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07/03/2018
Removing the Friction from Cross-Border Payments Reconciliation

For businesses looking to expand their ventures in global markets, cross-border payment frictions can vary from delivering international payments on time in the correct amount to delivering them in the recipient’s preferred currency.

Could new B2B payment solutions, such as corporate and virtual payment cards, ease common pain points associated with cross-border commerce?

The new Global Payments Architecture Report highlights how companies in different sectors — including business services, manufacturing and travel — are investing in solutions to take the friction out of delivering payments between borders.

News From The Cross-Border Payment Space

A list of familiar cross-border payment challenges can impede the flow of business, such as the inability to make payments in an international partner’s local currency.

In an effort to help companies receive payments from their partners in their preferred currency, international payment solutions provider Flywire and cloud-based accounts receivable solutions firm Billtrust recently launched a new solution. The two companies will work together to offer Billtrust’s clients access to Flywire’s receivables network and process platform, providing them with access to a dashboard that can track B2B payments and settle payments in local currencies.

Meanwhile, B2B payment and credit solution provider MSTS is betting on Credit as a Service® (CaaS) solutions to improve global B2B payments. The company launched a new CaaS solution that aims to offer a uniform, global system that companies can offer to their B2B clients. The system includes an omnichannel platform designed to help users reduce accounts receivable risks, increase sales and improve customer experiences.

In the Asia-Pacific market, a solution was recently launched to provide a consistent payment experience for the travel industry. B2B travel marketplace solutions provider Sabre debuted a virtual payment service aimed at simplifying how business travelers in the region pay for work-related items during their trips. The solution allows travel agents and management companies to issue single-use virtual cards that allow business travelers to more easily pay for hotels, airlines and other expenses.

Read the full article by PYMNTS to see the full article or download the Global Payments Architecture Report. 

In the Press

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12/06/2019
Curing The $2.4T Manufacturing Sector’s Cash-Flow Crunch

The U.S. manufacturing sector, valued at approximately $2.4 trillion, accounts for an estimated 11 percent of the national gross domestic product (GDP). However, U.S. manufacturing has encountered significant damage recently over the ongoing trade war with China. In fact, the U.S.

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12/04/2019
Exec: Continually Adapting Keeps 40-Year-Old B2B Solutions Provider Growing

When Brandon Spear took over as president for MSTS four years ago, the company began to shift away from what it had been focused on for 40 years prior.

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12/04/2019
Cart Abandonment Issues? It Might Be Your Outdated Payment Processes

By Brandon Spear

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12/02/2019
Four Ways Women in Business Can Succeed Without Relying on Loans

By Martha Salinas

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10/31/2019
The Future Of Venture Capital Funding Is Female

By Martha Salinas

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10/30/2019
Leaning Into Venture Capital: How Women Can Secure Funding in a Male-dominated Space

By Martha Salinas

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10/21/2019
B2B Buyer Expectations Are Evolving — Can Your Payment Processes Keep Up?

By Brandon Spear

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10/12/2019
The Order to Cash Cycle Seeks Its Automated Reinvention

In B2B, suppliers and getting them paid is a friction-filled process.

The friction is especially acute in manufacturing. The relationships between manufacturers and their suppliers often cross borders, and payments can involve several different currencies.

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09/25/2019
B2B Buyers Abandoning Their Shopping Carts for Faster Checkouts
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09/12/2019
Neutralizing The Clash Of The B2B Buyer And Supplier Titans

The “clash of the titans” is a metaphor that is used to describe situations in which two powerful forces refuse to yield to the wishes or conditions of the other.