Today, in B2B payments, BizPay and Arcadier are forming a buy now, pay later (BNPL) B2B partnership, while Bosch has acquired self-driving company Five AI. Additionally, Surecomp is launching a duplicate finance fraud tool, Deserve is launching a card platform for banks and B2B businesses, Trade X is entering an auction alliance, and most chief financial officers (CFOs) claim that Digitizing Accounts Receivable (AR) and Accounts Payable (AP) functions has reduced costs.
BizPay and Arcadier form a BNPL B2B partnership
Australian fintech BizPay has formed a partnership with Arcadier, a global software-as-a-service (Saas) provider. The partnership allows Arcadier’s corporate customers to offer BizPay for all of their B2B payments, so customers can spread their billing costs over installments. BizPay, meanwhile, is expanding its pool of businesses and pursuing its goal of easing the cash burdens of small and medium-sized enterprises (SMEs).
Bosch acquires British self-driving company Five AI
Multinational tech company Bosch has acquired British automated driving company Five AI. Five AI chose Bosch over other bidders because the company shares “a common vision of automated driving and safe automated driving systems”. The acquisition agreement was signed earlier this month, with both companies agreeing not to reveal financial details.
Surecomp Launches Duplicate Funding Fraud Prevention
Surecomp is launching a new offering that uses advanced cryptographic technology to enable financial institutions (FIs) to reduce the risk of duplicate funding fraud. The new product includes a bill matching process that identifies any suspicious activity detected on a specific bill and ensures that no confidential information leaves the bank.
Credit startup Deserve launches card platform
Credit card startup Deserve has launched a platform that allows banks and B2B businesses to launch corporate credit and payment cards. Deserve said its platform is designed for businesses of all sizes, enabling them to create cards for business customers and offer services such as instant issuance and digital wallet provisioning, enabling cardholders to use their cards in minutes.
The Trade X automatic trading platform launches the Auction Alliance program
Canadian B2B automotive trading platform Trade X has entered into its first strategic auction alliance with Wholesale Express, which runs daily auctions selling 8,500 used cars to registered dealers in Quebec, Ontario and Eastern Canada per month. With Trade X’s Auction Alliance program, inventories from these sellers will be released to the highest bidder in the world. Trade X said its ecosystem provides buyers and sellers with full transparency, paying sellers using their local currency while ensuring buyers don’t have to worry about vehicle logistics and security requirements. conformity.
62% of companies say AR, AP scanning has helped reduce costs
Chief financial officers (CFOs) of companies that have digitized payment systems report that companies have experienced several benefits, according to “Business Payments Digitization,” a collaboration between PYMNTS and Corcentric. Most survey respondents said that digitizing their payment processes has helped their businesses become more efficient, improve their working capital management, reduce costs, and improve their data security.
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NEW PYMNTS DATA: THE FUTURE OF BUSINESS SUPPLIER INNOVATION STUDY – APRIL 2022
On: While more than half of SMBs believe an all-in-one payment platform can save them time and improve cash flow visibility, 56% believe the solution could be difficult to integrate with AP systems and existing ARs. The Future Of Business Payables innovation report, a collaboration between PYMNTS and Plastiq, surveyed 500 SMBs with revenues between $500,000 and $100 million to explore how all-in-one solutions can exceed customer expectations. SMEs and help sustain their activities.
