Today in B2B Payments: 8 Firms Announce 4 Partnerships
Today in B2B payments, newly announced partnerships aim to provide solutions for eInvoicing, request-to-pay services, capital advance, B2B eCommerce payments and payment tech for accounts receivable (AR) management. Plus, Billtrust says it’s been sold in a $1.7 billion deal.
Partner Hub, Answer Pay Team on eInvoicing, Request-to-Pay Services
Payments-as-a-service platform Answer Pay and online invoicing service and technology provider Partner Hub have joined forces to make it easier for banks to offer their customers request-to-pay and eInvoicing services. Partner Hub Co-Founder Katalin Kauzli said in an Answer Pay blog post, “We’re looking forward to working with Answer Pay to help banks in the rest of Europe take full advantage of this powerful combination of [eInvoicing] and [request-to-pay].”
PingPong, Uncapped Partner on Capital Advance for European Merchants
PingPong Payments and Uncapped have partnered to enable PingPong customers in Europe to get a capital advance from Uncapped. PingPong Europe Managing Director Chunhe Zhang said in a press release, “With Uncapped, PingPong is bringing a meaningful offer to PingPong customers for them to receive fast funding supports, which would be a key to their commercial success in the eCommerce world.”
GreenDropShip Partners With Stripe on B2B eCommerce Payments
Ahead of its launch later this year, GreenDropShip, a B2B eCommerce company supplying natural groceries, personal care items and home goods, has partnered with Stripe on new ways to securely accept payments. GreenDropShip Co-Founder and CEO Allen Kaplun said in a press release, “Now that we also have a partnership with Stripe, we are proud to be able to make transactions between vendors and merchants on our upcoming marketplace as secure and convenient as possible.”
Payscout, Collection Works Partner on Payment Tech for AR Management
Global payment technology company Payscout has become a preferred payments partner of Collection Works Software Solutions, a supplier of technology and services to the collections, debit and credit management marketplace. With this enhanced partnership, Collection Works users will have a direct integration to Payscout’s Paywire platform, which is a prominent accounts receivable management (ARM)-centric gateway.
B2B Payments Firm Billtrust Sold in $1.7B Deal
B2B payments company Billtrust has been sold to the investment organization EQT in an all-cash transaction that values Billtrust’s equity at about $1.7 billion. Billtrust Founder and CEO Flint Lane said in a press release, “We believe B2B payments and accounts receivable continue to be ripe for massive disruption and innovation, and our partnership with EQT will provide us with greater resources and flexibility to build on our leadership position.”
Oracle NetSuite Debuts AP Automation Tool
Oracle NetSuite has debuted NetSuite AP Automation, a product designed to help companies address time-consuming accounts payable processes. The company said in a news release, “The only solution that embeds banking services into a cloud enterprise resource planning (ERP) system, NetSuite AP Automation helps organizations improve profitability by making it easier and faster to process bills and pay vendors all from within NetSuite.”
New SWIFT Tool Offers Front Row View of Post-Trade Settlement Journey
SWIFT is piloting a new capability called SWIFT Securities View that tackles one of the biggest challenges in the securities industry — the lack of visibility in post-trade processing — while also helping prevent settlement fails. SWIFT Head of Securities Strategy Vikesh Patel said in a press release, “Our early pilot results show this potential and further strengthen our mission of making transactions instant and frictionless, across all industries.”
How to Eliminate ‘PDF Fatigue’ When Processing B2B Payouts
No matter how innovative companies and their accounts payable (AP) teams may be, their vendors are still sending them PDFs. Routable CEO Omri Mor told PYMNTS’ Karen Webster that optical character recognition (OCR) is an enhancement within invoice processing that reduces errors for mass payouts and accelerates invoice processing times.
Routable Debuts Optical Character Recognition for Invoice Processing
Business payments platform Routable has added optical character recognition (OCR), which will let the platform automatically scan invoices and create payables. Routable said in a press release that this will enable companies to process “hundreds” of invoices at the same time and cut down on bill coding time by up to three minutes per invoice.
Capital on Tap Adds Virtual Cards to Small Business Platform
Global FinTech Capital on Tap has added virtual cards to the services it already provides through its small business credit card and spend management platform. Capital on Tap Co-Founder and CEO David Luck said in a press release, “Having immediate access to funds is critical for success in this challenging business climate that often requires quick decisions and multiple strategic pivots.”
Pinwheel Launches New Consumer Income Data Product for Banks, FinTechs
Income and employment data provider Pinwheel has launched a new product that provides up-to-date consumer income data — including historical, current and projected data. With the new Pinwheel Earnings Stream product, banks and FinTechs can create financial products that are tailored to a consumer’s income and employment status.
41% of Buyers Saw Late Fees on Vendor Payments Last Year
Payment frictions between buyers and sellers aren’t just inconvenient — they're costly. In fact, 41% of buyers have had late fees on vendor payments in the last year, according to “The Financial Performance Quandary: Leveraging Automation to Better Manage Non-Payroll Spending,” a PYMNTS and Airbase collaboration.
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