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Panel: The Future of B2B Commerce Is Balancing Innovation With Risk Management
- FinTechs and financial institutions are forming alliances to address legacy opportunities and challenges in B2B while driving change for the road ahead.
- Tribh Grewal and Jonathan Vaux discussed how they're putting together traditional and modern financial solutions to elevate competition.
- The deployment of virtual cards helps to address the inefficiencies associated with cross-border payments — cost, transparency and tracking.
- Collaborations with FinTechs enable Discover to offer versatile ecosystem supporting digital payments and cross-border capabilities for SMBs, corporates and travel providers.
- Experts stressed the importance of the evolving ecosystem in B2B payments that's enabling more collaborative models between FinTechs and banks.
- FinTechs helps to cater to specific customer segments and offer tailored lending services, providing SMBs access to working capital faster than traditional banks.
- One of the key challenges in taking a combined approach to driving B2B payments forward is balancing the speed of innovation with robust risk management and compliance.
- Hackers are constantly searching for the weakest link, requiring a collaborative approach to risk mitigation by integrating best-in-class solutions.
- Partnerships between FinTechs and traditional institutions will be pivotal in the future evolution of B2B payments.
- There is an increasing need for tailored, niche services to offer customized differentiated services to new customer segments.
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