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.