Today in B2B: Virtual Cards Help Digitize Spend Management; Fraud Detection Becomes More Prevalent in Digital Payments

Today in B2B payments, spend management jumps into the digital age with virtual cards, while three out of five companies build fraud detection into their digital payments processes. Plus, mobile solutions help truckers spend more time driving and less time enduring fleet checks.

Virtual Cards Bring Spend Management Into the Digital Age

The great digital shift has brought all manner of firms fully into the digital realm, where employees are geographically dispersed. But spend management has not modernized at the same pace. Dan DeVall, vice president of business development and director of banking alliances at Airbase, told PYMNTS that virtual cards can help hasten that evolution in an environment where 80% of buyer-to-supplier transactions could be completed electronically by 2025, according to some estimates.

59% of Companies Build Fraud Detection Into Digital Payments Processes

Fifty-nine percent of companies are now relying on advanced technologies to stop fraud, according to “Business Payments Digitization,” a PYMNTS and Corcentric collaboration based on a survey of 400 chief financial officers (CFOs). The types of fraud detection systems that companies have implemented include data mining (installed by 68% of respondents), deep learning and neural networks (installed by 59%) and rules-based algorithms (installed by 38%).

Mobile Solutions Help Truckers Ditch Fleet Checks, Get Back to Driving

Efficiency is always important in the trucking market, but it’s especially important at a time when demands on the supply chain are high and driver capacity is strained. Today, brokers and carriers are looking not only for ways to make their drivers efficient, but also ways to become drivers’ employer or broker of choice. Mobile platforms can provide that visibility — and offer an alternative to the fleet checks that the industry relies on for discretionary non-fuel expenses. In addition to unloading, those include late fees, towing, repair and maintenance.