For businesses looking to expand their ventures in global markets, cross-border payment frictions can vary from delivering international payments on time in the correct amount to delivering them in the recipient’s preferred currency.
Could new B2B payment solutions, such as corporate and virtual payment cards, ease common pain points associated with cross-border commerce?
The new Global Payments Architecture Report highlights how companies in different sectors — including business services, manufacturing and travel — are investing in solutions to take the friction out of delivering payments between borders.
A list of familiar cross-border payment challenges can impede the flow of business, such as the inability to make payments in an international partner’s local currency.
In an effort to help companies receive payments from their partners in their preferred currency, international payment solutions provider Flywire and cloud-based accounts receivable solutions firm Billtrust recently launched a new solution. The two companies will work together to offer Billtrust’s clients access to Flywire’s receivables network and process platform, providing them with access to a dashboard that can track B2B payments and settle payments in local currencies.
Meanwhile, B2B payment and credit solution provider MSTS is betting on credit-as-a-service (CaaS) solutions to improve global B2B payments. The company launched a new CaaS solution that aims to offer a uniform, global system that companies can offer to their B2B clients. The system includes an omnichannel platform designed to help users reduce accounts receivable risks, increase sales and improve customer experiences.
In the Asia-Pacific market, a solution was recently launched to provide a consistent payment experience for the travel industry. B2B travel marketplace solutions provider Sabre debuted a virtual payment service aimed at simplifying how business travelers in the region pay for work-related items during their trips. The solution allows travel agents and management companies to issue single-use virtual cards that allow business travelers to more easily pay for hotels, airlines and other expenses.
As more money flows between borders, new solutions are emerging to address a wide range of international payment challenges. And demand for these solutions is surging. By some accounts, the B2B payments market is currently on track to reach more than $23 trillion in value by 2020. This month’s Report includes a Deep Dive, exploring the forces driving the growing need for corporate B2B payments in different verticals and how the demands of a global economy are inviting a wave of payment changes.
Demand for consistent cross-border payment tools is only likely to grow as more businesses dispatch employees overseas to pursue new business opportunities. Corporate and virtual cards could help these employees both spend money more easily while overseas and track spending and expense reconciliation upon return. In this month’s Global Payments Architecture Report, Rebecca Kilby, CEO of corporate travel solutions provider AirPlus International Inc., speaks with PYMNTS about how global corporate card solutions can help take the turbulence out of the cross-border payment experience.
The Global Payments Architecture Report, powered by Flywire, examines how various players are enabling cross-border payments delivery, and how these developments are transforming the education, healthcare, import/export and other B2B industries.