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.
Companies want flexible, customizable workflows, and vendors are working to make that happen. Digital transformation is accelerating, with companies 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 staying ahead of ever-changing 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 innovation imperative
“Companies need to adopt new technology,” Claudia Villasis-WallraffHead of Data-Driven Treasury at German bankhe told PYMNTS this week. “And by that, I mean not just API connectivity, but cloud capabilities and AI.”
Echoing that sentiment, Michael HaneyProduct Strategy Manager at Galileo Financial Technologiespointed out 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 direct-to-bank APIs to enhance financial services.
Payments platform Aereiwallex integrated with financial software provider QuickBooksaccording 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 capabilities – document extraction and revenue automation – to help companies streamline procurement.
Last but not least, Weaving also on Wednesday he launched a experience platform for multi-location healthcare practices, including dental, vision, veterinary and medical service organizations. That of the company business experience joins the existing platform designed for small and medium-sized healthcare businesses,
Digitizing 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. “This is where you can unlock value across the entire invoice-to-cash experience.”
Here because Finexio a new one was added on Tuesday (June 25). fraud protection solution to its offerings of bills to be paid as a service. The new Finexio Shield it is designed to protect B2B payments, prevent fraud and at the same time optimize and deliver payments to suppliers.
Blue vine Tuesday launched a MasterCard-powered small business credit card which provides 1.5% cash back on all business purchases, merchant discounts and a range of business tools. THE Bluevine Business Cashback Mastercard 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 Control accounts from a single dashboard.
Somewhere else, I know AND PwC Ireland collaborated to help organizations implement Electronic invoicing and electronic reporting comply with government mandates in the European Union and around the world. THE collaboration brings together the capabilities of Sovos, supplier of Sovos Compliance Cloud platform and PwC Ireland, a provider of assurance, 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 Monday at the various approaches C-level executives, especially CFOs, are struggling to master 2024 year of regulatory anxiety. After all, when it comes to compliance, companies need to grow, quickly, 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 greater customer satisfaction, loyalty and long-term partnerships. Less effective onboarding or supplier relationship management can have disastrous results.
As for the actual regulations requiring compliance, the Consumer Financial Protection Bureau (CFPB) has extended the dates of fulfillment for his small business lending rule in accordance with court orders, it was announced on Tuesday (June 25).
For all of PYMNTS’ B2B coverage, subscribe to the newspaper B2B Newsletter.
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