Episode 59 – B2B Payments are Hot – Glenbrook’s Erin McCune
B2B payments are huge. Taken together, these supply chain payments exceed the gross domestic product. But supply chain payments remain an imperfect art. While consumers pay for one purchase at a time, a B2B payment may cover multiple invoices, each with different commercial terms. Given the amount of data about the payment that’s necessary to crisply communicate between a buyer’s accounts payable department and a seller’s receivables group, it’s no wonder paper checks are still in broad use.
While B2B payments have been resistant to “electronification,” the cloud, the mobile user interface, a new data standard (ISO 20022), and APIs into banks and payment schemes are enabling a renewed effort to streamline B2B payment transactions. B2B payments are hot.
- How B2B payments are different from consumer payments
- Why B2B is “hot” once again
- What market forces are pushing B2B forward
- Why Faster Payments in the U.S. and around the world could have a major impact on supply chain payments