PYMNTS

SEPTEMBER 26, 2019

Push, or credit, transactions see payers instructing their banks to send money from their accounts to recipients’ accounts, whereas pull, or debit, transactions have recipients’ banks extract money from payers’ accounts. Payers provide PINs or signatures, which grant recipients permission to extract funds.

Payer

PYMNTS

APRIL 7, 2019

The enhancements improve the payment-to-settlement time, increase security and reduce costs for both payers and receivers by further automating and streamlining reconciliation of the growing number of international payments coming from different countries in different currencies,” the company said.

Cross-Border

PYMNTS

MARCH 18, 2020

As Biegel explained, a lack of data standardization across payment tools remains a challenge to the reconciliation and cash application process, even when that data is electronic. The lockbox offers an important step toward digitizing data in check transactions, which is key to reconciliation and cash application processes.

Lockbox

PYMNTS

AUGUST 11, 2020

Indeed, solving some of the biggest AP challenges increasingly requires aa strategic focus not just on the payer, but on the supplier accepting that transaction. Moving the needle in the journey away from paper checks isn’t a one-sided battle, either.

B2B

PYMNTS

JANUARY 10, 2019

Even when technologies come close to addressing multiple challenges that exist today when sending, receiving and reconciling B2B payments, those benefits typically come with a cost — whether it be the interchange fees of cards or the burden of replacing legacy infrastructure. . ”

Reconciliation

PYMNTS

OCTOBER 17, 2017

In B2B payments, it’s not just the movement of money that’s a pain point for companies — it’s the tracking of that payment and the ability to reconcile those transactions that can be a major headache for both payers and payees. In an announcement on Tuesday (Oct. Partnerships & New Initiatives, Visa Business Solutions.

Automation

PYMNTS

NOVEMBER 23, 2020

Initiatives that emerged well before the coronavirus crisis, such as open banking, have proven to be instrumental in addressing small firms' more pressing cash flow concerns. Of course, the small business receiving that transaction often prefers direct bank transfers like ACH thanks to its affordability.

Finance

PYMNTS

APRIL 6, 2018

Reconciliation offers up a challenge, then, and the costs are high, as the industry spends $2.1 Those inaccuracies, for example, might include incorrect phone numbers or physical addresses, or even erroneously indicating that a provider is accepting new patients. billion across the continuum of care maintaining that data.

Blockchain

PYMNTS

AUGUST 8, 2019

Commercial and virtual cards, meanwhile, support faster payments to vendors while enabling payers to retain their capital for longer, too, as well as the opportunity for rebates and rewards. For many businesses, which payment tool is best depends on many factors, from what their vendors prefer to payers’ own cash positions.

Accounts

PYMNTS

NOVEMBER 19, 2019

Commercial payments company WEX has announced a partnership with order-to-cash solution provider Billtrust in an effort to address accounts payable (AP) friction for its clients. “We’re pleased to partner with Billtrust to solve for the ‘last mile’ of automated settlement and reconciliation.

B2B

PYMNTS

APRIL 2, 2019

BD provides payers with information like amounts, due dates and posting dates, but not about payers’ linked bank accounts. RTP has shaped opportunities for bill payers to get funds to recipients faster than ever, and helps electronic billing providers better process received transactions.

Real Time Payments

PYMNTS

JUNE 12, 2019

For CGI, that emerged in the form of a partnership with Ordo to develop a new payment service, connecting billers and payers in a secure, streamlined fashion. In addition, promoting the digitization of corporate payments could help “that dialogue between the biller and the payer,” he said. “We talk in the U.K.

Overlay Service

PYMNTS

OCTOBER 2, 2019

As payments giants like Visa and Mastercard shift the innovation spotlight onto B2B transactions, developers of new accounts payable solutions are ushering in a growing trend: designing payment tools not just for the payer, but for the B2B supplier as well. Discover Targets Reconciliation Data. Vroozi Pay Eyes Vendor Relations.

Commercial Card

PYMNTS

NOVEMBER 20, 2018

Innovators large and small are addressing some of the many friction points of paying suppliers with a commercial card, from a lack of vendor acceptance to inefficient reconciliation to cybersecurity risks. Citi , for example, deploys both email and SMS or voice alerts to commercial card payers to confirm the legitimacy of a purchase.

Commercial Card

PYMNTS

JULY 22, 2019

percent of survey respondents reporting that they are “very” or “extremely” satisfied with paper checks, it seems like B2B payers really don’t find them to be all that bad. Yes, checks were nearly bottom-of-the-barrel in terms of satisfaction levels, but with 63.5

B2B

The Fintech Times

FEBRUARY 28, 2024

Tackling fraud in a single market Under the new rules, instant payment providers will need to verify that the beneficiary’s IBAN and name match in order to alert the payer to possible mistakes or fraud before a transaction is made. This requirement will apply to regular transfers too.

Instant Payments

PYMNTS

DECEMBER 11, 2019

For years, any attention given to solving B2B payments friction was typically focused on the payer. Furthermore, the challenges faced by suppliers when collecting payments can mean additional friction for their payers. Addressing cross-border receivables friction is about more than just ensuring that a supplier gets paid.

Cross-Border

PYMNTS

NOVEMBER 15, 2019

Though credit cards were not originally designed to address the needs of corporate payers, advances in commercial card technology have positioned the payment tool as one that’s gaining traction in the accounts payable department. First, Mesh works with a company’s existing payment acceptance platform.

B2B

PYMNTS

FEBRUARY 28, 2019

Use of checks, cash and paper-based reconciliation was rampant. Digital offerings, such as Stack Sports ’ new in-development solution, aim to reduce the likelihood of human errors and remove other pain points stemming from slow, paper-based payments and reconciliation processes. Reconciliation and Automation.

Reconciliation

The Payments Association

MAY 16, 2025

Common fraud vectors such as refund abuse, loyalty scheme exploitation, and synthetic ID fraud must now be addressed through formalised prevention frameworks and board-level oversight. The final report, due late 2025, may recommend increased transparency, new disclosure rules, or competition-based reforms to address merchant cost pressures.

Regulations

PYMNTS

DECEMBER 8, 2017

Talk is growing of the potential for virtual card technology to address several key points of friction in business payments, especially in corporate travel. Even for business payers themselves, though, virtual card adoption has perhaps been slower than some industry players would like. In a separate interview , Dean M.

Payer

PYMNTS

MAY 1, 2020

In many ways, the rise of crypto and digital currencies like Bitcoin aims to address some of these issues, empowering payers and payees with a way of bypassing the “middleman” of the inter-banking system for faster transaction speeds.

Digital Currency

PYMNTS

DECEMBER 5, 2019

That expense management pain then extends beyond the employee payer, too, he noted, particularly when it comes to workers’ maverick spend and managers’ inability to ensure purchases are made with verified suppliers for valid, approved purchases. Where Banks Fit In Problem-Solving.

Business Payments

PYMNTS

NOVEMBER 20, 2019

Real-time payments can address these pain points by granting claimants quicker access to funds and providing more precise data regarding insurance payments’ purposes. Real-time payments could address many healthcare payment ills by allowing providers to transfer funds immediately. Frictions are rampant in the U.S.

Real Time Payments

PYMNTS

NOVEMBER 26, 2018

The perpetual hurdle in corporate credit cards, though, is vendor acceptance, which inadvertently became one of the key points of friction addressed by Plastiq. In addition to the diversity of payment categories, he added that transaction sizes for small business payers emerged with another unexpected trend in electronic payments.

Commercial Card

PYMNTS

JUNE 15, 2018

But the reconciliation, security, payment terms and buyer-supplier relationship do not mean one size fits all for B2B transactions initiated on an eCommerce platform. Electronic payment technologies may be more expensive to suppliers, but for more streamlined reconciliation, that extra cost is often worth the value.

B2C

Stax

MARCH 14, 2024

Choosing a B2B payment system crucial to addressing common challenges that B2B payment systems face as well as improving client experience. Most of these challenges can be addressed by choosing the right payment provider. Payments work by giving the payer a link to complete the transaction. Learn More What are B2B Payments?

B2B

EBizCharge

JULY 15, 2024

The primary difference hinges on whether the payer remits funds before or after receiving the benefit of a service or product. However, it also means that providers must manage a delay in receiving payments and be prepared to address potential overdue payments. This ensures both parties understand when the payment is due.

Disputes

PYMNTS

MARCH 29, 2018

With paper checks, of course, AP and accounts receivable (AR) professionals already have extra work in terms of manual data entry, reconciliation, fraud prevention and more. Card payments, meanwhile, are also subject to fraud as payers often email or phone in card details. Plus, you get good data and remittance information.”.

Checks

PYMNTS

OCTOBER 9, 2019

B2B payments friction isn’t only experienced on the payer side. Transplace is hoping to address that gap and is focusing on collaboration in that initiative — both with those third-party intermediaries and with banks. These hurdles can also stifle electronic payments adoption in the B2B arena. Failure to Act.

B2B

PYMNTS

OCTOBER 31, 2019

It’s great to get a check, or wire, or ACH, but if you don’t know what it’s to be applied to, you have a huge cash application and reconciliation challenge.”. “In a macro sense in accounts receivable, it’s this same challenge. Increasingly, companies are receiving payments not only via paper check, but in a variety of electronic methods.

Lockbox

Nanonets

SEPTEMBER 21, 2023

Here is a brief overview of the process: Initiation: The payment process begins with the creation of an electronic payment request by the payer. Transmission: The payment confirmation is transmitted back to the payer's system via EDI. The payer may also send an electronic message to confirm receipt of the payment confirmation.

Payment Solutions

PYMNTS

AUGUST 28, 2019

The process added friction not only to payment processes, said Cooley, but also in terms of reconciliation and the ability to access payment data. While financial institutions upgraded their technology to handle electronic batch payments, it was corporates’ systems that prevented quicker adoption.

ISO 20022

PYMNTS

OCTOBER 31, 2017

One of the biggest pro-check arguments in B2B payments today is that the payment rail lets corporate payers get a few extra days off to float cash. This is a problem for any business, and Cawthorne said the challenge of reconciliation and matching ePayments to eInvoices can be found across verticals.

Treasury Management

PYMNTS

DECEMBER 18, 2019

” Payer Pain Points. That’s particularly true as more corporates demand B2C payment capabilities, while still retaining the qualities of a B2B transaction — including the need for heightened traceability, and access to transaction data for reconciliation and analytics purposes.

B2C

PYMNTS

SEPTEMBER 12, 2018

These problems faced by SMBs are also shedding light on supplier payment practices and large corporates’ strategies of lengthening payment terms to their suppliers in an effort to address their own cash flow crunches. ” In other words: more affordable financing.

Finance

PYMNTS

JUNE 29, 2018

. “We want to offer our customers the widest solution, soup to nuts — that means creation of the remittance data, creation of the payment, reconciliation of the payment, treasury management services, the entire spectrum,” he noted, adding that virtual cards can address all of these needs for insurance firms. ”

Faster Payments