Canadian payments company nanopay is introducing a B2B payments platform to the market.
The company announced news on Wednesday (Dec. 6) that the new platform can support domestic payments in Canada. In February, the platform will expand to include international B2B payments with the U.S., with nanopay expecting to integrate China and India onto the platform in the second quarter of 2018.
“Businesses are becoming increasingly global, and it’s typically a slow and expensive process for companies to pay and get paid by international trading partners — not to mention the process often lacks transactional visibility,” said nanopay Founder and CEO Laurence Cooke in a statement. “Business relationships are founded on trust, and the nanopay platform eliminates risk as an impediment to working together. With UPS-like tracking, you always know the status of your payment request.”
The company added that the majority of B2B payments continue to come in the form of paper checks or wire transfers, which can be expensive and slow. The nanopay B2B payments platform allows users to link their bank accounts to send payment requests and receive payments that include ISO 20022 metadata for straight-through processing.
Nanopay added that users will have greater visibility of foreign exchange (FX) costs when they pay an invoice that is not in their local currency. The platform will launch as a web application and an API that can support third-party developers’ integration of the platform into their own solutions, nanopay added.
The service is currently operating in private beta, and nanopay said it expects to open up the service for public availability in February.
Nanopay also supports cross-border payments for consumers and operates a digital cash platform for banks to enable P2P, online and retail payments. The firm uses cryptography to secure transactions.