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New payment rails are again in the spotlight, with commercialcard and contactless payments emerging as the top focuses for innovators. Boost Payment Solutions is teaming with Visa for commercial payments acceptance, while EE is joining forces with Square to help U.K. Nacha Adopts Eight ACH Payment Updates.
In this week's look at payment rails innovation, Visa embraces blockchain and digital currency to facilitate corporate and small business payments, while CardUp supports commercialcard payments by mixing payment rails for easier supplier acceptance. Visa To Use Card Rails For Digital Currency B2B Payments.
According to Moran, one way to approach the conflict is by choosing a strategic payment rail: ACH. ” It’s why Moran considers ACH the best payment rail in B2B payments. But ACH is already a top rail for B2B payments: NACHA released figures earlier this year that found $41.6
The latest data from Nacha found a new record-high growth rate for adoption of ACH payments , with B2B payments showcasing a surge in adoption of the legacy payment rail that has recently turned to technologies that can augment the service, from the movement of transaction data with an ACH payment to the deployment of Same Day ACH.
NACHA released new statistics late last week on growth of ACH transaction volume in the U.S. According to the firm, B2B transactions were a key driver of ACH transaction growth in the third quarter of the year, leading NACHA Chief Operating Officer Jane Larimer to describe the ACH Network as “thriving.”.
ACH has often been assumed to be the payment rail poised to take over paper checks as the dominant rail in B2B payments. Indeed, research released from NACHA last year found that suppliers are expecting this, too. “But it’s about how to get the right payment — and sometimes, we know vendors will never take card.”
Using FIS-run PayNetExchange to process ACH, checks and virtual cards and using Comdata to issue Mastercard commercialcards, Corcentric pulls in payment capabilities across a range of rails to support the last mile of the B2B transaction. The data makes that glaringly clear. Speed, for instance, is a strategic factor.
Analysts and industry players generally have their bets set on ACH to help guide accounts payable toward electronic payments, and indeed, research suspects ACH payments will finally surpass paper checks in corporate payments (the Federal Reserve’s latest data found it already has).
Commercialcards make up just a fraction of the supplier payments space, but the rise in virtual card technology – and the efficiency and security that come along with it – could help card issuers grab a larger slice of the B2B payments market. Virtual cards are the true proxy for payment,” he said.
Accounts payable company MineralTree just gave a big show of support for commercialcards when it announced this week it is partnering with American Express (Amex) to offer companies an integrated platform to support supplier payments via virtual commercialcard. But the hurdle of card adoption persists.
From shifting use of various payment rails like ACH and cards, to deployment of FinTech technologies, to changing supplier payment habits, the report offers a glimpse at the current state of B2B payments – and where the industry may be headed. “As But how businesses reshape their payment practices varies. Payments Rails.
In an often-cited report released by NACHA last month, accounts receivables executives said they are gearing up for ACH payments to over take paper checks when it comes to how their business customers pay. Plus, the VP added, ACH payments don’t always come with remittance data. “A
In 2014, NACHA revealed that it initiated collaborations with health care companies to help the industry adopt ACH payments. Reports pointed to buyer-initiated payment (BIP) programs as an increasingly popular way hospitals are looking to digitize their AP processes and support electronic bank transfers. Former U.S.
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