Businesses of all sizes find themselves at the intersection of innovation and tradition.
And they choose to embrace innovation rather than stand still and fall behind. In an era of rapid technological advancement and ever-changing regulations, businesses of all sizes must adapt to stay competitive.
PYMNTS tracks the latest advances shaping business-to-business (B2B) transactions, from the importance of small and medium-sized businesses (SMEs) and the emergence of artificial intelligence (AI), to the power of FinTech partnerships.
SMEs and the growth spurt
Small businesses have long been the backbone of the global economy. Recent developments highlight the importance of this segment, with large financial institutions and technology companies focusing more on SMEs.
For example, Citi Group would seek to increase its income by add smaller clientsaiming to double its commercial banking activity. Known for serving only the largest clients, the bank has expanded its scope to include SMEs with annual revenues between $10 million and $3 billion, the news broke on Wednesday (August 28).
Also on Wednesday, the company buy now, pay later (BNPL) Dry and integrated finance platform Liberis teams up to help America’s small businesses be financed. The partnership is centered around Seductive capitaldesigned to help SMEs in the United States and potentially Canada obtain financing without sacrificing their equity.
And when it comes to reinventing SME payments and making them an engine of growth, Lorenzo Soriano by Teresasenior vice president of merchant services at American Express (Amex) only has one piece of advice.
“Automate, automate, automate,” he told PYMNTS in a recent conversation focused on results from the last “B2B and Digital Payments Tracker® Series”, which was produced by PYMNTS Intelligence in collaboration with American Express. “The right automation solutionor the right partner, can help businesses overcome their current payment challenges and see tangible benefits.
Elsewhere, the Consumer Financial Protection Bureau (CFPB) requiring lenders to collect demographic information on small business borrowers has cleared another legal hurdle after a federal judge rejected an industry-backed challenge that claimed the rule’s data collection method was imperfect. reported Monday (August 26).
The growing role of AI
AI is far from the futuristic concept it once was. Technology is now a reality that is reshaping industries at every level.
Nvidia Tuesday (August 27) introduced Pre-trained, customizable AI workflows that will provide a “quick start” for enterprise developers building AI applications using one or more AI agents. “The enterprise AI wave is here” Jensen Huangfounder and CEO of Nvidia, said in the release.
Wednesday, Ramsey MasriCEO of Ceres AIspoke with Karen Webster, CEO of PYMNTS, about how the use of AI in agriculture has flowery in a global movement, revolutionizing the way crops are grown, financed and insured.
And British unions want the country’s banks to be ready to keep displaced workers by AI. In the United Kingdom Trade Union Congress Next month, labor organizations will call on lenders, insurance companies and accounting firms to prepare to help millions of workers whose jobs could be affected by AI.
Elsewhere, expense management company Cut said Monday it added more than 100 AI-powered innovations to its platform.
Digital transformation of B2B payments
THE PYMNTS Information report “Get paid: digital payments to improve cash flow and customer experience” examined how digital payments are reshaping accounts receivable (AR), offering insights into reducing days of sales remaining (DSO) and building stronger business relationships.
According to the report, 75% of organizations still use paper checks, despite their high costs and inefficiency. Manual check processing results in slower transactions, increased risk of errors, and longer DSO, which harms a business’s cash flow and financial stability.
And in this same veinKaren Webster sat down with Tom FurrCEO of PatientPayAnd Ryan ZemminCEO of ClearGageto discuss Tuesday (August 27) merger of their two companies and how the future of healthcare payment starts with eliminating cut off paper-based billing process.
Yet ditching paper and going digital isn’t as simple as flipping a switch. PYMNTES unpacked Wednesday why effective change management is a crucial part of B2B automation.
With the news Tuesday this Jump has launched a new feature for its Accounts Payable (AP) platform to help Canadian businesses automate supplier payments. Adopting new payment technologies to stay competitive is a priority for B2B buyers and suppliers.
FinTech Partnerships
FinTech partnerships can help financial institutions thrive, Boost payment solutions Founder and CEO Dean M. Leavitt wrote in a new PYMNTS e-book: “Beyond the Horizon: How to Identify Unexpected Threats That Could Impact Your Business.”
And the market is already taking this fact into account. Visa launched a partnership for cross-border commercial payments with FinTech based in London Revolution. The collaboration, announced on Tuesday August 27, enables instant card transfers for Revolut business customers via the Visa Direct system.
Also Tuesday, Galileo Financial Technologies announced that it now allows its FinTech clients to connect their professional customers to MasterCardIt is expense report and analysis suite, Mastercard Smart Data.
And expense management Technology Is Becoming Table Stakes Across Every Sector, According to PYMNTS Intelligence ReportBetter working capital thanks to B2B expense management.”
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