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It’s the reason why paper checks remain a constant in B2B payments: Although businesses may not particularly like them, organizations already know how to send, receive and reconcile them. B2B innovators have a choice when they decide to search for a better way to move money between corporates. Work With What You’ve Got.
Treasurymanagement software provider TreasuryXpress released an API in 2017 that uses ISO 20022 to convert system data in a treasurymanagement and enterprise resource planning platform into payments to prove compatibility. .
B2B payments in the insurance industry suffer from many of the same challenges that other markets do: namely, check-based payments. But the market’s B2B payments practices present a tougher sell to make the switch from faster, electronic payment technologies, Peters told PYMNTS.
It’s a service designed around the ubiquity of the paper check, and with checks still a popular payment tool in B2B transactions, lockbox services remain in high-demand. Although the traditional lockbox can support access to this information, the fact that B2B payments are digitizing cannot be ignored. Take the lockbox, for example.
The tools aim to reduce paper in corporate finance operations, Wells explained, and nix manual remittance and data entry. Remittance advice matching automatically matches data from ACH and wire payments with remittancedata sent by various channels, including paper mail, email and fax.
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