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Data for today’s episode is provided by Mercator Advisory Group’s report – B2B Payments: More Options Than Ever Before
- “Likely near 1,000” not including banks, Mercator reports. Roughly speaking, they can be divided into: Accounts Payable, Enterprise Software, Cards, & Cross Border
- Payables Automation: In general, the newer providers are ISV’s and target the SMB audience, while incumbents offer enterprise solutions for mid-to-large market companies
- Enterprise Software: Complex and broad category – emerging trends include: cloud delivery, faster payments connectivity, merchant services, & mobile delivery
- Cards: The card networks have made B2B a priority, also notable expansion by fleet card providers, & fintechs jumping into the supply side
- Cross Border Payments: Notoriously slow and opaque – receiving new life through improved tech: SWIFT gpi service, blockchain networks, & sovereign faster payments
- Bank Innovations: Banks still dominate the B2B space, but greater fintech development & partnership exist than ever before
About the report
Fintechs’ digital solutions are changing the business-to-business payments space. As new technology emerges and modern upgrades to legacy systems provide better user experiences, businesses have an expanding array of choices for more effective and efficient business-to-business (B2B) payments. The influence of financial technology companies (fintechs) on the B2B space is growing and filling in the payments gaps as usage of paper payments starts to fade away.
