Today in B2B payments, Oracle works with J.P. Morgan and FedEx to automate B2B commerce, Paysafe and HotelKey partner to streamline hotels’ transactions, and Visa and Thunes team up on cross-border payments. Plus, MaxAB raises $40 million, while Moneff acquires StormPay.
Oracle B2B Commerce to Provide Integrations With JPMorgan, FedEx
Cloud applications and infrastructure provider Oracle has announced that J.P. Morgan and FedEx are among the first service providers that will participate in the new Oracle B2B Commerce offering. Oracle Executive Vice President of Applications Development Rondy Ng said: “… our customers will be able to automate purchasing, selling, financing, shipping, billing and payments to reduce the cost of doing business.”
Paysafe, HotelKey Partner to Streamline Hotels’ Retail, B2B Payments
Specialized payments platform Paysafe and cloud-based software solution provider HotelKey have partnered to enable frictionless payments for United States hotels across both their retail touchpoints and their back-of-house operations. This collaboration will streamline in-person, card-present and card-not-present transactions across all of a hotel’s retail sales channels, while also supporting hotels’ payments for purchases for their operational needs.
Visa, Thunes Partner to Allow X-Border Payments to 78 Digital Wallets
Visa and B2B payments company Thune have partnered to enable individuals and small- to medium-sized businesses (SMBs) using Visa Direct to move money internationally to 78 digital wallet providers. With this cross-border, send-to-wallet capability, those users will be able to move money to 1.5 billion digital wallets in 44 countries and territories.
B2B Marketplace MaxAB Raises $40M for MENAP Expansion
Cairo-based B2B eCommerce and distribution business MaxAB has closed a $40 million pre-Series B funding round to fuel its expansion across the Middle East, North Africa and Pakistan (MENAP) region. MaxAB CEO and Co-Founder Belal El-Megharbel said the company’s next steps include “further consolidation of the informal grocery sector, heavy focus and investments in FinTech and replicating our success in new markets to grow beyond borders.”
B2B Payment Firm Moneff Buys Financial Lifestyle App StormPay
B2B payment service provider Moneff has acquired millennial- and Generation Z-focused financial lifestyle app StormPay. With the acquisition, Moneff will gain greater access to the consumer market, while StormPay will be able to further develop its capabilities and customer experience.
Helping CFOs Design a B2B Commerce Ecosystem Through Digitization
As their role evolves, chief financial officers (CFOs) can make an impact by embracing digital transformation. In the PYMNTS eBook “What’s Your Plan? Payments Strategies for a Strong 2022 Finish,” Corcentric President and Chief Operating Officer Matt Clark said: “Through a combination of technology, payment capabilities and services across the entire procurement, accounts payable, accounts receivable and treasury lifecycle, they can optimize inter- and intra-company processes for how they purchase, pay and get paid across the source-to-settle continuum.”
PYMNTS Intelligence: Connected Fleets Are Becoming the New Normal
On today’s connected vehicles, technology assists with everything from predictive maintenance to driver coaching and even to detecting when drivers need to take a break. It is estimated that by 2025, 48% of all corporate fleets will be connected.
VC’s Next Great Opportunity Lies in ‘Great Unbundling’ of B2B Payments
“FinTech, as an investment category, has been incredibly exciting because of the size of the industry — and the size of the opportunity,” Alex Niehenke, partner at Scale Venture Partners, told PYMNTS’ Karen Webster in an interview. The next great opportunity within payments lies in a modernization of B2B transactions, on a vertical by vertical, specialized basis, Niehenke said.
Johnson & Johnson Overhauls Pharma’s B2B ‘Ecosystem’ with Embedded Payments
Embedded finance has the potential to have a “big impact on solving” supply chain issues. Johnson & Johnson Head of Digital Transformation and Supply Chain Sarfraz Nawaz told PYMNTS’ Karen Webster that embedded payments and finance are now key weapons in navigating and solving today’s inflation and inventory conundrum.
Insurance Industry Takes Lead in Embedded Finance Adoption
Insurance companies are leading the pack in terms of implementing new embedded finance solutions that can benefit themselves, their industry and their customers. Thirty-six percent of financial institutions (FIs) said insurance companies are the types of customers most likely to adopt embedded finance solutions, according to the October edition of the “Embedded Finance Tracker,” a PYMNTS and Galileo collaboration.
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