News

Visa, Billtrust aim to eliminate B2B check payments

November 8, 2018

Visa and Billtrust are collaborating on the Billtrust Business Payments Network, which is designed to streamline the delivery of electronic B2B payments to suppliers and eliminate reliance on paper checks. 

Recent estimates show that paper checks still represent roughly 51 percent of U.S. B2B payment volumes. Buyers and suppliers recognize the advantages of digitizing payments, but suppliers simply don't have the systems and processes in place to accept the increasingly complex forms of payment that buyers and their financial institutions want to send, the release said.

As a supplier-driven B2B payments network, BPN provides a registry of suppliers who accept digital payments, giving buyers and financial institutions the ability to automate a complex process, according to a press release. BPN enables increased efficiencies, greater security and lower costs in digital payments processing, without necessitating significant changes to existing infrastructure.

BPN works to address current industry challenges by:

• Furnishing a connected platform for suppliers, buyers, financial institutions, 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 the ability to deliver digital payments directly to the suppliers' acceptance platforms.
• Enabling complex financial and payment data to come together seamlessly and at scale, while delivering streamlined reconciliation to suppliers and buyers.

"Our corporate customers are looking for a solution that can intelligently handle their evolving B2B payments needs and preferences, while reducing costs and risks associated with paper-based processes," Roger Williams, senior vice president of commercial card at Commerce Bank, said in the release. "We are excited that Visa and Billtrust are working together to address these industry-wide challenges."