Today in B2B payments, WEX secures a partnership with Ford, Citi launches an international B2B payments document digitization solution and Century Business partners on commercial card processing. Plus, Veem launches its no-fee domestic payment tool for small businesses and Greensill Capital seeks insolvency protection.
Ford Smart Mobility Will Refer Business Fleet Clients To WEX
WEX has made a deal with Ford Smart Mobility LLC through which the latter firm will be able to refer its business fleet clients to WEX. Ford Smart Mobility LLC is a part of the Ford Motor Co., which is among the biggest business vehicle makers globally, according to a Monday (March 8) announcement. “Together with WEX, Ford’s experience and strength with commercial fleets brings together a technology powerhouse arrangement for Ford’s commercial customers,” Brian Fournier, WEX senior vice president and general manager of global partners, said in the announcement.
Citi Rolls Out Digitized Records For International B2B Payments
Citi has rolled out a new offering for its institutional customers that accelerates the handling of their international payments by digitizing supporting records. The offering combines the submission of international payment instructions and the records connected with them on one digital platform. It is being launched in South Africa at first, according to a Monday (March 8) announcement. Businesses that send international payments have to give supporting records to their financial institutions (FIs) to satisfy different foreign exchange (FX) control and regulatory reporting mandates. Up until now, those records were received and handled independently from the payment instructions, meaning that non-automated work to connect them was needed, the announcement stated.
Century Business, Riston Team On B2B Credit Card Processing
Century Business Solutions has announced a partnership with Riston Financial Service Group, an accounting and bookkeeping firm, to allow for credit card processing in QuickBooks, a press release announced. Century Business Solutions has developed a new payment integration for QuickBooks that will use Century’s EBizCharge gateway to offer credit card processing for thousands of merchants nationwide. The service allows merchants to process cards directly from QuickBooks.
Veem Debuts No-Fee Domestic Payment Product
Veem, which works to provide online payments solutions, has rolled out Veem Local, a no-fee domestic payment product with ACH and check payment options for small businesses, per a Tuesday (March 9) press release emailed to PYMNTS. The latest offering comes as many small businesses continue to feel the effects of the pandemic, including economic stress and uncertainty.
SoftBank-Backed Greensill Capital Seeks UK Insolvency Protection
London-based Greensill Capital filed for insolvency protection following the takeover of its banking services division by U.K. regulators and the freezing of its funds by the Credit Suisse Group, The Wall Street Journal reported. Lawyers for Greensill went in front of a U.K. court on Monday (March 8) and stated that the company is experiencing hard times and can’t pay creditors. By filing for insolvency, Greensill is protected from legal action by creditors while it reorganizes.
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