B2B Payments

Industry Tie-Ups Brace For Corporate Card Adoption Wave

With more B2B financial service providers embracing commercial cards as a preferred payment tool for corporates making the shift to digital payments, industry players are embracing collaborating to drive adoption.

This week's look at commercial card innovation explores the newest tie-ups and partnerships as innovators broaden functionality of physical and virtual commercial cards. J.P. Morgan's recent partnership throws its weight behind the virtual card for mobile wallet payments, for example, while corporate card startup Brex is augmenting its own offering with new cash management features.

J.P. Morgan Throws Weight Behind Virtual Cards

The biggest news in commercial cards this week comes from J.P. Morgan Chase, which recently announced its partnership with Marqeta to issue virtual cards for commercial clients. Their tie-up supports use of the v-card within mobile wallets, including Apple Pay and Samsung Pay, and wields Marqeta's tokenization capabilities, with the collaboration opening up "huge new possibilities for companies looking to streamline payments and provide innovative services to their people," Marqeta Chief Revenue Officer Omri Dahan said in a statement.

The companies will roll out their joint solution next year, which will integrate with J.P. Morgan's existing platforms, the firms noted.

SYSPRO Adds Card Processing To ERP

In anticipation of B2B payments digitization, enterprise resource planning (ERP) solution provider SYSPRO recently announced integrated card processing capabilities within its new offering, Payment Solutions for SYSPRO. Rolled out for users of its SYSPRO USA solution, the new feature supports real-time credit card processing for sales order entry and invoicing workflows within SYSPRO. Also integrated are ACH processing as well as Level II and Level III data to lower interchange fees when customers pay via card.

NPCI Targets Startups With Cards

In India, the National Payments Corporation of India (NPCI) revealed a collaboration with the State Bank of Mauritius, YAP and EnKash to launch co-branded corporate credit cards targeted at startups. Called the "SBM EnKash RuPay Business Card," the solution will use the RuPay issuing network and support expense management for startups and small businesses, according to Verdict.co.uk reported. The companies pointed to spend on travel, recurring bills, rent, supplier payments and other categories as key use cases for the commercial card, which is also linked to a digital dashboard through which businesses can monitor and manage spend.

Brex Launches FDIC-Insured Cash Management Account

Another FinTech targeting startups with its commercial card technology is Brex, which recently expanded with the launch of Brex Cash, a cash management account for users. The company has just bolstered that offering with FDIC insurance, providing businesses the option of holding cash savings that are insured, or to invest that cash in Money Market Funds, with Brex noting that the FDIC insurance on cash reserves of up to $250,000 comes as a result of its partnership with UMB Financial Corp.

myPOS Debuts SMB Card

Across the pond, point-of-sale (POS) solution provider myPOS announced the rollout new card products for small- to medium-sized businesses (SMBs). The myPOS Visa Platinum Metal and Silver & Gold Cards are now available for businesses across Europe with a range of benefits, including a LoungeKey pass, 0.1 percent cash back, and 10 percent or 15 percent cash back for purchases made in the myPOS online shop and physical stores. The new card offerings add to myPOS's existing business card product provided for all businesses with a myPOS account to accelerate access and use of funds received via the POS terminal.

Tide Broadens Services With Mastercard

To expand its banking and financial services to SMBs, U.K. challenger bank Tide recently announced an expanded partnership with Mastercard, which will enable Tide to become a principal card issuer and settle funds directly with Mastercard. Their multi-year collaboration will lead to new features and card functionality within the Tide platform, the companies noted, although they did not indicate what those functions might be.

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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