Today in B2B payments, B2B payments need to modernize and offer more choices in the digital age, while Microsoft acquires process mining company Minit. Plus, Mastercard names Goldman Sachs alum Chad Wallace as executive vice president of B2B solutions, and PYMNTS research shows invoice reconciliation and supplier portals are the most important problems for clients of large financial institutions (FIs).
B2B Payments Need Education About Modernization, Choice
PYMNTS’ study “The Treasurer’s Guide to AR Optimization,” done in collaboration with CheckAlt, found that 33% of chief financial officers (CFOs) said that digitizing accounts payable (AP) and accounts receivable (AR) operations would “introduce options for payment that were not available before.” The implication is that two-thirds of executives either don’t know, or don’t think, that modernization will expand choice — how they pay, yes, but also in how they are paid — up and down supply chains.
Microsoft Acquires Process Miner Minit
Microsoft has acquired process mining technology firm Minit. Process mining involves taking a microscopic view of companies’ workflows to find bottlenecks, assess workflow alternatives against companies’ goals, and then implement the most optimal workflow to reach those initiatives. By acquiring Minit, Microsoft said its customers will “be able to better understand their process data, uncover what operations look like in reality, and drive process standardization and improvement” for compliance at each step.
Mastercard Taps Goldman Sachs Vet Chad Wallace for B2B Post
Mastercard has announced Chad Wallace as its executive vice president of B2B solutions. Wallace will oversee the company’s commercial product offering, including its corporate travel and expense (T&E) management products, purchasing and virtual cards, B2B payments and fleet cards. In addition, he will focus on “enabling the digital transformation of corporate payments across accounts payable, procurement and treasury,” the company said.
FIs Say Invoice Reconciliation, Supplier Portals Are Top Needs of Corporate Clients
More than two out of every five (42%) FIs said invoice reconciliation is a problem their clients face, with 9% citing it as the most important problem, according to “The Innovation Gap,” a PYMNTS and FIS collaboration that surveyed 311 executives from institutions with more than $500 million in assets. Forty-two percent of FIs also cite dthe inability to offer supplier portals as a key problem for their corporate customers’ experiences, with 15% reporting this as the most important issue.
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