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That might mean discovering a segment of vendors that are ripe for virtual card payments or integrated remittancedata. “Companies might implement a procure-to-pay solution separate from a paymentssolution, separate from a procurement tool,” Clark explained. A Holistic View.
As payments giants like Visa and Mastercard shift the innovation spotlight onto B2B transactions, developers of new accounts payable solutions are ushering in a growing trend: designing paymenttools not just for the payer, but for the B2B supplier as well. Discover Targets Reconciliation Data.
The AFP’s report was released the same week a range of new electronic B2B paymenttools were announced, the latest in a deluge of digital paymentsolutions emerging in recent years. 11), Mastercard announced a collaboration with blockchain company R3 to create a blockchain-based tool for cross-border B2B payments.
In the flurry of payments innovation, it can be difficult to remember that legacy tools remain commonplace, especially in corporate payments. It’s a service designed around the ubiquity of the paper check, and with checks still a popular paymenttool in B2B transactions, lockbox services remain in high-demand.
The latest evolution of commercial card technology, however, aims to position cards as a digital tool for accounts payable teams to make supplier payments. Leavitt said that while vendors indeed hold some misconceptions about the paymenttool, they are not necessarily wrong to resist the card rails.
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