Today in B2B payments, Walmart is set to acquire tech company Volt Systems to give suppliers greater visibility into merchandising resources, and AvidXchange launches a new accounts payable (AP) solution for the construction industry.
Walmart to Acquire Volt Systems, Bolster Supply Management
Walmart is set to acquire tech company Volt Systems, with the purchase giving suppliers greater visibility into merchandising resources. The application provides store-level data, actionable analytics and shelf intelligence, letting suppliers “plan, forecast and optimize product assortment,” the company said in a press release. It will also offer customers a more seamless shopping experience, aiming to reduce issues caused by out-of-stock items.
AvidXchange Launches New AP Solution for Construction Industry
AvidXchange has expanded its range of accounts payable (AP) automation software and payment solutions for midmarket businesses and their suppliers to include a new offering for the construction industry. “Construction professionals often use outdated and disconnected products in an attempt to manage their AP processes,” AvidXchange Vice President of Construction Jim Campbell said in a press release.
90% of Small Businesses Still Plagued by B2B Paperwork
An overwhelming number of small and medium-sized businesses (SMBs) still have much work to do on the march to digitization, according to “AP Automation Tracker,” a PYMNTS and Beanworks collaboration. Even businesses that have entirely digitized their consumer-facing operations may still have work to do in transforming their B2B processes. One of the most critical business functions in need of digitization is invoicing.
Goldman Sachs Group Lends $150M to Clara to Meet LatAm Firms’ Need for Loans
Goldman Sachs Group has lent $150 million to Clara, a Mexican startup that provides lending services to businesses in Mexico, Brazil and Columbia. With the new financing, the Mexican company—which achieved unicorn status in December — will increase its lending operations, invest in its product and expand geographically, with Peru and Chile being next on its agenda, the company announced Monday (Aug. 8).
Infinicept Develops Open Payment Operations Solution for Embedded Payments
Embedded payments software provider Infinicept is rolling out a new single, open payment operations solution call Infiniport that will give clients the ability to network with any processor or alternative payment rail they choose. “Infiniport is part of our vision to help the payment ecosystem avoid lock in and choose the right combination of solutions which best support their business needs,” Infinicept Co-founder and Co-CEO Deana Rich said in the announcement.
Open Document Firm Legado Acquiring WonderBill
Legado has acquired London-based consumer and B2B bill management technology firm WonderBill, the open document and data company said in a news release Monday (Aug. 8). Legado CEO and Founder Josif Grace said, “The integration of the consumer and B2B bill management technology into Legado’s platform will provide our corporate partners with a market-leading and compliant solution to manage, share and access personal data in a way that is meaningful for customers.”
Deutsche Bank Taps Traydstream for Automated Document Checking
Deutsche Bank will be working with Traydstream to automate document checking, a press release from Traydstream says. Deutsche Bank will work on digitizing and automating its documentary trade business, with more control and an assurance of scalability for profitable growth. The goal is to boost corporates’ experience in the letters of credit business. This agreement will see Traydstream integrated into Deutsche Bank, with plans to expand this pairing globally.
South Africa’s TymeBank Acquires SMB-Focused FinTech Retail Capital
South African-based digital bank TymeBank has a proposed acquisition lined up for Retail Capital, which will help it boost its business banking services, a press release from TymeBank says. Retail Capital’s services provide funding for smaller businesses in the South Africa area. The acquisition is subject to regulatory approval and would see Retail Capital becoming a division of TymeBank.
Kontempo Raises $30M to Expand BNPL for B2B Transactions in LatAm
Kontempo has raised $30 million in a seed round to continue expanding its buy now, pay later (BNPL) solution for B2B transactions in Latin America. The company has 26 merchant partners in Mexico, and those merchant partners sell to 100,000 small and medium-sized business (SMB) buyers that can use the BNPL product, Kontempo CEO and Co-Founder Matthew Meehan said in a LatamList report.
Healthcare Represents 20% of GDP That Desperately Needs Payments Efficiency
While healthcare suppliers prefer automated clearing house (ACH) and direct deposit payments, their customers still make up to 85% of their payments by check or other paper-based methods, as reported in the “B2B Payments in Healthcare Tracker,” a PYMNTS and American Express collaboration. Purchasing middlemen, largely absent from other sectors, add an extra layer of complexity to the digitization equation.
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