Billtrust, a fintech firm focused on B2B payment cycle management, announced on Monday the launch of its Business Payments Network (BPN) 3.0, which offers support for ACH and wire. According to Billtrust, the new version gives network participants the “flexibility” to automatically transact through the modalities they prefer.
“Released to Billtrust customers this week, BPN 3.0 furthers its ability to digitize commercial transactions for participants by adding support for ACH and wire transactions. While traditional ACH and wire payments often settle without the remittance details suppliers need to apply and reconcile transactions, BPN is taking a new approach to ensuring every payment arrives with data.”
Billtrust also reported that the network, which is in collaboration with Visa, has seen a 118% increase in payments volume in the first half of 2002, compared to the first half of 2019. Visa clients including Heartland Financial USA, Inc., M&T Bank and Regions Bank have notably begun participating in BPN in the first half of 2020. While sharing more details about the network and its partners, Flint Lane, Billtrust Founder and CEO, stated:
“Digital payments from buyers can often lead to more manual work for suppliers, whether it be extracting payment details from emails and web portals, or reconciling potentially hundreds or thousands of settlements that do not carry remittance information. The organizations partnering with Billtrust and Visa that are taking advantage of BPN are truly making digital payments touchless for both buyers and suppliers.”
Kevin Phalen, global head, Visa Business Solutions, added:
“The network’s growth and its innovative features further solidifies our ability to enable financial institutions and fintech partners seeking ‘last mile’ capabilities to gain increased supplier electronic B2B payments acceptance now when the demand for digital B2B payments is more critical than before.”
Founded in 2001, Billtrust claims to be the premier provider of Payment Cycle Management, helping businesses accelerate Invoice-to-Cash. The company provides a flexible, automated invoice-to-cash solution that meets diverse buyer requirements and speeds cash application through tailored invoice delivery, secure multi-channel payment enablement, and intelligent matching and payment posting.