How Rising Adoption Guides Corporate Card FinTechs’ Next Moves

In the commercial card arena, initiatives from FinTechs are often introduced in an effort to drive up adoption. But this week’s Commercial Card Innovation Tracker instead finds corporate card firms introducing new functionality and embracing collaboration as a result of accelerating use of card payments.

Boost Considers Virtual Cards’ Cross-Border Opportunity

As the commercial card industry continues to drive adoption by introducing benefits for both buyer and supplier, the virtual card opportunity may now be expanding on a global scale, according to Dean M. Leavitt, founder and CEO of Boost. Speaking with PYMNTS, Leavitt said the rapid digitization of B2B payments has driven increased card volumes and opened up unexpected trends in the market, including growing interest among buyers and sellers to facilitate B2B transactions via card across borders. “We’re now engaged in conversations with a lot of corporations and their issuers about ramping up card-based, cross-border payments,” he said, noting the “nosedive” that global commercial payments experienced earlier during the pandemic.

Visa Business Cards Integrate Finagraph Services

Cash flow management company Finagraph is integrating its functionality into Visa Business card products, allowing small- to medium-sized businesses (SMBs) to gain greater visibility into their finances. Finagraph’s CashFlowTool integrates into QuickBooks and provides data visualization of cash flow positions and forecasts. Finagraph Chief Marketing Officer Dave Fester said, “By offering this as a cardholder benefit, small businesses will have a simple automated tool to help them understand their cash flow situation.”

Revolut Targets U.S. Banking License

Revolut is expanding its operations in the U.S. and pursuing a digital banking license, with business services first on the docket. The company, based in the U.K., revealed that its Revolut Business service will now operate in all 50 states. Corporate cards are a key component of the company’s value proposition as it aims to create a “super app” of holistic financial service offerings. In addition to offering account services, its payment tools include the ability for corporate users to issue physical and virtual corporate cards for employee spend and accounts payable (AP) transactions.

Moneris, BMO Collaborate On Canadian Commercial Card Adoption

Canada’s Bank of Montreal (BMO) is partnering with B2B payments company Moneris to lower the barriers to commercial card adoption. Through the collaboration, Moneris will facilitate commercial card payment processing for corporate clients of the bank with its Moneris B2B Pay straight-through processing solution. Corporates can use virtual commercial card products, including BMO’s Approve2Pay offering, to digitize supplier payments, while vendors can see their funds automatically deposited into their account and lower acceptance hurdles. BMO North American Corporate Cards Vice President Steve Pedersen pointed to the pandemic as a key factor driving B2B payments digitization and the need for corporate clients to have support in their payments modernization efforts.

Billtrust Cites Commercial Card Adoption In First Earnings Report

Accounts receivable (AR) automation technology firm Billtrust issued its first earnings report as a public entity this week, surpassing its own expectations for fourth quarter and full year 2020 performance. A variety of factors fueled the company’s growth, including macroeconomic trends like the pandemic and its impact on corporate payments digitization, as well as industry collaboration with FinTechs like AP solution provider AvidXchange. Also supporting the company’s performance is its expanded partnership with Visa, which allows Billtrust to support commercial card adoption among suppliers while capitalizing on accelerating use of the payment tool. Cards made up the vast majority of transaction volume on Billtrust’s Business Payments Network (BPN).