Commercial payments company WEX has announced a partnership with order-to-cash solution provider Billtrust in an effort to address accounts payable (AP) friction for its clients.
In a press release on Tuesday (Nov. 19), Billtrust said WEX is joining its Business Payments Network (BPN). The partnership will allow WEX to connect its corporate customers to Billtrust’s B2B payments services, which addresses friction for both corporate payers and the suppliers accepting payments.
Pointing to WEX’s $35 billion in B2B payments processing volume worldwide, Billtrust said the collaboration will extend BPN’s reach to more B2B vendors looking to accept electronic payments.
“We’re proud to have WEX as a part of our growing platform,” said Billtrust VP and General Manager of BPN Nick Babinsky in a statement. “WEX is a market leader in B2B payments, and we’re thrilled that they’ve chosen to incorporate BPN as a part of their strategy to deliver value to the corporate and financial institution clients they serve.”
“Our organizations share the view that supplier experience is a vital component to customer satisfaction,” added WEX Senior Director of Supplier Services Dylan Jones. “We’re pleased to partner with Billtrust to solve for the ‘last mile’ of automated settlement and reconciliation. This will enable frictionless payments to the suppliers of WEX customers.”
Only weeks ago, Billtrust released new stats about adoption of its BPN, noting that it has facilitated more than $30 billion in ACH and card payments processing so far this year.
Recently, WEX’s President of Corporate Payments Jay Dearborn spoke with PYMNTS in a Masterclass video discussion about the future of B2B payments. Banks will continue to play a key part in innovation, he said, with FinTechs having a broader opportunity to collaborate by working with corporates and their AP departments directly, working with banks to develop new B2B payments products or joining forces with third parties that can offer a “payments in a box” suite of services.