Vestas Partners With Mangopay to Enhance Payment Solutions for Covento

Vestas has partnered with Mangopay to further refine the payment solutions for its B2B renewable energy technologies marketplace, Covento.

Covento Chief Commercial Officer Casper Algren said the payment experience is an integral part of the business model, adding that the company is “thrilled to collaborate with Mangopay to unlock new payment capabilities for our marketplace ecosystem,” according to a Tuesday (July 4) report by FinTech Global.

The arrangement of Vestas and Mangopay will provide Covento’s users with advantages such as easy reconciliation, refunds and dispute management, according to the report. By emulating the payment experience of B2C eCommerce platforms, the collaboration will allow for buyers and sellers in the renewable energy sector to purchase and provide parts and services with greater efficiency and security.

It is not only renewable energy marketplaces that are using payment infrastructure to their advantage. Businesses are now adopting a digitally native approach to B2B payments. Mangopay provides chief financial officers (CFOs) and companies with a combination of technology, customer service, and banking partners to help make the switch to digital payments.

The idea of the marketplace is changing in the modern world. Companies are transitioning to digital payment platforms to reduce costs, leverage efficiency and increase growth, prompting a demand for digital wallets, Mangopay Chief Revenue Officer Luke Trayfoot told PYMNTS in an interview posted in March.

“[Businesses] want the ability to hold money in, for lack of a better phrase, an escrow kind of capability,” Trayfoot said at the time. “They’re trying to build that relationship, and so the B2B platform needs to be the trusted source to hold those funds…”

Mangopay Chief Financial Officer Carlos Sanchez-Arruti further emphasized the importance of protecting balance sheets, prioritizing growth, managing costs and building relationships with banking partners. Having a relationship where both sides benefit is crucial, he told PYMNTS in an interview posted in April. Mangopay has been leveraging automation and AI in payments, both through its own services and acquisitions.

One such acquisition is Nethone, a fraud detection and prevention solution purchased in November to better safeguard marketplaces and platforms.

For all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.