Visa Collaborates with Billtrust to Help Launch Business Payments Network and Redefine Digital B2B Payments
Supplier-Centric Approach Simplifies Connectivity for Suppliers, Buyers and Financial Institutions
“As businesses evolve, digital payments will play an increasingly important role in B2B commerce,” said
Recent estimates show that paper checks still represent roughly 51% of U.S. B2B payment volumes1. The ubiquity of check acceptance in the U.S. has been a key reason it has remained the leading form of payment despite its many disadvantages. Buyers and suppliers have already recognized the advantages of digitizing payments, including less manual touch, improved fraud controls and enhanced reconciliation. However, the current lack of connectivity between existing B2B payment platforms remains the largest barrier to adoption. Suppliers simply don’t have the systems and processes in place to accept the increasingly complex forms of payment that buyers and their financial institutions want to send.
BPN is designed to address current industry challenges by:
- Providing a connected platform for suppliers, buyers, financial institutions, and accounts payable and accounts receivable software providers
- Publishing an online directory that contains a full view of participating suppliers and their payment acceptance preferences
- Providing financial institutions and corporate buyers with ability to deliver digital payments directly to the suppliers’ acceptance platforms
- Enabling complex financial and payment data to seamlessly come together at scale while delivering streamlined reconciliation to suppliers and buyers
“Today, suppliers have to balance their own payment preferences with the preferences of their customers’ accounts payable departments – and those two preferences don’t always sync up,” said Flint Lane, CEO of Billtrust. “BPN is designed to close the loop on the electronic payment cycle in a more transparent and secure way to more closely replicate the way consumers today pay and get paid, quickly, simply and seamlessly. Creating this type of customer experience in the B2B space is extremely important to us and the industry.”
“With estimates showing the U.S. B2B payments market in the range of
“There is a great deal of momentum now building around the digitalization of corporate financial processes to improve cash cycle control and performance, leading to reduced cost and risk, along with gaining more strategic insight using captured transaction data as an analytic base,” said
In 2017, Visa and Billtrust announced a strategic relationship intended to support growth in B2B payments through the integration of Billtrust’s Virtual Card Capture and Visa’s Straight Through Processing solution. Billtrust’s BPN will further the multipronged strategy Visa and Billtrust are pursuing to reduce friction and streamline payment processes and reconciliation for financial institutions, corporate buyers and B2B suppliers.
1. Source: 2016
2. Source: Visa Commercial Consumption Expenditure Index, 2015.
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Aida Hadzibegovic, 415-805-4242