Billtrust, a firm focused on the B2B order-to-cash and digital payments market, announced that it has extended its collaboration with Visa (NYSE: V), an enabler of digital payments, to support its Business Payments Network (BPN).
Visa will continue to offer BPN access to its financial institution clients “to streamline the B2B digital payments process for their corporate customers.”
Launched in 2018 in collaboration with Visa, BPN reportedly “links suppliers to their buyers through connectivity to their preferred bank and payables providers, radically simplifying payment acceptance through straight-through processing of virtual card payments and capture of all available remittance data.”
Suppliers benefit from eliminating manual virtual card processing and “optimized acceptance costs, while buyers can transact using their preferred payment method.”
In addition, banks and accounts payable (AP) providers “benefit from transparency regarding supplier virtual card acceptance and preferences.”
Veronica Fernandez, SVP, Head of Visa Commercial Solutions North America, said:
“We continue to be encouraged by BPN’s volume growth and potential and our ability to offer it to clients. The network’s expansion and innovative features underscore our commitment to empowering financial institutions and fintech partners with essential ‘last mile’ capabilities focused on reducing friction and driving incremental payment volume through this mutually beneficial B2B payment method.”
Nick Izquierdo, Executive Vice President, Payments, Billtrust, said:
“Visa’s continued collaboration with Billtrust is a testament to our mutual belief in the power of BPN to expand the B2B payment ecosystem through continued ergonomic and economic support of virtual card acceptance, driving frictionless and more cost-efficient acceptance. BPN’s critical infrastructure connects hundreds of suppliers and hundreds of thousands of buyers while facilitating billions of dollars’ worth of payments at exceptional straight-through processing rates.”
As noted in the update, finance professionals “turn to Billtrust to get paid faster while controlling costs, accelerating cash flow and maximizing customer satisfaction.”
As a B2B order-to-cash software and digital payments market participant, they help the world’s leading brands “move finance forward with AI-powered solutions to transition from expensive paper invoicing and check acceptance to efficient electronic billing and payments.”
With more than $1 trillion invoice dollars processed, Billtrust delivers business value “through deep industry expertise and a culture relentlessly focused on delivering meaningful customer outcomes.”
