Today in B2B payments, businesses in the United States and United Kingdom adopt automation to help with cross-border payments, while Swedish accounts payable (AP) automation systems provider Medius launches a partnership with software developers. Plus, auto dealers around the world get increased access to localized payments, supply chain hang-ups prove to be fertile ground for corruption, Billtrust adds B2B invoice delivery to KeyBank partnership, Esker invests $5 million to expand supply chain financing services and Archa raises $24 million for its spend management platform.
US, UK Businesses Adopt Payments Automation to Clear X-Border Hurdles
Automating and streamlining payment flows is on the roadmap for nearly all U.S. and U.K. decision-makers. Both countries’ businesses report that they plan to implement many cross-border payment innovations in the next three years to streamline and automate payments and payments flows, according to “Innovating Cross-Border Payments,” a PYMNTS and Visa collaboration.
AP Automation Platform Medius Launches Partnership Program With Software Developers
Medius has announced a new program called Radius to ease collaboration with independent software developers. Medius’s products “automate the process of receiving, handling, approving and paying an invoice, and simplify the onboarding and managing of vendors.” Radius is part of a plan to “create shared commercial opportunities for Medius and its ISV partners, while enabling customers to benefit from a broader suite of services through its platform.”
Localized Payments Put Developing World’s Auto Dealers in the Driver’s Seat
B2B cross-border automotive trading platform TRADE X brings together buyers and sellers of used cars and facilitates those transactions. The company has announced a strategic alliance that allows Canadian auction platform Wholesale Express to link its feed with TRADE X’s proprietary, artificial intelligence (AI)-powered “Brain” platform to analyze suitable inventory to broadcast to global auto markets. TRADE X plans to forge other alliances in the future.
Experts: Supply Chain Scarcity Sets Stage for Corruption
As Russia’s war in Ukraine continues, experts say sanctions and interruptions to the supply chain have made key commodities scarce, setting the stage for corruption. Sanctions against Russia have led to short-term compliance issues for companies and set up some potential long-term challenges. Key commodities like oil, wheat, iron, and fertilizer are in short supply, either directly due to the sanctions or because the war has held back supplies from Russia and Ukraine.
Billtrust’s KeyBank Partnership Now Includes B2B Invoice Delivery
B2B automation and integrated payments platform Billtrust has expanded its Business Payment Network (BPN) provider relationship with KeyBank with the addition of B2B invoice delivery on top of capturing payments and processing remittance data through a digital lockbox. The expanded relationship means KeyBank can deliver invoices to more than 170 accounts payable portals.
Esker Invests $5M in Partner LSQ to Expand Supply Chain Finance Services
Supply chain finance (SCF) and technology firm Esker has made an equity investment in partner LSQ, a capital finance and payments company. The first phase of the investment is a $5 million promissory note. Esker issued the note “to strengthen LSQ and Esker’s partnership and accelerate the development and commercial expansion of their common supply chain finance solutions.”
Australian Spend Management Platform Archa Raises $24M
Australian corporate card and spending management firm Archa has announced that it raised $4 million and lined up a $20 million debt facility. The money will let Archa “materially accelerate our hiring, invest more in our growth and speed up our feature delivery over the next 6-12 months,” Archa founder and chief executive Oliver Kidd said in a prepared statement.
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