Embedded Finance, Online Platforms Shape This Week’s B2B Innovations

There are many truisms about the B2B landscape, and they mostly center around better payments.

After all, the ongoing digital transformation reshaping the B2B marketplace is increasingly defined by businesses moving away from paper checks and manual processes toward electronic payment methods, while B2B payment systems that integrate seamlessly with existing accounting and ERP software are in high demand as working capital and cash flow visibility becomes more and more crucial.

At the same time, companies are leveraging payment data for insights into spending patterns and supplier relationships, while simultaneously looking to automate payment processes to reduce errors, save time and cut costs.

That’s why digitization, embedded lending and better payments sit at the heart of the B2B trends and themes that PYMNTS has been tracking this week.

Embedded Lending, Online Platforms Evolve B2B Processes

The transformative impact modern digital innovations can have on enhancing operational efficiency, cost management, and strategic decision-making for B2B businesses is difficult to overstate.

PYMNTS unpacked on Wednesday (July 10) how the shift to digital platforms and consumerization of B2B has had a tailwind for a few years. And as trade moves online, and as buyers and seller “meet” on platforms, payments, through embedded options, and especially embedded finance, are moving beyond discovery, bringing the “transacting” part of the equation fully online, where traditionally they’d been done offline, and even through paper checks.

And the marketplace is responding. Shoprite last Wednesday (July 3) announced it was launching an eCommerce service for its Cash and Carry stores to streamline wholesale purchases, and the following Wednesday (July 10), eBay teamed with embedded finance platform Liberis to offer sellers working capital. The new Business Cash Advance solution is designed to provide eligible eBay sellers in the United States up to $1 million in working capital in as little as 24 hours.

Elsewhere, Marriott International launched an online travel booking program designed for small to medium-sized businesses (SMBs). The new Business Access by Marriott Bonvoy combines a suite of online booking tools with benefits and rewards from Marriott Bonvoy’s portfolio of brands, the company said Tuesday (July 9).

And with the news, also on Tuesday, that the latest edition of the National Federation of Independent Business (NFIB) Small Business Optimism Index was, ultimately, not very optimistic, managing working capital more effectively and strategically is top of mind for businesses aiming to maintain stability and grow.

Responding to these challenges, new working capital products and financial services have emerged, offering innovative and flexible solutions designed to help insulate businesses from economic fluctuations such as inflation, interest rates and even currency volatility.

Digital B2B Innovations Can Transform Operations

Data from the most recent Uncertainty Project report by PYMNTS Intelligence, “Middle-Market CFOs Tag Competitive Positioning Among Top Drivers of Uncertainty,” has shed new light on the priorities and concerns that are top of mind for CFOs, particularly those in the middle market.

It reveals that, as the economic environment continues to evolve, competitive positioning is emerging as not just a concern but a significant driver of uncertainty for CFOs.

Embracing digital B2B innovations is emerging as a top way for firms to establish a competitive moat and drive best-in-class positioning relative to the marketplace. That’s why PYMNTS unpacked how, with the iceberg of institutional inertia holding back digital B2B payments progress beginning to thaw, recent news like Japan’s transition away from floppy disks already has firms eyeing the opportunities that embracing digital transformation can offer.

Across the marketplace, Esker has expanded its Source-to-Pay (S2P) platform to include new features focused on helping businesses comply with environmental, social and governance (ESG) regulations worldwide. These features are designed to help chief financial officers (CFOs) manage continually evolving regulatory frameworks, mitigate risk and enhance visibility, reporting and collaboration, the company said Tuesday (July 9).

Elsewhere, Symbeo’s accounts payable (AP) automation and artificial intelligence (AI)-enabled optical character recognition (OCR) solution, RapidInvoice, is now available on the Amazon Business App Center. The partnership will extend the reach of this solution, making it readily available to mid-market companies and SMBs that use Amazon’s B2B marketplace, Symbeo, a CorVel company, said Tuesday.

And with news Monday (July 8) that business identity platform Niva brought to market its business verification solution, firms know that no matter the shifting nature of today’s contemporary B2B transaction cycles, one thing remains immutable: Buyers need to know who they are buying from, and suppliers need to know who they are selling to.

With that in mind, PYMNTS dug into why, within the complex and high-stakes world of B2B transactions, discerning buyers understand that thorough knowledge of suppliers is not just advantageous but essential.

Making Cross-Border Payments Better for Businesses

It isn’t just domestic payment schemes that are getting a boost from digitization, but cross-border methods as well.

Africa-focused payments technology firm enza has partnered with money movement company TerraPay, per a Wednesday (July 10) announcement. The partnership also aims to simplify cross-border payments for African businesses by leveraging TerraPay’s access to more than 7.5 billion bank accounts, upwards of 2 billion wallets and over 6 million cards worldwide.

And rounding out recent B2B news, the Bahamas-based private and corporate bank Deltec Bank has joined Visa’s B2B cross-border payment network, Visa B2B Connect. This partnership will enable faster cross-border payments for Deltec Bank’s corporate and institutional clients, built upon Visa’s global network, the companies said June 28.

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