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This Week in B2B: A Year’s Worth of Payments Innovation
- The B2B payments landscape underwent significant transformation in 2024, driven by the continued evolution of digital technologies, regulatory shifts and changing market demands.
- Emerging technologies like open banking and real-time account-to-account payments present viable alternatives.
- Modern B2B payment solutions can reduce the reliance on manual processes, streamline workflows, and integrate with enterprise resource planning (ERP) and treasury management systems (TMS).
- A breakdown of the biggest innovations shaping the future of B2B payments in 2024 revealed that, while supplier acceptance remains a hurdle, the B2B space collectively wised up to the potential of virtual card payments in 2024.
- The year 2024 saw some of the worst hacks, breaches and data leaks ever, underscoring the vulnerabilities in a digital world.
- Enhanced know your customer (KYC) and anti-money laundering (AML) protocols, driven by advanced analytics and real-time monitoring, become standard practice.
- Among the key trends that reshaped B2B buyer and supplier dynamics this year were the rise of digital marketplaces, the embrace of automation and artificial intelligence (AI) across accounts payable (AP) and accounts receivable (AR) workflows.
- Unified commerce and logistics software firm Cart.com teamed with punchout integration provider Greenwing Technology to make eProcurement easier and more efficient for institutional buyers such as universities, government agencies and large corporations.
- It was announced that Nayax will deploy its fuel management system, EasyFuelPlus, across the U.K. delivery fleet of grocery and general merchandise retailer Tesco.
- The finance function of many B2B firms operate like it’s still 1935, glued to sending paper checks and invoices.
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