Today in B2B Payments: 3 Companies Roll out New Products
Today in B2B payments, the African Export-Import Bank (Afreximbank) launches a payment service, Nipendo expands access to automated invoicing and WEX adds a digital wallet for B2B payments. Plus, PYMNTS research finds an opportunity for financial institutions to supply capital, cash flow assistance and payment solutions to small and medium-sized businesses (SMBs).
Afreximbank Launches AfPAY Trade Payment Service in Africa
The African Export-Import Bank, or Afreximbank, has announced the broad launch of a payment service called AfPAY with the stated goal of facilitating easier transactions among African financial institutions. The announcement said: “Afreximbank developed the product specifically to address the banking challenges confronting African economies due to the withdrawal of many international banks from the continent — exits attributable to stringent regulatory and compliance requirements as well as costs.”
Nipendo Expands Access to Its Automated Invoicing Feature
Nipendo, a provider of systems to automate payment processes, has announced that it is making its Invoice All module available to suppliers that use the company’s Supplier Portal. Invoice All, which is part of Nipendo’s cloud-based system for automating source-to-pay actions, also gives suppliers visibility into invoice management processes, and users receive a digital proof of receipt to ensure they have a record of whether an invoice was received and read.
WEX Launches Digital Wallet for B2B Payments
Commerce platform WEX has announced the wide availability of Flume, a digital wallet that will allow instant account-to-account transfers for customers. WEX stated in the announcement that the new offering was designed to “bridge the digital divide for millions of small- and medium-sized businesses (SMBs) in the U.S.”
12% of SMBs Concerned They Won’t Survive Past 2024
While more than half of small and medium-sized businesses (SMBs) surveyed for the most recent edition of PYMNTS’ Main Street Health report confidently said they expected to see full-year revenues up for 2022, a strikingly large proportion — 12% to be exact — said they were less sure about their chances of surviving into 2024. This has created an opportunity for some financial institutions to supply capital and cash flow assistance or payment solutions that can reduce costs and help stressed out companies buy time.
Lighting manufacturer Halco Launches B2B eCommerce Site
Lighting solutions manufacturer Halco has launched a B2B eCommerce and customer self-service website that’s built on the Adobe Commerce Cloud platform and has had several custom tools and capabilities added by digital commerce agency Echidna. Echidna President Mike Pierce said in a press release: “With this move to Adobe Commerce Cloud and the launch of their new digital channel, Halco gains the ability to continually delight their customers with new conveniences.”
SWIFT Plots Real-Time Role for Next 50 Years of Cross-Border Payments
Belgium-based cooperative SWIFT has been synonymous with cross-border payments since its founding in 1973, and today serves as the primary interbank messaging service for financial institutions around the globe. It has also been making a steady stream of steps to keep pace with an increasingly digital world that caters to globally minded consumers and businesses that demand cheaper and faster service.
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