Planet Storyline

Over the past decades, B2B payments and processes have become increasingly digitalized, and fintech has substantially contributed to this digital transformation. Although paper cheques are still often used for B2B transactions in some markets, there has been a significant shift towards more creative and, most significantly, digital solutions that streamline B2B transactions. The innovative and digital value propositions that fintech has developed help SMEs and corporations by concentrating on particular pain points. The fintech is altering B2B payments across different use cases and has emerged as a crucial tool for accelerating B2B payment growth.

The key pain points with B2B payments and processes faced by SMEs and corporates include manual B2B transactions & payments, delays in payments & cash flow management, ecosystem complexity in B2B transactions & payments, lack of capacity to integrate with existing systems, lack of transparency about direct & indirect costs, and changes to internal processes are challenging. Fintech has understood and addressed these pain points with innovative and differentiating value propositions such as B2B travel, commercial cards, B2B cross-border remittances, B2B marketplaces, working capital optimization, and supplier acceptance enablement. The development of open banking offered by fintech will simplify cash management and initiation of payments. Fintech will continue creating relevant value propositions and meeting the demands of SMEs and corporations by streamlining and digitizing B2B processes and payments. Fintech has contributed to the B2B payments expansion and will keep doing so. In this edition of Planet Storyline, we will look at a few of the fintech companies that act as catalysts to boost B2B payment growth.