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The AFP’s report was released the same week a range of new electronic B2B paymenttools were announced, the latest in a deluge of digital payment solutions emerging in recent years. 11), Mastercard announced a collaboration with blockchain company R3 to create a blockchain-based tool for cross-border B2B payments.
“The IRS is ready to deal with direct deposit if you have a regular bank account, and they are ready to deal with paper checks, [but] they are not used to dealing with [more] payment methods on a widespread scale,” said Linda Jun , senior policy counsel for the AFP. “I CFOs Guide To Digitizing B2B Payments.
Between omnichannel procurement, multi-rail paymenttools and cross-border trade, treasury management systems (TMS) seem like an obvious necessity for modern conglomerates. Nearly half of the companies surveyed by the Association for Financial Professionals (AFP) and Bloomberg aren’t using a treasury management system.
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. Add globalization and cross-border transactions into the mix, and the payments landscape quickly grows more complicated.
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