B2B Payments

Apple Watch Nabs More Biz Banking

Corporate financial service provider Sage was one of the earliest businesses to link accounting solutions to the Apple Watch, but it’s certainly not the only one. The latest to do so is iGTB, owned by Intellect Design Arena.

Reports Tuesday (Oct. 13) said iGTB has linked its corporate accounting platform to integrate into the Apple Watch and other smartwatches on the market. The solution utilizes high-technology risk management through the use of artificial intelligence in its sanctions screening service, reports added.

[bctt tweet=” iGTB has linked its corporate accounting platform to integrate into the Apple Watch”]

The release of iGTB for the Apple Watch coincided with the company’s upgrades to digital enterprise platform CBX, which provides bank-grade entitlement tools, a payments pre-processor, trade volume discounting, and other digital enterprise finance tools, according to reports in Business Standard.

Industry analysts have mulled the potential for enterprise users to ensure the success of wearable technologies like smartwatches.

While business finance and accounting firms have linked their solutions to the Apple Watch, other experts say wearable technology can help mobile payments take off in the B2B space, especially for small, underbanked suppliers in certain parts of the world.

Other market experts say that more sophisticated wearable gadgets, like Google Glass, could also see more traction among corporate users, as opposed to the individual consumer.

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The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.