B2B Payments

Corporate Card Innovators Broaden Their Pain-Point Targets

Commercial card innovation initiatives are getting creative as solution providers target a range of pain points.

This week's roundup includes new technology to support corporate card acceptance within the healthcare vertical, as well as a bank-FinTech collaboration to accelerate the issuance of small- to medium-sized business (SMB) credit cards.

Boost Payment Solutions Targets Healthcare Arena

In a new partnership with Global Healthcare Exchange (GHX), commercial card solution provider Boost Payment Solutions is making it easier for B2B buyers in the healthcare and medical services arena to pay their vendors via commercial card. The firms revealed their collaboration this week, noting Boost will integrate its technology within GHX's network that connects industry buyers and suppliers. Boost will optimize B2B payment processing, allowing buyers to pay via card even when vendors don't accept cards.

Boost Founder and CEO Dean M. Leavitt said the integration will enable businesses to "maximize commercial card use and acceptance," which is critical during a time when healthcare providers are struggling to ensure healthy cash flow.

“This collaboration is especially timely as many healthcare organizations are struggling with financial solvency," said GHX General Manager of ePay Rob Alcock. "It's more important than ever that we aid our customers in better managing working capital and stabilizing cash-on-hand."

HSBC Broadens Corporate Card Offering With Biz2Credit

In a bank-FinTech collaboration strategy, HSBC is now working with Biz2Credit to strengthen its ability to offer credit solutions to SMBs. In addition to implementing Biz2Credit's Biz2X Platform to accelerate credit approvals for SMB borrowers, HSBC is also working with the FinTech on SMB credit card solutions. The companies noted in a press release that the Biz2X Platform wields artificial intelligence (AI) and customizable lending rules for financial institutions (FIs) to more efficiently manage applications and make credit decisions. That not only accelerates the SMB lending process, but also the ability for HSBC to issue commercial credit cards to SMB clients, they said.

Payhawk Debuts 'NextGen' Corporate Card

Designed to help businesses ensure employees are adhering to corporate purchasing policies, Payhawk's new NextGen commercial card, announced earlier this month, automates receipt collection and spend compliance. The technology expands Payhawk's existing offering beyond spend management and allows for the company's system to process card payments in real time.

"Soon our customers will be able to set allowed spend categories, merchants, locations, days and times when your card works," the company said in a blog post, noting that the NextGen card allows for individual cards that can be linked to a team card to support shared budget requirements.

Commercial Card Giants Look Beyond The Card For B2B Optimization

While payment technology conglomerates like Mastercard and American Express continue to drive adoption of the commercial card, these players are also looking beyond the card rail to expand their B2B payment offerings.

This week, for example, Mastercard announced account-to-account (A2A) capabilities for its Mastercard Track Business Payment Service, which embraces a mix of payment rails. James Anderson, Mastercard's executive vice president of Global Commercial and B2B Solutions, told PYMNTS that the strategy is "an important distinction between what we're doing now and what we think we're going to be doing more of going forward, versus what it took with the card rails. We started on the process of seriously thinking through what it looks like to add value to transactions, even if you don't control the underlying rails."

American Express similarly enhanced its B2B payment capabilities beyond the card rails this week. The company revealed enhancements to its Early Pay solution, a technology that sits between corporate buyer and supplier to get vendors paid more quickly while providing buyers with early payment discounts.

"As we continue to focus on enabling digital payments beyond our traditional corporate cards, we are investing in solutions to improve the buyer and supplier experience and help solve common B2B payment-related pain points," Vice President/General Manager of Supply Chain Solutions Daniel Brachfeld said.



About: Accelerating The Real-Time Payments Demand Curve:What Banks Need To Know About What Consumers Want And Need, PYMNTS  examines consumers’ understanding of real-time payments and the methods they use for different types of payments. The report explores consumers’ interest in real-time payments and their willingness to switch to financial institutions that offer such capabilities.