Reports said Visa has chosen PayMate to provide a B2B payment platform for joint customers, including SMBs struggling with managing manual payment methods like checks and cash. The platform can enhance automation of processes like accounts payable, accounts receivable, e-invoicing and cash flow management, the companies said.
Visa has been expanding its footprint across the B2B payments landscape as of late. In November 2017, the company announced more banks had been onboarded to its new service, B2B Connect, a network to facilitate cross-border corporate payments. Financial institutions across the US and Asia are participating.
India has similarly taken steps to improve its B2B payments ecosystem, with the Reserve Bank of India having approved ecommerce company Infibeam to launch its own B2B payments service in 2017.
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