Visa (NYSE: V) and Billtrust announced on Monday they are collaborating for the Billtrust Business Payments Network (BPN), which is designed to streamline the delivery of electronic B2B payments to suppliers. According to the duo, BPN provides a transparent registry of suppliers who accept digital payments, giving buyers and financial institutions the necessary access to automate what has historically been a complex process. Both companies reported that BPN is notably designed to address current industry challenges by:
Providing a connected platform for suppliers, buyers, financial institutions, and accounts payable and accounts receivable software providers- Publishing an online directory that contains a full view of participating suppliers and their payment acceptance preferences
- Providing financial institutions and corporate buyers with ability to deliver digital payments directly to the suppliers’ acceptance platforms
- Enabling complex financial and payment data to seamlessly come together at scale while delivering streamlined reconciliation to suppliers and buyers
While sharing more details about BPN and the partnership with Billtrust, Kevin Phalen, Global Head of Visa Business Solutions, stated:
“As businesses evolve, digital payments will play an increasingly important role in B2B commerce. Collaborating with Billtrust on the Business Payments Network will allow us to improve the experience for suppliers on the receiving end of the payment, while enabling our financial institution clients to streamline the B2B payments process for their corporate customers and provide a better way for buyers and suppliers to realize the benefits that digital payments provide.”
Last year, Visa and Billtrust announced a strategic relationship intended to support growth in B2B payments through the integration of Billtrust’s Virtual Card Capture and Visa’s Straight Through Processing solution. Visa added:
“Billtrust’s BPN will further the multipronged strategy Visa and Billtrust are pursuing to reduce friction and streamline payment processes and reconciliation for financial institutions, corporate buyers and B2B suppliers.”