Today in B2B payments, Wells Fargo rolls out its virtual card services for B2B payments, while PayPal Ventures makes a B2B payments investment. Plus, Simfoni lands on Vroozi’s procure-to-pay platform, Kyrbia collaborates with an Italian bank on supply chain financing, and the EU’s digital chief will discuss rules with tech giants.
Wells Fargo Debuts Digital Supplier Payment Tool
Wells Fargo is beefing up its digital payments arsenal with a new service aimed at business customers. The financial services giant on Thursday (Nov. 19) announced in a press release that it is adding a new solution to its WellsOne Virtual Commercial Card, enabling business customers to digitally pay invoices to suppliers and others. To use the tool, customers electronically send payment instructions, which are routed to the WellsOne Virtual Card Payments service, the release stated. Each card payment is then assigned a virtual number tied to a commercial card account.
PayPal Ventures Invests $11.9M In Payments Services Firm Modulr
Modulr, a Payments-as-a-Service application programming interface (API) platform, has received an investment of 9 million pounds ($11.9 million) from PayPal Ventures in order to boost its services and develop new products, according to a press release. Modulr helps digital businesses in fields like lending, banking, travel, FinTech, employment services and accounting to build new payment products for customers, the release stated. The company’s Payments-as-a-Service API handles “much of the complexities and regulatory overhead” and lets customers focus on their own unique aspects of their products, according to the release.
Simfoni Joins Vroozi’s Cloud-Based Procure-To-Pay Platform
Vroozi is moving to boost its cloud-based purchasing platform in a new partnership with Simfoni, an artificial intelligence (AI)-powered spend analytics provider, according to a press release. The San Francisco-based company said in a Thursday (Nov. 19) release that it will add Simfoni’s spend analysis capabilities to its procure-to-pay solution. Companies use platforms like Vroozi to lower costs, get a better handle on spending and improve financial performance, with the deal between the two firms enhancing all three selling points, the companies said in the release.
Intesa Sanpaolo, Kyriba Partner For Dynamic Discount Service
Italian bank Intesa Sanpaolo will work with supply chain finance FinTech Kyriba in order to debut a new dynamic discount service, a press release says. The service will allow large buyers with excessive liquidity to offer suppliers advance payments of invoices, with discounts on the already-agreed-upon prices. Edi Poloniato, global head of working capital solutions at Kyriba, said dynamic discounts are becoming a strong solution for finance leaders looking to optimize liquidity. “Supplier onboarding automation and supplier financing flexibility in a localized solution across the Intesa Sanpaolo platform gives Italian companies a significant advantage at a time when it is most needed,” he said, according to the release.
EU Digital Chief Vestager Invites Big Tech To Talk Ground Rules
American Big Tech companies will have a virtual sit-down on Nov. 24 with European Union (EU) Digital Head Margrethe Vestager to discuss rules in the Digital Services Act (DSA) and Digital Markets Act (DMA). Alphabet, Apple, Amazon and Facebook will have video discussions with Vestager regarding EU draft rules intended to restrict the power of tech companies, according to a Reuters report on Thursday (Nov. 19). The DSA mandates the transparency of algorithms and proposes new rules surrounding content moderation and online advertising. The DMA tackles the misuse of “market clout” by digital gatekeepers.
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