Today in B2B payments, BigCommerce is buying out BundleB2B, as businesses want quick and easy reimbursement for their insurance claims. Additionally, Pakistan’s NIFT and M10 are partnering for B2B payments, and application programming interfaces (APIs) can help meet businesses’ changing bill payment needs.
BigCommerce acquires BundleB2B
E-commerce platform BigCommerce continued its acquisition streak with the purchase of longtime technology partner BundleB2B. The Austin-based company – which provides e-commerce services to B2B and B2C businesses – said the deal follows BigCommerce’s recent acquisition of B2B Ninja, an enterprise quoting solution. The move also “strengthens BigCommerce’s ability to deliver powerful and dynamic e-commerce functionality to B2B merchants at a time when B2B e-commerce continues to thrive.”
Businesses expect fast and convenient insurance claim payments
Small businesses that have suffered property loss or damage rarely have excess funds to address emergencies and therefore depend on prompt reimbursements from claims to help resolve their issues. Payments made by paper check leave a lot to be desired in terms of speed and clarity. Consumers have also demanded faster digital claims payments, and corporate policyholders who have access to more convenient payment methods in their personal lives are coming to expect similar options in the professional sphere.
Pakistan’s NIFT, M10 Partner on B2B Payments
Pakistani company National Institutional Facilitation Technologies (NIFT) has partnered with M10 Networks to facilitate B2B digital payments in the country and improve cross-border transfers. The partnership was developed in response to last year’s revision of Pakistan’s tax laws by the country’s Board of Revenue, requiring businesses to make digital payments on expenses above 250,000 rupees (about $1,300). The partnership will see NIFT serve as the local operator for the M10 platform, using its ledger and digital authorization technology to approve digital payments.
PYMNTS Intelligence: How APIs Can Help FIs Meet Changing Business Bill Payment Needs
The pandemic has prompted businesses to reconsider their typical payment experiences, with many chief financial officers (CFOs) and other business leaders taking steps to digitize previously manual transactions. Reports predict that B2B e-commerce sales in the United States will surpass $1 trillion by the end of this year, making frictionless, digitally optimized bill payments a must. Financial institutions (FIs) have the opportunity to better engage and retain business customers by offering these solutions, which can help businesses address the challenges they face in digitalization.