Today in B2B Payments: CFOs Invest in Efficiency, Scalable Infrastructure

Today in B2B payments, chief financial officers (CFOs) are turning to software vendors to solve pain points and are investing in scalable infrastructure to help build companies that are sustainable. Plus, Meta is offering interest-free installment plans to advertisers in India and B2B marketplace Wasoko is partnering with the Zanzibar government to open an innovation hub on the island.

CFOs Don’t Pinch Pennies When Tackling Invoicing Inefficiencies

OpenEnvoy CEO Matthew Tillman said he sees a familiar pattern among the finance leaders his company serves. They’re all inundated by invoices their finance teams must reconcile manually, and internal process stopgaps don’t seem to be working. “Usually by the time [a CFO] is looking at software vendors, they have a pretty serious pain point — at least one, if not many — that they’re trying to solve,” Tillman told PYMNTS’ Karen Webster in an interview.

Digital Disruptors Demand CFOs With Skills to Build Teams, Infrastructure

When Gaurav Wadha joined Vesttoo as chief financial officer (CFO) this year, the 4-year-old FinTech gave him clear marching orders: Put in place a scalable infrastructure and get the finance team ready to help achieve the company’s objectives. “The challenge is how do we build a company that is sustainable, built to last and essentially what that requires is infrastructure,” Wadha told PYMNTS.

Banks’ SMB Payments Problems Mean Big Opportunity for Blockchain Tech

There are areas in which traditional financial institutions (FIs) see their existing digital payments solutions falling short in terms of their ability to effectively address the frictions their B2B payments clients face. One of the key areas where they are lacking is catering to the needs of small- to medium-sized businesses (SMBs), according to “The New User Experience,” a PYMNTS and FIS collaboration.

Meta Lets Indian Advertisers Pay in Interest-Free Installments

Saying it wants to strengthen working capital support for SMBs in India, Meta has announced it will allow them to pay for advertising campaigns in three monthly installments without having to pay interest. “With these announcements, every advertiser on Meta in India, irrespective of their ad spends, has access to service and financial support, at the click of a button to unlock new growth opportunities,” said Ajit Mohan, vice president and managing director (Facebook India) at Meta.

B2B Marketplace Wasoko, Zanzibar Team to Build Innovation Hub

Aiming to make Zanzibar a home for tech companies from Africa and around the world, B2B eCommerce Marketplace Wasoko has partnered with the Zanzibar government to open an innovation hub on the island. “We strongly believe Wasoko will be the first in a long line of tech companies to establish a presence on the island,” Wasoko CEO and Founder Daniel Yu said.

Two-Thirds of Businesses Say New Tech Can Improve Cross-Border Payments

Sixty-four percent of SMBs expect their total spend with businesses outside of the country to increase in the next six months, according to an American Express survey. “The B2B Cross-Border Payments Tracker®,” a PYMNTS and American Express collaboration, explores some of the pain points these businesses are encountering and how adopting better cross-border payments solutions can benefit merchants in a variety of ways.

SMBs See All-in-One Payments Benefits They Can Measure

Measurable improvements to B2B transaction efficiency help explain why some SMBs have decided to integrate all-in-one solutions into their accounts payable (AP) and accounts receivable (AR) management systems. The “AP/AR Quick-Start Guide,” a PYMNTS and Plastiq collaboration, discovered that SMBs identified convenience and saving time as top reasons for implementing an all-in-one solution.

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