Businesses, particularly global ones, exist and transact across fragmented payment ecosystems.
Just ask any organization about their cross-border growth plans and how it’s going from a payments perspective: the absence of standardization and interoperability will become immediately apparent.
Against a B2B backdrop of a growing trend toward digitalization and automation in B2B payments, driven by factors such as cost savings, efficiency gains and the need for remote collaboration; businesses are increasingly adopting electronic payment solutions, supplier portals and other accounts payable (AP) and accounts receivable (AR) innovations to streamline invoicing, payments and reconciliation processes.