Fintech
This Week in B2B: Digital Innovation, Data-Driven Insights
Interoperability is considered by many to be the holy grail of business-to-business (B2B) innovation.
By enabling systems to work together seamlessly, companies can reduce costs, improve accuracy, increase safety, and foster better relationships with their partners.
Businesses want flexible, customizable workflows, and providers are working to make them happen. Digital transformation is accelerating, with businesses moving away from paper-based, manual processes toward electronic methods.
Businesses are looking to automate B2B payments to reduce errors, save time and cut costs while keeping pace with evolving regulations and tax requirements across jurisdictions.
That’s why the top B2B stories tracked by PYMNTS this week were about embracing innovation, digitizing payments workflows and transforming compliance from a cost center to a growth engine.
The imperative of innovation
“Companies need to adopt new technology,” Claudia Villasis-Wallraffhead of data-driven treasury at German bank, he told PYMNTS this week. “And by that I don’t just mean the adoption of API connectivity, but also cloud capabilities and artificial intelligence.”
Echoing that sentiment, Michael Haneyresponsible for product strategy at Galileo financial technologiesstressed to PYMNTS in a separate conversation this week that many banks no longer feel the need build, own and operate own data centers, buy hardware, build everything in-house. They are becoming more comfortable, he said, with getting their infrastructure, platforms and software in a service model from the cloud.
And the market is responding.
Found Wednesday (June 26) introduced a integrated banking solution designed for business bank accounts. The new Multibank connector includes an extensive library of bank-direct APIs to power financial services.
Payments platform Aereiwallex integrated with financial software provider Quick booksaccording to another announcement on Wednesday, in order to improve Multi-currency reporting for businesses.
And that same day, Cards added revenue recognition to its AI-powered invoicing and financial operations platform for B2B companies. The new cards Revenue Recognition The module helps companies manage and recognize revenue, ensure compliance with accounting standards and improve accuracy and efficiency, the company said.
Elsewhere Wednesday, ZIP added generative artificial intelligence (AI) procurement assistant to its spend orchestration platform, along with two other AI-powered features (document extraction and intake automation) to help companies streamline purchasing.
Last but not least, Weaving also launched a on Wednesday experience platform for healthcare practices with multiple locations, including dental, eye care, veterinary, and medical organizations. The company’s business experience joins its existing platform designed for small and medium healthcare businesses,
Digitalization of payment workflows
Getting paid is essential for sustenance of companies, regardless of their size, and this makes the credits (AR) critical function for growth. The shift from traditional payment systems to digital solutions is proving to be not just a trend, but a necessity.
“It’s not just the visibility, it’s the real-time visibility and be able to take that data, make transactions and make decisions based on that data in real time,” Ari WidlanskyUS CEO and COO at Eskerhe told PYMNTS this week. “That’s where you can unlock value in the entire invoice-to-cash experience.”
Here because Finexio added a new one on Tuesday (June 25). fraud protection solution to its accounts payable as a service offerings. The new Finexio Shield it is designed to protect B2B payments, preventing fraud while optimizing and managing payments to suppliers.
Blue lives Tuesday launched a MasterCard-powered small business credit card which provides 1.5% cashback on all business purchases, merchant discounts and a range of business tools. THE Bluevine Mastercard Corporate Refund Card integrates with other elements of Bluevine’s banking platform for startups and small businesses, allowing cardholders to access both their card and their Bluevine business checking account accounts from a single dashboard.
Somewhere else, Sovos AND PwC Ireland have collaborated to help organizations implement Electronic invoicing and electronic reporting to comply with government mandates across the European Union and around the world. collaboration brings together the capabilities of Sovos, supplier of The Sovos Compliance Cloud platform and PwC Ireland, a provider of insurance, advisory and tax services, the companies said on Tuesday.
Compliance is a constant challenge
Keeping up with evolving tax regulations and requirements in different jurisdictions is a concern for businesses.
PYMNTS took a look at the various approaches Executives, especially CFOs, are taking steps to manage 2024 year of regulatory anxietyAfter all, when it comes to compliance, companies need to grow—and grow—to compete.
B2B onboarding and Know Your Business (KYB) programs are critical processes that set the tone for corporate relations. Effective onboarding can lead to increased customer satisfaction, loyalty, and long-term partnerships. Less effective insertion or supplier relationship management can have disastrous results.
As for the actual regulations requiring compliance, the Consumer Financial Protection Bureau (CFPB) has extended the compliance dates for your small business lending rule According to court orders, it was announced on Tuesday (June 25).
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