Today in B2B: CFOs Drive Digital Efficiencies for Their Businesses and Customers; RangeMe Adds Direct Purchase Option

B2B payments, RangeMe, eCommerce

Today in B2B payments, one in four U.S.-based global companies will invest in accounts payable (AP) and accounts receivable (AR) integration within the next three years, and Convictional raises $40 million in fundraising round. Plus, FinTech Transact365 has launched its payments platform in Latin America and more.

25% of US-Based Multinationals Plan to Invest in AP and AR Integration in Next 3 Years

A growing number of international businesses are tackling issues related to legacy cross-border payments setups with plans to invest in digital innovations at some point over the next three years.

Among U.S.-based international businesses, 31% plan to invest in technology that can automate AP, 36% intend to invest in technology that can automate AR and 25% plan to invest in straight-through processing capabilities in the next three years, according to the Cross-Border Enterprise Payments Innovation Playbook, a PYMNTS and Payoneer collaboration.

CFOs Must Seek Internal, External Opportunities To Drive Digital Efficiencies

Today’s chief financial officers are digitizing across every part of the business that finance touches in a push to provide external customers with the service they want — and to give internal customers, including sales and product teams, the data they need to make more informed decisions.

“Access to information, the ability to easily access information, is becoming more and more of a requirement,” Paymentus CFO Matt Parson told PYMNTS during an interview for the “Day in the Life of a Digital-First CFO” series.

Companies have had to quickly develop new ways of doing things since the start of the COVID-19 pandemic, which made just about everyone a remote worker for at least some portion of their work week. There has also been a greater need for information, as teams have had to make day-to-day decisions to keep companies moving forward over the last two years.

“The more digitizing we can do internally and take things out of spreadsheets, take things out of manual processes, allows us to be able to respond to those things faster,” said Parson.

FinTech Transact365 Brings Platform to Latam

U.K. FinTech Transact365 has launched its payments platform in Latin America, a move the company says makes it one of the region’s largest alternative finance platforms and allows for cross-border and local eCommerce transactions using local payment methods including PIX and Boleto.

The launch follows the FinTech’s rollout last month of cross-border payments in India, which lets merchants access Indian markets without forming local payment partnerships or setting up a company in India, giving access to a customer base of more than 1 billion people.

Transact365’s Latin American payment network includes Mexico, Brazil, Colombia, Ecuador, Peru, El Salvador and Costa Rica.

RangeMe Adds Direct Purchasing Option to Wholesale Marketplace

Product discovery and sourcing platform RangeMe added a direct purchasing option to its platform that allows buyers to get the products they need from suppliers, creating what the company calls “the world’s largest wholesale marketplace for retailers.”

RangeMe has more than 200,000 suppliers representing nearly 1 million products across all consumer packaged goods (CPG) categories on its platform. The company allows suppliers to create a B2B digital storefront and open direct sales channels and puts suppliers’ products in front of retail buyers.

Convictional Grabs $40M for Product Innovation, Sales and Market Expansion, B2B Automation

Supply chain software company Convictional has completed a $40 million Series B fundraising round, saying it plans to use the money to accelerate its product innovation, expand its sales and marketing efforts and broaden the reach of its automated B2B trade offering.

Convictional helps retailers onboard new brands with their drop shipping, marketplace and wholesale programs with one-click Shopify, WooCommerce and BigCommerce integrations and the ability to onboard legacy brands using CSV and EDI files.