Today in B2B: BizPay, Arcadier Launch BNPL Partnership; Bosch Acquires Five AI – PYMNTS.com
Today in B2B payments, BizPay and Arcadier form a B2B buy now, pay later (BNPL) partnership, while Bosch acquired autonomous driving firm Five AI. Plus, Surecomp debuts a duplicate financing fraud tool, Deserve launches a card platform for banks and B2B companies, Trade X enters auction alliance, and most chief financial officers (CFOs) say digitizing accounts receivable (AR) and accounts payable (AP) functions have cut costs.
BizPay, Arcadier Form B2B BNPL Partnership
Australian FinTech BizPay has formed a partnership with Arcadier, a global marketplace Software-as-a-Service (Saas) provider. The partnership lets Arcadier’s enterprise clients offer BizPay for all their B2B payments, so that clients can spread their invoice costs over installments. BizPay, meanwhile, gets to broaden its pool of businesses and further its goal of easing the cash flow burdens of small- to medium-sized businesses (SMBs).
Bosch Acquires UK Autonomous Driving Firm Five AI
Multinational tech firm Bosch has acquired British automated driving company Five AI. Five AI chose Bosch over other takeover bidders because the company shares “a common vision of automated driving and of safe automated driving systems.” The acquisition agreement was signed earlier this month, with the two firms agreeing not to reveal financial details.
Surecomp Debuts Duplicate Financing Fraud Prevention
Surecomp is launching a new offering that uses advanced cryptographic technology to allow financial institutions (FIs) to lessen the risk of duplicate financing fraud. The new product features an invoice comparison process that helps to identify whether there is any suspicious activity detected against a specific invoice and ensures that no confidential information leaves the bank.
Credit Startup Deserve Launches Card Platform
Credit card startup Deserve has debuted a platform that lets banks and B2B companies launch corporate credit and charge cards. Deserve said its platform is designed for companies of all sizes, letting them create cards for business customers and offer services such as instant issuance and digital wallet provisioning, which lets cardholders use their cards within minutes.
Auto Trading Platform Trade X Launches Auction Alliance Program
Canadian B2B automotive trading platform Trade X has entered its first strategic auction alliance with Wholesale Express, which holds daily auctions selling 8,500 pre-owned cars to registered dealers in Quebec, Ontario and eastern Canada per month. With Trade X’s Auction Alliance program, these sellers’ inventories will be broadcast to the world’s highest bidder. Trade X said its ecosystem offers buyers and sellers total transparency, paying sellers using their local currency while making sure buyers don’t need to worry about vehicle logistics and compliance requirements.
62% of Companies Say Digitizing AR, AP Helped Cut Costs
Chief financial officers (CFOs) of companies that have digitized payments systems report that the companies have enjoyed several benefits, according to “Business Payments Digitization,” a PYMNTS and Corcentric collaboration. Most survey respondents said digitizing their payments processes helped their companies become more efficient, improved their management of working capital, helped reduce costs and improved their data security.
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NEW PYMNTS DATA: THE FUTURE OF BUSINESS PAYABLES INNOVATION STUDY– APRIL 2022
About: While over half of SMBs believe that an all-in-one payment platform can save them time and improve visibility into cash flows, 56% believe that the solution could be difficult to integrate with existing AP and AR systems. The Future Of Business Payables Innovation Report, a PYMNTS and Plastiq collaboration, surveyed 500 SMBs with revenues between $500,000 and $100 million to explore how all-in-one solutions can exceed SMBs’ expectations and help future-proof their businesses.
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