Billtrust, a B2B order-to-cash and digital payments market leader, announced that it has extended its collaboration with Visa, a world leader in digital payments, to support its Business Payments Network (BPN). Visa will continue to offer BPN access to its financial institution clients to streamline the B2B digital payment process for their corporate customers.
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Launched in 2018 in collaboration with Visa, BPN seamlessly links suppliers to their buyers through connectivity to their preferred bank and payables providers, radically simplifying payment acceptance through straight-through processing of virtual card payments and capture of all available remittance data. Suppliers benefit from eliminating manual virtual card processing and optimized acceptance costs, while buyers can transact using their preferred payment method. In addition, banks and accounts payable (AP) providers benefit from transparency regarding supplier virtual card acceptance and preferences.
Industry Comments
“We continue to be encouraged by BPN’s volume growth and potential, supporting our ability to offer it to clients,” said Veronica Fernandez, SVP and North America Head of Visa Commercial Solutions. “The network’s expansion, coupled with innovative features, underscores our commitment to empowering financial institutions and fintech partners with essential ‘last mile’ capabilities focused on reducing friction, while driving incremental payment volume through this mutually beneficial B2B payment method.”
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“Visa’s continued collaboration with Billtrust is a testament to our mutual belief in the power of BPN to expand the B2B payment ecosystem through continued ergonomic and economic support of virtual card acceptance, driving frictionless and more cost-efficient acceptance,” said Nick Izquierdo, Executive Vice President, Payments, Billtrust. “BPN’s critical infrastructure connects hundreds of suppliers and hundreds of thousands of buyers while facilitating billions of dollars’ worth of payments at exceptional straight-through processing rates.”
How Is This News Creating An Impact In The Fintech Domain?
- The agreement could lead to improved payment solutions that use Visa’s worldwide network and Billtrust’s fintech expertise. This might make business payments more efficient and secure, cutting transaction costs and boosting cash flow management.
- Billtrust might broaden its market reach by using Visa’s enormous network of financial institutions and merchants. This extension could boost fintech adoption in B2B transactions by introducing more businesses to digital payment alternatives.
- The alliance may promote B2B payment technology innovation like virtual cards, blockchain solutions, and improved invoice management systems. These improvements could increase fintech financial transaction transparency, efficiency, and fraud reduction.
- Competitive Landscape: The enhanced collaboration may encourage fintech companies to join similar alliances or innovate independently to stay competitive. This may boost fintech services overall.
- Regulation and Compliance: As fintech services grow through collaborations like this, regulators may need to adapt and build frameworks to protect consumers, data, and fair business. This could lead to fintech-wide regulatory changes.
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