Today in B2B payments, Yapily and Two team up to help small- to medium-sized businesses (SMBs) with their cash flow, while Verto offers multi-currency global accounts for B2B companies. Plus, FOO expands its B2B FinTech operation into Saudi Arabia.
Open Banking Firm Yapily, B2B FinTech Two Partner on BNPL for SMBs
London open banking application programming interface (API) startup Yapily is working with B2B buy now, pay later (BNPL) FinTech Two to help SMBs ease their cash flow burdens. The partnership is designed to help SMBs get credit through BNPL and open banking. When a business buys goods online, they can choose to pay through Two at checkout and get the option to pay 14 to 90 days after purchase, accessing instant flexible credit.
Verto Unveils B2B Multi-Currency Global Accounts
B2B cross-border foreign exchange (FX) platform Verto has launched its multi-currency global account, allowing businesses to receive and send payments across 190 countries in up to 51 currencies. Global Account lets businesses take in money in up to 25 currencies, convert the funds and pay their partners, suppliers or employees. The company finalized a $10 million Series A funding round in September and has a presence across Europe, the United States and the United Kingdom.
B2B FinTech FOO Expands Into Saudi Arabia
B2B FinTech provider FOO is expanding its operations with the goal of improving digital transformation in Saudi Arabia. FOO works with banks and retailers to build digital products to boost business models and customer experience, including solutions for remittances, digital wallets, tokenized transactions and BNPL.
Data Management Key to Streamlining B2B Payments
According to “The 2022 Digital Payments Guide for Corporate Payments,” a PYMNTS and LexisNexis Risk Solutions collaboration, one key to higher rates of straight-through processing (STP) is access to an enterprise resource planning (ERP)-connected treasury management system (TMS) that offers reliable vendor data that might range from payment instructions to near real-time user authentication that is easily updated in a vendor master data table.
Economic Uncertainty Boosts Demand for Automation
Faced with inflation, rising interest rates and general unease, consumers have been tightening their belts. So far, this year hasn’t been good for eCommerce investors, a fact that’s putting pressure on companies to find new ways to scrimp and save and enhance the bottom line. And perhaps nowhere is that being felt as keenly as in the chief financial officer’s (CFO’s) office, creating more demand for automation.
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