B2B payments are no longer just back-office concerns — they’re front and center for businesses looking to streamline operations and delight customers.
But going it alone just isn’t an option. For B2B month, PYMNTS sat down with Ernest Rolfson, CEO of Finexio, Marne Martin, CEO of Emburse, and Loralee Bodo, SVP of commercial solutions at Mastercard, to dissect how strategic partnerships can better help businesses tackle industry challenges.
“There’s pain in this process of being paid and paying,” stressed Mastercard’s Bodo, noting the prevalence of long-standing fragmented processes, multiple systems and outdated workflows.
“The industry is calling for solutions that simplify payments for both buyers and suppliers,” she added, pointing to the generational shift in expectations toward consumer-grade digital experiences, and emphasizing that strategic partnerships are becoming the not-so-secret weapon to optimize transactions and exceed customer expectations.
“It’s fascinating that most businesses still have this loyalty to legacy systems. There are still way too many check payments in B2B, particularly in the U.S.,” Emburse’s Martin said.
This adherence to outdated processes causes delays, data inaccuracies, and increased fraud risks, especially in cross-border transactions. But change is on the way — and the smartest B2B players need to keep up, as frictionless, fast and flexible payment options become table stakes for success.
Optimizing payment processes can improve a company’s financial health and achieve organizational goals, and Finexio’s Rolfson argued that optimizing payments isn’t just about cutting costs — it’s about unlocking broader benefits like improved cash flow management and better supplier relationships.
Payment automation, he said, can free back-office staff from mundane tasks, allowing them to focus on more strategic initiatives. “Time is money,” Rolfson said, stressing how visibility into financial operations leads to faster decision-making and risk mitigation.
“There is no silver bullet,” he added. “It takes a combination of software workflows, AI and innovative delivery methods to succeed.”
Automation also plays a crucial role in eliminating manual processes, especially in travel and expense management, where embedded payment solutions can save companies “dozens of hours per month.” The consensus among the executives PYMNTS sat down with was clear: Efficiency in payments leads to a faster pace of business and a reduction in risks.
As stressed during the discussion, the shift toward integrated payment solutions is essential for businesses to remain competitive — meaning that the importance of payments as a strategic priority is not something businesses can afford to overlook.
Bodo stressed that payment processes should no longer be viewed as mere back-office functions but as revenue-generating activities that drive business growth. “Payments are a part of the corporate DNA,” she said, urging companies to embrace the evolution of payments to stay competitive.
Rolfson echoed this sentiment, saying that software providers are now better positioned than traditional banks to deliver integrated financial solutions. “This is a shift that boards and CFOs can no longer ignore,” he said, emphasizing the need for companies to partner with industry leaders.
“It’s all about the money — how you manage it, how you pay it, and how you grow with it,” Martin said. Payments are not just about transactions, she said, but about unlocking value across the entire business.
The question businesses must answer is not whether to change, but how quickly they can adapt to the future of payments.
From embedded finance to co-branded FinTech offerings, the smartest players are teaming up to deliver frictionless, fast and flexible payment options that can reduce costs, improve workflows and open revenue opportunities for businesses.
Artificial intelligence (AI) plays a role in the solutions offered by Finexio, Emburse and Mastercard. From real-time transaction monitoring to predictive analytics, AI enables companies to anticipate risks and optimize payment processes. Rolfson said Finexio uses AI to track supplier behavior and manage anti-money laundering (AML) compliance, while Martin said Emburse relies on AI-driven insights to deliver enriched data for business decision-making.
And the importance of accurate data was underscored by all participants. “Data is the new oil,” Martin declared, adding that digitalizing and securing data is key to driving efficiencies and improving the supplier experience. When suppliers know they will be paid accurately and on time, they are more likely to maintain strong relationships with buyers.
Security was also a central theme, with fraud being identified as one of the biggest challenges — particularly in accounts payable, where phishing and social engineering attacks are prevalent.
“By shifting to digital, we eliminate most of the risks associated with paper-based processes,” Rolfson said.
Bodo highlighted Mastercard’s commitment to fraud prevention through AI and machine learning. “Mastercard harnesses AI to protect over 143 billion transactions annually, across the ecosystem,” she said. However, she added that AI must be deployed responsibly, with transparency and ethical standards guiding its application. The future of payments security, according to the panel, lies in a multilayered approach combining AI, tokenization and continuous validation of transaction data.
Once these boxes have been checked — speed, accuracy and security — it’s possible for digital payment processes to evolve from cost centers into revenue generators for businesses.
Bodo said the potential of virtual cards and rebate incentives to optimize working capital, and integrated payables and embedded finance can benefit new industries — such as construction — by offering efficient digital payments.
Martin said many companies lose money through inefficient payment practices, despite efforts to optimize procurement. “It’s not just about digitalizing payments but about rethinking the entire procure-to-pay process,” she said. Factoring invoices and early payment discounts, she added, can offset payment processor fees, creating net savings for businesses.
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