Today in B2B payments, Boost collaborates on commercial card acceptance in healthcare, while consumer payments firm Mogo steps into the world of B2B through an acquisition. Plus, Nav debuts its imbedded small business financing solution, Cambridge Global Payments expands its Beanworks partnership and Basware rolls out spend insights.
Boost Payment Solutions, Inc., is partnering with Global Healthcare Exchange (GHX) to help healthcare organizations pay suppliers with commercial cards, Boost announced Tuesday (Nov. 17), in a press release emailed to PYMNTS. The collaboration will optimize payment processes for GHX’s clients, making it easier and more efficient for healthcare institutions to pay using commercial card programs and navigate complex settlement requirements. “Boost’s commercial card solutions will help our customers reduce friction in paying suppliers, further driving out cost and inefficiency from payment processes,” said Rob Alcock, general manager of ePay at GHX, in the press release.
Cambridge Global Payments, a FLEETCOR firm, and Beanworks Solutions are continuing their collaboration to bring together solutions and offer a full accounts payable (AP) offering to clients, which can streamline their payable workflow spanning between buying and payment for firms that have international business, according to a Tuesday (Nov. 17) announcement. “We look forward to continuing our partnership with Beanworks to provide a combined AP automation and global payments solution that can help minimize administrative overhead for users of the platform,” Cambridge Global Payments President Mark Frey said in the announcement.
Digital invoicing and procure-to-pay technology provider Basware rolled out a new “Spend Insights” dashboard and a new feature to allow for payment performance analysis as two enhancements to its Analytics offering, according to a Tuesday (Nov. 17) announcement. The Spend Insights dashboard offers one look into all of an entity’s spend, including indirect, direct, non-PO and PO data, along with suggestions for action. It provides information in a new design that offers a “logical flow to an organization’s data story," according to the announcement.
Nav, which works in financing for small and medium-sized businesses (SMBs), has rolled out a new version of its embedded finance solution, according to a press release. Embedded finance, the release noted, refers to the integration of financial service technologies with other provider solutions. The method will grow tenfold in the next five years, the release stated, citing a Lightyear Capital analysis, as businesses look for ways to access simple, transparent business solutions.
Mogo, which helps customers get better control of their financial health, has agreed to buy digital payment solution provider Carta Worldwide in a bid to enter the B2B payments landscape, according to a press release. Carta's modern issuing platform propels several FinTech companies, including powering over 100 card programs and providing processing tech to companies like TransferWise, Sodexo and Payfare, the release stated. By acquiring the company, Mogo will be able to integrate Carta's technology with its own MogoSpend product, aiming at the broader digital wallet market and looking at rolling out a new peer-to-peer (P2P) card next year, according to the release.