Supplier-Centric Approach Simplifies Connectivity for Suppliers,
Buyers and Financial Institutions
SAN FRANCISCO & LAWRENCEVILLE, N.J.--(BUSINESS WIRE)--
Visa (NYSE: V) and Billtrust today announced that they are collaborating
on Billtrust’s Business Payments Network (BPN), which is designed to
streamline the delivery of electronic B2B payments to suppliers. As a
unique supplier-driven B2B payments network, BPN provides a transparent
registry of suppliers who accept digital payments, giving buyers and
financial institutions the necessary access to automate what has
historically been a complex process. BPN makes it easier than ever to
harness the increased efficiencies, greater security and lower costs
associated with processing digital payments, without needing to make
significant changes to existing infrastructure.
“As businesses evolve, digital payments will play an increasingly
important role in B2B commerce,” said Kevin Phalen, global head, Visa
Business Solutions. “Collaborating with Billtrust on the Business
Payments Network will allow us to improve the experience for suppliers
on the receiving end of the payment, while enabling our financial
institution clients to streamline the B2B payments process for their
corporate customers and provide a better way for buyers and suppliers to
realize the benefits that digital payments provide.”
Recent estimates show that paper checks still represent roughly 51% of
U.S. B2B payment volumes1. The ubiquity of check acceptance
in the U.S. has been a key reason it has remained the leading form of
payment despite its many disadvantages. Buyers and suppliers have
already recognized the advantages of digitizing payments, including less
manual touch, improved fraud controls and enhanced reconciliation.
However, the current lack of connectivity between existing B2B payment
platforms remains the largest barrier to adoption. Suppliers simply
don’t have the systems and processes in place to accept the increasingly
complex forms of payment that buyers and their financial institutions
want to send.
BPN is designed to address current industry challenges by:
-
Providing a connected platform for suppliers, buyers, financial
institutions, and accounts payable and accounts receivable software
providers
-
Publishing an online directory that contains a full view of
participating suppliers and their payment acceptance preferences
-
Providing financial institutions and corporate buyers with ability to
deliver digital payments directly to the suppliers’ acceptance
platforms
-
Enabling complex financial and payment data to seamlessly come
together at scale while delivering streamlined reconciliation to
suppliers and buyers
“Today, suppliers have to balance their own payment preferences with the
preferences of their customers’ accounts payable departments – and those
two preferences don’t always sync up,” said Flint Lane, CEO of
Billtrust. “BPN is designed to close the loop on the electronic payment
cycle in a more transparent and secure way to more closely replicate the
way consumers today pay and get paid, quickly, simply and seamlessly.
Creating this type of customer experience in the B2B space is extremely
important to us and the industry.”
“With estimates showing the U.S. B2B payments market in the range of $24
trillion annually2, streamlining efficiencies by adopting
innovations such as virtual card payments and other digital payment
types can lead to billions of dollars saved,” said Roger Williams, SVP
of Commercial Card at Commerce Bank. “Our corporate customers are
looking for a solution that can intelligently handle their evolving B2B
payments needs and preferences, while reducing costs and risks
associated with paper-based processes. We are excited that Visa and
Billtrust are working together to address these industry wide
challenges.”
“There is a great deal of momentum now building around the
digitalization of corporate financial processes to improve cash cycle
control and performance, leading to reduced cost and risk, along with
gaining more strategic insight using captured transaction data as an
analytic base,” said Steve Murphy, research director, Mercator Advisory
Group. “This often starts with paper replacement through electronic
information exchange, ultimately leading to an environment where buyers
and suppliers can make, receive and settle payments in a streamlined and
transparent manner. It is often easier said than done. This
collaboration between Visa and Billtrust, using a digital platform and
business network approach, is great way for companies to accelerate
their financial process modernization via a supplier-centric approach.”
In 2017, Visa and Billtrust announced a strategic relationship intended
to support growth in B2B payments through the integration of Billtrust’s
Virtual Card Capture and Visa’s Straight Through Processing solution.
Billtrust’s BPN will further the multipronged strategy Visa and
Billtrust are pursuing to reduce friction and streamline payment
processes and reconciliation for financial institutions, corporate
buyers and B2B suppliers.
For further information about BPN, please visit paywithbpn.com
and stop by Visa’s booth 1517 and Billtrust’s booth 1602 at AFP
in Chicago, November 4-7, 2018.
1. Source: 2016 AFP Electronic Payments Survey.
2. Source: Visa Commercial Consumption Expenditure Index, 2015.
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our
mission is to connect the world through the most innovative, reliable
and secure payment network - enabling individuals, businesses and
economies to thrive. Our advanced global processing network, VisaNet,
provides secure and reliable payments around the world, and is capable
of handling more than 65,000 transaction messages a second. The
company’s relentless focus on innovation is a catalyst for the rapid
growth of connected commerce on any device, and a driving force behind
the dream of a cashless future for everyone, everywhere. As the world
moves from analog to digital, Visa is applying our brand, products,
people, network and scale to reshape the future of commerce. For more
information, visit AboutVisa,https://usa.visa.com/visa-everywhere/blog.htmland @VisaNews.
About Billtrust
Billtrust accelerates cash flow by automating credit decisioning and
monitoring, invoice delivery, payment capture, cash application, and
collections. Billtrust customers improve operational efficiency across
the credit-to-cash spectrum via a flexible and integrated cloud-based
solution set. Finance executives and A/R specialists love and recommend
Billtrust for the remarkable cost savings, ease-of-use, process
efficiency, and improved customer satisfaction rates. For more
information, visit, www.Billtrust.com.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20181105005152/en/
Visa Inc.
Aida Hadzibegovic, 415-805-4242
ahadzibe@visa.com
Source: Visa Inc.