Santander develops tech to keep B2B clients from going to startups

Tuesday 13 November 2018 00:00 CET | News

Santander has released Enterprise Payment Link, a payment initiation channel and client access portal to track and report on wire, ACH and check payments.

The portal is meant to be of service both to suppliers, customers and employees. It follows Santander Treasury Link, another business payment product.

Supply chains are becoming increasingly costly and prone to friction, providing what Santander sees as an opening for a cost-reduction play, whether it be to headcount or processing time. In the UK, for example, the average business loses more than USD 120,000 per year because of supply chain friction, according to the Tungsten Network, which says that’s about 6,500 work hours spent tracking down order numbers, processing invoices and answering supplier queries.

In addition, Airwallex, for example, uses partnerships with local companies and an API that embeds in business’ payment systems to process transactions and determines the best payment option based on cost and speed. FIS PayPal and Worldpay have also invested in technology or partnered with other software providers to streamline business transactions. And fleet card and health care technology provider Wex has partnered with both Visa and Mastercard to support virtual cards for digital B2B transactions.

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Keywords: Santander, bank, UK, B2B, B2B payments, startup, wire payments, ACH, check payments, Enterprise Payment Link, Tungsten Network, supply chain finance
Countries: World

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