B-to-B payments

Visa has continued to establish a more complete B2B offering, working through its Visa B2B Connect blockchain payments service to help companies establish application interfaces and platforms to handle business transactions more efficiently.

Business owners are understandably reluctant to allow employees, contractors and freelancers take the company credit card. But asking them to use a personal card raises other issues, such as scanning receipts for reimbursement.

Paying international suppliers through a bank portal is a painful, expensive process that creates unnecessary friction for burgeoning cross-border trade. There are better fintech alternatives, writes Karla Friede, CEO of Nvoicepay.

TransferMate, a cross-border B2B payments service, has received a $25 million investment from ING Group N.V. to accelerate its global expansion.

Flywire has raised $100 million in new venture capital to continue expanding its B2B cross-border payments platform beyond educational institutions to more corporations.

WEX will support Visa’s virtual credit cards for corporate payments, expanding the international digital payment options for WEX’s B2B customers.

Two payments startups, PayStand and Quadpay, are collaborating with Silicon Valley Bank and First Data during a four-month accelerator program to explore mutual product development opportunities.

Digital payments are becoming a critical aspect of nearly every new service for merchants or financial institutions.

U.S. Bancorp reported record net income of $1.7 billion for the second quarter on record net revenue of $5.6 billion, and corporate payments growth stood out as a key driver.

As technology advances for business-to-business or cross-border transactions, the accompanying messaging standard must evolve at the same rapid pace.