Billtrust announced on Wednesday (Nov. 6) that its Business Payments Network (BPN) is approaching the milestone of 1 million B2B transactions about one year after launch.
In a press release, the B2B payments and accounts payable (AP) solution provider said adoption of the BPN can be linked to its focus on partner collaboration and supplier adoption. Various accounts payable solution providers are adopting the network to support the digitization of B2B payments between their customers and their clients' suppliers.
The BPN includes a database of suppliers with their preferences for receiving payment, as well as a network of buyers and financial institutions that are able to support those payment preferences. Billtrust first rolled out the network in collaboration with Visa last November.
In a statement, Billtrust CEO Flint Lane said collaborating directly with the suppliers has been instrumental in the network gaining traction.
"We set out to build a new network [that] ensures suppliers can keep pace with the innovation taking place in AP," he said. "It's supremely rewarding to witness suppliers receive payments faster from third parties and eliminate inefficiencies, all without asking their buyers to change their payment methods. When we've done that, we've truly achieved our mission of making life easier for AR professionals."
Lane added that moving forward, Billtrust will continue to invest in partnerships for BPN, especially as it explores how to move buyers and suppliers beyond card and ACH B2B transactions.
Last month, Billtrust said it has processed more than $30 billion in ACH and card payments for its clients this year so far.
One partner, AvidXchange, similarly expressed the importance of keeping the supplier in mind when developing accounts payable solutions and promoting the adoption of electronic payments.
"The supplier experience is of tremendous importance for AvidXchange," the firm's CEO Mike Praeger said in a statement. "BNP has aided in our efforts to grow the value of electronic payments routed via the AvidPay network by offering some of our largest suppliers a truly automated reconciliation experience."