: Realizing Operational Certainty Through Payments Innovation", "content_html": "The B2B landscape is full of what buyers and suppliers don\u2019t know.
\nIn today\u2019s rapidly evolving landscape, B2B businesses across the transaction frequently find themselves navigating uncertainty. Whether it\u2019s the hidden costs of transactions, the intricacies of payment terms, or the evolving regulatory and technological environments, these knowledge gaps have real-world consequences.
\nAs ongoing innovation helps reshape the marketplace, the complex, opaque and often fragmented nature of B2B is changing. A large part of the change is due to a growing commitment to adopting evolving technologies as well as educating stakeholders that remain stuck on paper-based and traditional processes.
\nThe future is being built on more flexible and dynamic B2B solutions that automate with agility and ensure the optionality and security of B2B payments.
\nThis technical and behavioral shift is reflected in the top themes shaping the B2B landscape this week, which were around embracing the next-generation advances making B2B payments better, the opportunities that embedded payments can unlock, and the importance of smarter supply chain management.
\n\u201cAlmost half of B2B payments are still made via check, which blows my mind in terms of the technology that exists now,\u201d Rebecca Schultz, chief marketing officer at Boost B2B Payment Solutions, told PYMNTS in an interview published Wednesday (Sept. 18) for the \u201cWhat\u2019s Next in Payments: How Do You Do Digital?\u201d series.
\n\u201cYou can digitize the payment, but if the receiver is turning it into cash and manually entering the data, then the value of that exchange has ended,\u201d Schultz explained, noting that true success comes from digitizing every step of the payment process, ensuring a seamless flow of information from end to end.
\nAfter years of being bogged down by manual work and fragmented workflows, technologies like robotic process automation are helping modernize accounts payable and receivable departments. Their implementation requires minimal labor and results in a productivity lift.
\nWith the advent of new B2B technologies, payment methods, and the complexity of global supply chains, PYMNTS analyzed Wednesday how chief product officers across the payments industry face unprecedented challenges and opportunities in ensuring their product strategies keep up with the pace of change and propel growth and innovation.
\nAs B2B payments go more digital, they are also becoming increasingly embedded.
\nBrex launched an embedded B2B payments solution Wednesday that complements the company\u2019s corporate card and spend management platform for startups and enterprises. The day before, Capchase and Stripe partnered to offer a B2B buy now, pay later (BNPL) payment method in the United States.
\nIn other Stripe B2B BNLP news, Mondu said Sept. 11 that its new Stripe integration allows B2B merchants and marketplaces to offer Mondu\u2019s BNPL options through their existing Stripe setup. This \u201cMondu via Stripe\u201d offering is now available to businesses in the Netherlands, Germany and France, and it will expand to more markets soon.
\nWells Fargo introduced specialized APIs Tuesday (Sept. 17) tailored for its commercial banking clients. They provide clients real-time, on-demand information so they can efficiently and seamlessly manage inventory, supply chain and payments.
\nAlso on Tuesday, TurboTax maker Intuit debuted a new product suite for mid-market businesses. Intuit Enterprise Suite is designed to serve an $89 billion total addressable market of larger, mid-market businesses whose needs become more complex as they scale.
\nAs B2B payments evolve, so too are the roles of the executives tasked with making and managing them. In an era of rapid technological and data advancement, corporate treasurers find themselves at the forefront of change in their own roles and responsibilities.
\nAs two J.P. Morgan executives, Maria Chavez, head of payments for core middle market and specialized industries, and Janette Hutton, head of international payments for U.S. corporations, told PYMNTS in an interview published Thursday (Sept. 19), the cornerstone of this transformation is the increasing availability and use of data, which includes generative artificial intelligence. The fundamental step of identifying available data and its potential applications is crucial for treasurers looking to use analytics for strategic decision-making.
\nJuly PYMNTS Intelligence revealed that concerns over supply chain integrity and macroeconomic conditions highlight how larger external factors also remain on chief financial officers\u2019 radars.
\nAnd in the months since, supply chain realities have only surged in prominence.
\nPYMNTS unpacked Wednesday how NASA\u2019s reliance on highly specialized suppliers is emblematic of a broader risk in B2B supply chains \u2014 the lack of redundancy. As industries globally contend with increasingly complex and interconnected supply chains, NASA\u2019s experience with a vendor undergoing challenging times offers a cautionary tale about the hidden risks and opportunities for B2B enterprises in managing such networks.
\nMeanwhile, as international trade becomes more complex, the need for real-time intelligence and innovative financial solutions grows. Businesses can no longer rely on traditional methods of monitoring their supply chains, as the dynamic and unpredictable nature of modern trade demands faster, more accurate data to mitigate risks.
\nThe marketplace is responding in turn. Amazon added a fully managed option to the lineup of supply chain services it offers to sellers Wednesday. The new fully managed Supply Chain by Amazon solution will be available to all U.S. sellers for domestic pickups in October and will be expanded to global pickups by the end of the year.
\nFor all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.
\nThe post This Week in B2B: Realizing Operational Certainty Through Payments Innovation appeared first on PYMNTS.com.
\n", "content_text": "The B2B landscape is full of what buyers and suppliers don\u2019t know.\nIn today\u2019s rapidly evolving landscape, B2B businesses across the transaction frequently find themselves navigating uncertainty. Whether it\u2019s the hidden costs of transactions, the intricacies of payment terms, or the evolving regulatory and technological environments, these knowledge gaps have real-world consequences.\nAs ongoing innovation helps reshape the marketplace, the complex, opaque and often fragmented nature of B2B is changing. A large part of the change is due to a growing commitment to adopting evolving technologies as well as educating stakeholders that remain stuck on paper-based and traditional processes.\nThe future is being built on more flexible and dynamic B2B solutions that automate with agility and ensure the optionality and security of B2B payments.\nThis technical and behavioral shift is reflected in the top themes shaping the B2B landscape this week, which were around embracing the next-generation advances making B2B payments better, the opportunities that embedded payments can unlock, and the importance of smarter supply chain management.\nEmbracing Digital B2B Payments Means Embracing the Future\n\u201cAlmost half of B2B payments are still made via check, which blows my mind in terms of the technology that exists now,\u201d Rebecca Schultz, chief marketing officer at Boost B2B Payment Solutions, told PYMNTS in an interview published Wednesday (Sept. 18) for the \u201cWhat\u2019s Next in Payments: How Do You Do Digital?\u201d series.\n\u201cYou can digitize the payment, but if the receiver is turning it into cash and manually entering the data, then the value of that exchange has ended,\u201d Schultz explained, noting that true success comes from digitizing every step of the payment process, ensuring a seamless flow of information from end to end.\nAfter years of being bogged down by manual work and fragmented workflows, technologies like robotic process automation are helping modernize accounts payable and receivable departments. Their implementation requires minimal labor and results in a productivity lift.\nWith the advent of new B2B technologies, payment methods, and the complexity of global supply chains, PYMNTS analyzed Wednesday how chief product officers across the payments industry face unprecedented challenges and opportunities in ensuring their product strategies keep up with the pace of change and propel growth and innovation.\nHow Embedded Payments Are Transforming B2B\nAs B2B payments go more digital, they are also becoming increasingly embedded.\nBrex launched an embedded B2B payments solution Wednesday that complements the company\u2019s corporate card and spend management platform for startups and enterprises. The day before, Capchase and Stripe partnered to offer a B2B buy now, pay later (BNPL) payment method in the United States.\nIn other Stripe B2B BNLP news, Mondu said Sept. 11 that its new Stripe integration allows B2B merchants and marketplaces to offer Mondu\u2019s BNPL options through their existing Stripe setup. This \u201cMondu via Stripe\u201d offering is now available to businesses in the Netherlands, Germany and France, and it will expand to more markets soon.\nWells Fargo introduced specialized APIs Tuesday (Sept. 17) tailored for its commercial banking clients. They provide clients real-time, on-demand information so they can efficiently and seamlessly manage inventory, supply chain and payments.\nAlso on Tuesday, TurboTax maker Intuit debuted a new product suite for mid-market businesses. Intuit Enterprise Suite is designed to serve an $89 billion total addressable market of larger, mid-market businesses whose needs become more complex as they scale.\nAs B2B payments evolve, so too are the roles of the executives tasked with making and managing them. In an era of rapid technological and data advancement, corporate treasurers find themselves at the forefront of change in their own roles and responsibilities.\nAs two J.P. Morgan executives, Maria Chavez, head of payments for core middle market and specialized industries, and Janette Hutton, head of international payments for U.S. corporations, told PYMNTS in an interview published Thursday (Sept. 19), the cornerstone of this transformation is the increasing availability and use of data, which includes generative artificial intelligence. The fundamental step of identifying available data and its potential applications is crucial for treasurers looking to use analytics for strategic decision-making.\nAs Global B2B Accelerates, Supply Chains Need to Adapt\nJuly PYMNTS Intelligence revealed that concerns over supply chain integrity and macroeconomic conditions highlight how larger external factors also remain on chief financial officers\u2019 radars.\nAnd in the months since, supply chain realities have only surged in prominence.\nPYMNTS unpacked Wednesday how NASA\u2019s reliance on highly specialized suppliers is emblematic of a broader risk in B2B supply chains \u2014 the lack of redundancy. As industries globally contend with increasingly complex and interconnected supply chains, NASA\u2019s experience with a vendor undergoing challenging times offers a cautionary tale about the hidden risks and opportunities for B2B enterprises in managing such networks.\nMeanwhile, as international trade becomes more complex, the need for real-time intelligence and innovative financial solutions grows. Businesses can no longer rely on traditional methods of monitoring their supply chains, as the dynamic and unpredictable nature of modern trade demands faster, more accurate data to mitigate risks.\nThe marketplace is responding in turn. Amazon added a fully managed option to the lineup of supply chain services it offers to sellers Wednesday. The new fully managed Supply Chain by Amazon solution will be available to all U.S. sellers for domestic pickups in October and will be expanded to global pickups by the end of the year.\nFor all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.\nThe post This Week in B2B: Realizing Operational Certainty Through Payments Innovation appeared first on PYMNTS.com.", "date_published": "2024-09-19T15:43:16-04:00", "date_modified": "2024-09-19T15:43:16-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/01/supply-chain-management.jpg", "tags": [ "accounts payable", "accounts receivable", "Amazon", "APIs", "automation", "B2B", "B2B Payments", "BNPL", "Boost B2B Payment Solutions", "Brex", "buy now pay later", "Capchase", "checks", "commercial payments", "Digital Payments", "digital transformation", "Embedded Payments", "Innovation", "Intuit", "Intuit Enterprise Suite", "J.P. Morgan", "Janette Hutton", "Maria Chavez", "Mondu", "NASA", "News", "partnerships", "PYMNTS News", "Rebecca Schultz", "startups", "Stripe", "supply chain management", "treasury", "wells fargo" ] }, { "id": "https://www.pymnts.com/?p=2102300", "url": "https://www.pymnts.com/news/b2b-payments/2024/global-embrace-of-einvoicing-targets-fraud-improves-supply-chain-dynamics/", "title": "Global Embrace of eInvoicing Targets Fraud", "content_html": "Businesses want to be paid in a timely manner.
\nGovernments want tax revenue.
\nThe advantages of cutting down on paper \u2014 and, specifically, paper invoices \u2014 can improve supply chain dynamics across any number of B2B verticals.
\nAutomating invoicing, with the rise of digital options in doing so, has taken root in Europe through a series of mandates, while in the United States the shift has been largely market driven. The approaches may differ, but overall, cutting down on manual data entry and cutting down on the time it takes to process invoices holds universal appeal \u2026 with the positive ripple effect of better cash flow. In addition, there\u2019s the ability to reduce fraud.
\nIn Europe, where Italy, Greece, France, Germany and Spain have mandated eInvoicing, and as noted in a report from the European Union, emerging technologies such as artificial intelligence (AI) and machine learning have helped streamline the collection of invoice-related information. Those technologies are proving adept at detecting anomalies. Elsewhere, the EU added that the electronic creation and use of those invoices can \u201cautomatically compile and submit VAT returns and customs declarations.\u201d
\n\u201cAuthorities can use e-Invoicing as the base layer for predicative tax calculations. Efficiency can be gained if predicative models are powered by Artificial Intelligence, whilst ensuring that the calculation is verified through human intervention,\u201d noted the EU. In other studies, European regulators noted that the shift to digital exchanges of information, including eInvoicing, have helped close the VAT collection \u201cgap\u201d by tens of billions of euros.
\nIn the PYMNTS Intelligence report \u201cAP Automation Significantly Reduces Friction in the Source-to-Pay Cycle,\u201d we found that 25% of companies said that invoice errors and discrepancies as the top areas of disruption they recently faced in paying and getting paid. And 83% of CFOs said that digital technologies supporting AP workflow automations have reduced frictions by better integration of buyer and supplier payments.
\nCumulatively there are around 80 countries in some stage of mandating eInvoicing, and non-EU countries such as Australia and Japan have made strides toward eInvoicing as well. The process has been a staggered one, and in some cases the adoption is taking time. France stands out here, as the shift was slated to start this past summer, but larger firms have until September of 2026 to fully embrace eInvoicing.
\nIn the United States, we may see a bit more \u201ctop down\u201d approach to eInvoicing, as the Federal Reserve has been piloting, with the Business Payments Coalition along, a standardized eInvoicing model and exchange network.
\nIndividual company initiatives and platforms have been launching new solutions to further the embrace of eInvoicing. As reported here, Deloitte and Basware have partnered to facilitate accounts payable (AP) automation, touchless invoicing and compliance with eInvoicing regulations for global customers.
\nAnd in another example, Sovos, a global tax software provider, has joined forces with PwC in Belgium to streamline the adoption of e-Invoicing among businesses. The partnership between Sovos and PwC in Belgium is set against the backdrop of increasing global regulatory mandates that require businesses to adopt eInvoicing for tax compliance purposes, the companies said earlier this year.
\nThe post Global Embrace of eInvoicing Targets Fraud appeared first on PYMNTS.com.
\n", "content_text": "Businesses want to be paid in a timely manner.\nGovernments want tax revenue.\nThe advantages of cutting down on paper \u2014 and, specifically, paper invoices \u2014 can improve supply chain dynamics across any number of B2B verticals.\nAutomating invoicing, with the rise of digital options in doing so, has taken root in Europe through a series of mandates, while in the United States the shift has been largely market driven. The approaches may differ, but overall, cutting down on manual data entry and cutting down on the time it takes to process invoices holds universal appeal \u2026 with the positive ripple effect of better cash flow. In addition, there\u2019s the ability to reduce fraud.\nIn Europe, where Italy, Greece, France, Germany and Spain have mandated eInvoicing, and as noted in a report from the European Union, emerging technologies such as artificial intelligence (AI) and machine learning have helped streamline the collection of invoice-related information. Those technologies are proving adept at detecting anomalies. Elsewhere, the EU added that the electronic creation and use of those invoices can \u201cautomatically compile and submit VAT returns and customs declarations.\u201d\nBetter Tax Collection \n\u201cAuthorities can use e-Invoicing as the base layer for predicative tax calculations. Efficiency can be gained if predicative models are powered by Artificial Intelligence, whilst ensuring that the calculation is verified through human intervention,\u201d noted the EU. In other studies, European regulators noted that the shift to digital exchanges of information, including eInvoicing, have helped close the VAT collection \u201cgap\u201d by tens of billions of euros.\nIn the PYMNTS Intelligence report \u201cAP Automation Significantly Reduces Friction in the Source-to-Pay Cycle,\u201d we found that 25% of companies said that invoice errors and discrepancies as the top areas of disruption they recently faced in paying and getting paid. And 83% of CFOs said that digital technologies supporting AP workflow automations have reduced frictions by better integration of buyer and supplier payments.\nCumulatively there are around 80 countries in some stage of mandating eInvoicing, and non-EU countries such as Australia and Japan have made strides toward eInvoicing as well. The process has been a staggered one, and in some cases the adoption is taking time. France stands out here, as the shift was slated to start this past summer, but larger firms have until September of 2026 to fully embrace eInvoicing.\nThe Initiatives in the States and Elsewhere \nIn the United States, we may see a bit more \u201ctop down\u201d approach to eInvoicing, as the Federal Reserve has been piloting, with the Business Payments Coalition along, a standardized eInvoicing model and exchange network.\nIndividual company initiatives and platforms have been launching new solutions to further the embrace of eInvoicing. As reported here, Deloitte and Basware have partnered to facilitate accounts payable (AP) automation, touchless invoicing and compliance with eInvoicing regulations for global customers.\nAnd in another example, Sovos, a global tax software provider, has joined forces with PwC in Belgium to streamline the adoption of e-Invoicing among businesses. The partnership between Sovos and PwC in Belgium is set against the backdrop of increasing global regulatory mandates that require businesses to adopt eInvoicing for tax compliance purposes, the companies said earlier this year.\nThe post Global Embrace of eInvoicing Targets Fraud appeared first on PYMNTS.com.", "date_published": "2024-09-19T12:04:42-04:00", "date_modified": "2024-09-23T22:59:06-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/04/Digital-invoices.jpg", "tags": [ "AP automation", "automated invoicing", "B2B", "B2B Payments", "commercial payments", "Digital Payments", "digital transformation", "eInvoicing", "EMEA", "European Union", "international", "invoice payments", "News", "PYMNTS News", "Security", "taxes", "VAT" ] }, { "id": "https://www.pymnts.com/?p=2101924", "url": "https://www.pymnts.com/news/b2b-payments/2024/4-things-b2b-cpos-should-know-about-shrinking-paper-payments/", "title": "4 Things B2B CPOs Should Know About Shrinking Paper Payments", "content_html": "The business-to-business (B2B) landscape is undergoing an explosion of innovation \u2014 especially around payments.
\nWednesday (Sept. 18) alone, news broke that Brex\u00a0launched an embedded B2B payments solution that complements the company\u2019s corporate card and spend management platform for startups and enterprises; while Capchase and\u00a0Stripe\u00a0partnered to offer a B2B buy now, pay later (BNPL) payment method in the United States.
\nAnd with the advent of new B2B technologies, payment methods, and the complexity of global supply chains, chief product officers (CPOs) across the payments industry face unprecedented challenges and opportunities in ensuring their product strategies keep up with the pace of change and propel growth and innovation.
\nGlobally, B2B payments are more fragmented and complex than ever. Different regions, industries and even individual suppliers may require or prefer different payment methods. Traditional methods like checks and ACH transfers remain prevalent in some sectors, while newer solutions such as digital wallets and real-time payments are gaining traction.
\nFor product leaders and the other internal teams they engage with \u2014 from finance to marketing \u2014 bringing to market, or scaling internally, solutions capable of managing this complexity requires a deep understanding of both the payment technologies and the requirements of suppliers across different markets.
\nRead more: Nine Things Payments Execs Need to Know for Their 2025 Business Plans
\nCPOs stand at the intersection of technology, finance and operations. There are also the rising capabilities and potential applications of artificial intelligence (AI) to consider.
\nRegarding the shape that future innovations could take, the 18 payments industry insiders interviewed by PYMNTS for the \u201cWhat\u2019s Next In Payments: Halftime Report\u201d series all agreed that future payments innovation will be centered around four trends: embedded finance, digitization, compliance and technological upgrades.
\nAnd within B2B specifically, the relationship between payments and procurement is becoming symbiotic, with both functions playing a role in the financial health of businesses. Procurement teams are responsible for securing the best possible terms from suppliers, while payment processes ensure that these suppliers are compensated accurately and on time. The integration of these functions, particularly with the rise of digital solutions, is reshaping how companies interact with suppliers, manage cash flow, and approach supply chain management \u2014 all crucial considerations for CPOs.
\nThat\u2019s why, for CPOs, the challenge lies in managing this convergence effectively. Processes are often siloed, with a clear separation between functions. These silos are breaking down as procurement relies on real-time data and digital payments, enabling cash flow predictability, and driving greater innovation.
\nCPOs must spearhead digital transformations, particularly around accounts payable (AP) and accounts receivable (AR) automation, ensuring that the right technologies are implemented to improve speed, transparency, and compliance in payments.
\nIn a sign of the strength of the B2B automation market, the PYMNTS Intelligence report \u201cCFOs Eye Accounts Receivable as New Direction for AI Investments\u201d found that 55% of chief financial officers representing middle-market businesses would be willing to pay 3% of the invoice amount to accept payments using a solution that automates invoice approval and payment.
\nRead more: 5 AI Tips CFOs and Treasurers Need to Know
\nStill, \u201calmost half of\u00a0B2B payments are still made via\u00a0check, which blows my mind in terms of the technology that exists now,\u201d\u00a0Rebecca Schultz, chief marketing officer at\u00a0Boost B2B Payment Solutions, told PYMNTS. \u201cA quarter of AR teams are still relying on spreadsheets to manage their receivables,\u201d she added, noting the backwardness of\u00a0certain\u00a0manual processes in the age of big data and\u00a0automation.
\nDigital transformation not only streamlines processes but also enhances agility, allowing businesses to respond quickly to market changes and new opportunities. This includes leveraging AI, machine learning and other emerging technologies.
\nAnd one initiative frequently leads to another as efficiencies are realized. For example, by collaborating with suppliers, businesses can co-create new products or services that meet market demands and differentiate them from competitors.
\nHowever, adopting digital solutions comes with challenges. Integrating these tools into legacy systems can be difficult, and there is a risk of overwhelming procurement teams with too much data. CPOs must strike a balance, ensuring that their teams are equipped with the right tools without adding unnecessary complexity.
\nAs businesses continue to operate in a global and digital environment, the ability of CPOs to adapt and innovate will be critical to their success.
\nFor all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.
\nThe post 4 Things B2B CPOs Should Know About Shrinking Paper Payments appeared first on PYMNTS.com.
\n", "content_text": "The business-to-business (B2B) landscape is undergoing an explosion of innovation \u2014 especially around payments. \nWednesday (Sept. 18) alone, news broke that Brex\u00a0launched an embedded B2B payments solution that complements the company\u2019s corporate card and spend management platform for startups and enterprises; while Capchase and\u00a0Stripe\u00a0partnered to offer a B2B buy now, pay later (BNPL) payment method in the United States.\nAnd with the advent of new B2B technologies, payment methods, and the complexity of global supply chains, chief product officers (CPOs) across the payments industry face unprecedented challenges and opportunities in ensuring their product strategies keep up with the pace of change and propel growth and innovation.\nGlobally, B2B payments are more fragmented and complex than ever. Different regions, industries and even individual suppliers may require or prefer different payment methods. Traditional methods like checks and ACH transfers remain prevalent in some sectors, while newer solutions such as digital wallets and real-time payments are gaining traction.\nFor product leaders and the other internal teams they engage with \u2014 from finance to marketing \u2014 bringing to market, or scaling internally, solutions capable of managing this complexity requires a deep understanding of both the payment technologies and the requirements of suppliers across different markets.\nRead more: Nine Things Payments Execs Need to Know for Their 2025 Business Plans\nCPOs Can Drive Growth, Innovation\nCPOs stand at the intersection of technology, finance and operations. There are also the rising capabilities and potential applications of artificial intelligence (AI) to consider. \nRegarding the shape that future innovations could take, the 18 payments industry insiders interviewed by PYMNTS for the \u201cWhat\u2019s Next In Payments: Halftime Report\u201d series all agreed that future payments innovation will be centered around four trends: embedded finance, digitization, compliance and technological upgrades.\nAnd within B2B specifically, the relationship between payments and procurement is becoming symbiotic, with both functions playing a role in the financial health of businesses. Procurement teams are responsible for securing the best possible terms from suppliers, while payment processes ensure that these suppliers are compensated accurately and on time. The integration of these functions, particularly with the rise of digital solutions, is reshaping how companies interact with suppliers, manage cash flow, and approach supply chain management \u2014 all crucial considerations for CPOs. \nThat\u2019s why, for CPOs, the challenge lies in managing this convergence effectively. Processes are often siloed, with a clear separation between functions. These silos are breaking down as procurement relies on real-time data and digital payments, enabling cash flow predictability, and driving greater innovation.\nCPOs must spearhead digital transformations, particularly around accounts payable (AP) and accounts receivable (AR) automation, ensuring that the right technologies are implemented to improve speed, transparency, and compliance in payments.\nIn a sign of the strength of the B2B automation market, the PYMNTS Intelligence report \u201cCFOs Eye Accounts Receivable as New Direction for AI Investments\u201d found that 55% of chief financial officers representing middle-market businesses would be willing to pay 3% of the invoice amount to accept payments using a solution that automates invoice approval and payment.\nRead more: 5 AI Tips CFOs and Treasurers Need to Know\nEmbracing Digital Transformation\nStill, \u201calmost half of\u00a0B2B payments are still made via\u00a0check, which blows my mind in terms of the technology that exists now,\u201d\u00a0Rebecca Schultz, chief marketing officer at\u00a0Boost B2B Payment Solutions, told PYMNTS. \u201cA quarter of AR teams are still relying on spreadsheets to manage their receivables,\u201d she added, noting the backwardness of\u00a0certain\u00a0manual processes in the age of big data and\u00a0automation. \nDigital transformation not only streamlines processes but also enhances agility, allowing businesses to respond quickly to market changes and new opportunities. This includes leveraging AI, machine learning and other emerging technologies.\nAnd one initiative frequently leads to another as efficiencies are realized. For example, by collaborating with suppliers, businesses can co-create new products or services that meet market demands and differentiate them from competitors.\nHowever, adopting digital solutions comes with challenges. Integrating these tools into legacy systems can be difficult, and there is a risk of overwhelming procurement teams with too much data. CPOs must strike a balance, ensuring that their teams are equipped with the right tools without adding unnecessary complexity.\nAs businesses continue to operate in a global and digital environment, the ability of CPOs to adapt and innovate will be critical to their success.\nFor all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.\nThe post 4 Things B2B CPOs Should Know About Shrinking Paper Payments appeared first on PYMNTS.com.", "date_published": "2024-09-18T19:23:42-04:00", "date_modified": "2024-09-18T19:23:42-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/B2B-payment-by-check.jpg", "tags": [ "automation", "B2B", "B2B Payments", "back office", "Boost B2B Payment Solutions", "Brex", "Capchase", "chief product officers", "commercial payments", "CPOs", "Digital Payments", "digital transformation", "Digitization", "embedded finance", "News", "PYMNTS News", "Rebecca Schultz", "Stripe" ] }, { "id": "https://www.pymnts.com/?p=2101548", "url": "https://www.pymnts.com/news/b2b-payments/2024/brex-launches-embedded-payments-solutions-for-b2b-software-vendors/", "title": "Brex Launches Embedded Payments Solutions for B2B Software Vendors", "content_html": "Brex has launched an embedded payments solution designed to make it easy for B2B software vendors to accelerate customer workflows with Brex virtual cards.
\nThe new Brex Embedded payments solution complements the company\u2019s corporate card and spend management platform for startups and enterprises, Brex said in a Wednesday (Sept. 18) press release.
\n\u201cBrex\u2019s vertically integrated corporate cards, payment processing and global money movement infrastructure has been used by tens of thousands of companies to help them save and control spend for the past seven years,\u201d Brex CEO Pedro Franceschi said in the release. \u201cWe\u2019re excited to democratize access to Brex\u2019s best-in-class payments technology with Brex Embedded payments and unlock global payments everywhere.\u201d
\nAs an application programming interface (API)-driven solution, Brex Embedded enables businesses to embed payments into their products without having to build financial products in-house, according to the release.
\nThe solution leverage APIs and issuing integrations \u2014 including Mastercard\u2019s virtual card platform \u2014 to enable software vendors to integrate Brex\u2019s global corporate card and payments capabilities directly into their platform, the release said.
\nBusinesses that have done so can then enable their own customers to make fast, secure global payments in virtually any currency, per the release. Vendors using this solution also benefit by automating their existing financial workflows and payment reconciliation.
\nThe emergence of embedded finance has supercharged the digital transformation of B2B payments and commerce, PYMNTS reported in August. Embedded finance can speed the processes involved in B2B transactions \u2014 including invoicing, purchases orders and reconciliations \u2014 by integrating payment solutions directly into B2B platforms.
\nIn another recent development in this space, Jaggaer and Bottomline said Sept. 5 that they partnered to provide companies with more payment options for B2B transactions.
\nThis collaboration will see the integration of Bottomline\u2019s Paymode business payment network and its Premium ACH offering, virtual card and other payment modalities into Jaggaer\u2019s B2B payment solution, Jaggaer Pay.
\nIn August, Numeral and HSBC Innovation Banking UK teamed up to enable embedded payments for innovative companies like FinTechs, InsurTechs and marketplaces. With this collaboration, companies that are clients of both partners can embed HSBC Innovation Banking UK\u2019s payment and account services via Numeral\u2019s APIs.
\nThe post Brex Launches Embedded Payments Solutions for B2B Software Vendors appeared first on PYMNTS.com.
\n", "content_text": "Brex has launched an embedded payments solution designed to make it easy for B2B software vendors to accelerate customer workflows with Brex virtual cards.\nThe new Brex Embedded payments solution complements the company\u2019s corporate card and spend management platform for startups and enterprises, Brex said in a Wednesday (Sept. 18) press release.\n\u201cBrex\u2019s vertically integrated corporate cards, payment processing and global money movement infrastructure has been used by tens of thousands of companies to help them save and control spend for the past seven years,\u201d Brex CEO Pedro Franceschi said in the release. \u201cWe\u2019re excited to democratize access to Brex\u2019s best-in-class payments technology with Brex Embedded payments and unlock global payments everywhere.\u201d\nAs an application programming interface (API)-driven solution, Brex Embedded enables businesses to embed payments into their products without having to build financial products in-house, according to the release.\nThe solution leverage APIs and issuing integrations \u2014 including Mastercard\u2019s virtual card platform \u2014 to enable software vendors to integrate Brex\u2019s global corporate card and payments capabilities directly into their platform, the release said.\nBusinesses that have done so can then enable their own customers to make fast, secure global payments in virtually any currency, per the release. Vendors using this solution also benefit by automating their existing financial workflows and payment reconciliation.\nThe emergence of embedded finance has supercharged the digital transformation of B2B payments and commerce, PYMNTS reported in August. Embedded finance can speed the processes involved in B2B transactions \u2014 including invoicing, purchases orders and reconciliations \u2014 by integrating payment solutions directly into B2B platforms.\nIn another recent development in this space, Jaggaer and Bottomline said Sept. 5 that they partnered to provide companies with more payment options for B2B transactions.\nThis collaboration will see the integration of Bottomline\u2019s Paymode business payment network and its Premium ACH offering, virtual card and other payment modalities into Jaggaer\u2019s B2B payment solution, Jaggaer Pay.\nIn August, Numeral and HSBC Innovation Banking UK teamed up to enable embedded payments for innovative companies like FinTechs, InsurTechs and marketplaces. With this collaboration, companies that are clients of both partners can embed HSBC Innovation Banking UK\u2019s payment and account services via Numeral\u2019s APIs.\nThe post Brex Launches Embedded Payments Solutions for B2B Software Vendors appeared first on PYMNTS.com.", "date_published": "2024-09-18T11:46:18-04:00", "date_modified": "2024-09-18T22:19:21-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/01/Brex-4.jpg", "tags": [ "B2B", "B2B Payments", "Brex", "Brex Embedded", "commercial payments", "embedded finance", "Embedded Payments", "News", "PYMNTS News", "software", "virtual cards", "What's Hot", "What's Hot In B2B" ] } ] }