B-to-B payments

Thanks to the downstream nature of technology, what was once the domain for large organizations is now accessible to organizations of all sizes, writes Ralph Perdomo, a research analyst at Nvoicepay.

B2B payments have long lagged consumer transactions in adopting new technology, but fintechs have recently increased automation in an attempt to reduce manual and paper-based processing.

PayNow Corporate enables corporations, businesses and government agencies to pay and receive funds instantly by linking a unique entity number to their Singapore bank account.

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.