Today in B2B: BigCommerce Acquires BundleB2B; Businesses Push for Streamlined Insurance Claim Payouts

Today in B2B payments, BigCommerce acquires BundleB2B, while businesses want to be reimbursed quickly and simply for their insurance claims. Plus, Pakistan’s NIFT and M10 team up on B2B payments, and application programming interfaces (APIs) can help with the changing bill pay needs of businesses.

BigCommerce Acquires BundleB2B

eCommerce platform BigCommerce has continued its series of acquisitions with the purchase of longtime technology partner BundleB2B. The Austin-based company — which provides eCommerce service to B2B and B2C companies — said the deal follows BigCommerce’s recent acquisition of B2B Ninja, an enterprise quoting solution. The move also “furthers BigCommerce’s ability to deliver dynamic powerful eCommerce functionality to B2B merchants at a time when B2B eCommerce continues to boom.”

Businesses Expect Swift, Convenient Insurance Claim Payouts

Small companies that have experienced property loss or damage rarely have surplus funds on hand to fix emergencies and thus depend on swift claim payouts to help them address their issues. Payouts made via paper checks leave a lot to be desired in terms of speed and clarity. Consumers have also been calling for faster digital claims payouts, and the business policy holders who have access to more convenient payment methods in their personal lives are coming to expect similar options in the professional sphere.

Pakistan’s NIFT, M10 Partner on B2B Payments

Pakistan’s National Institutional Facilitation Technologies (NIFT) has teamed up with M10 Networks to facilitate digital B2B payments in the country and improve cross-border transfers. The partnership was developed in response to last year’s overhaul of Pakistan’s tax laws by the nation’s Board of Revenue, requiring companies to make digital payments on expenditures greater than 250,000 rupees (about $1,300). The partnership will see NIFT serve as local operator for the M10 platform, using its ledger and digital authorization technology to approve digital payments.

PYMNTS Intelligence: How APIs Can Help FIs Match Changing Business Bill Pay Needs

The pandemic prompted businesses to reconsider their typical payment experiences, with many chief financial officers (CFOs) and other business leaders taking steps to digitize previously manual operations. Reports predict that United States B2B eCommerce sales will exceed $1 trillion by the end of this year, making frictionless, digitally optimized bill pay a must. Financial institutions (FIs) have an opportunity to better engage and retain corporate customers by offering these solutions, which can help firms navigate the challenges they face in digitizing.