Global Influence of Fintech on Business-to-Business Payments
The inaugural in-person Fintech Meetup conference, held in Las Vegas this week, saw a panel of industry experts delve into the challenges and opportunities surrounding B2B payments. One of the key topics of discussion was the potential of using data from a platform to inform B2B payments strategy.
The panel acknowledged that customers are eager for improvements in B2B payments infrastructure to increase accessibility and efficiencies. They discussed how data can enable real-time cash flow visibility and liquidity management, responding to instant payments and speed demands driven by consumer adoption. Businesses can leverage data to redesign treasury workflows for real-time fund tracking and supplier integration, enhancing trust and operational efficiency.
Another topic of debate was the trade-off between speed and transparency in B2B payments. The panel argued that data systems can balance the need for immediate settlement with the visibility of payment status. Cloud-based procurement platforms and digital ecosystems utilize data to provide real-time payment tracking, tariff updates, and financing options, moving away from opaque legacy systems toward transparent, trust-building environments.
The potential of distributed ledger technology-based central bank digital currencies in cross-border payments was also raised. The panel saw blockchain as a potential solution for B2B payments, with the ability to tokenise transactions identified as a potential benefit. However, the panel did not specifically discuss the use of a specific platform's data in the context of B2B payments strategy.
The question posed by Daniel Webber, a LinkedIn user, about the role of data in B2B payments strategy was not directly addressed by any of the earlier bullet points. The use of data for strategic decision-making in B2B payments is not explicitly mentioned as a current trend in the panel discussion.
Despite this, the panel argued that data acts as the foundational asset for enabling instant payments, fostering transparency, integrating blockchain, and driving partnership-enabled innovation in B2B payments. It empowers businesses to adapt to fintech-driven expectations for speed and control while building trusted, efficient payment ecosystems.
The panel also emphasised the importance of collaboration between fintechs, banks, payment platforms, and suppliers, with APIs enabling seamless credit decisions, invoice financing, and integration with enterprise software. They argued that companies such as Bank of America, Nium, and Visa Direct need to work together, as there is already an inter-reliance between banks and fintechs.
In conclusion, while the panel did not provide specific recommendations on how to use data from a platform for B2B payments strategy, they highlighted the importance of data in shaping the future of B2B payments. The panel discussions underscored the need for data-driven strategies to address the challenges of cross-border B2B payments, increase transparency, and drive innovation in the sector.
[1] Business Wire [2] Finextra [3] American Banker [4] The Block [5] Coindesk
- Harnessing data from platforms can empower businesses to redesign their treasury workflows for real-time fund tracking and supplier integration, fostering trust and operational efficiency in the realm of B2B payments.
- The integration of data systems in B2B payments can bridge the gap between speed and transparency, delivering real-time payment tracking, tariff updates, and financing options, thereby moving away from opaque legacy systems and toward transparent, trust-building environments.
