The new project builds on the “strategic relationship” by the two companies embarked on in 2017. It started with the integration of Billtrust’s Virtual Card Capture and Visa’s Straight Through Processing solution.
Billtrust’s BPN will further the multipronged strategy Visa and Billtrust are pursuing to reduce friction and streamline payment processes and reconciliation for financial institutions, corporate buyers and B2B suppliers, the companies explain.
At present, paper cheques still represent around 51% of US B2B payment volumes (according to the 2016 AFP Electronic Payments Survey). The ubiquity of cheque acceptance in the US has been a key reason it has remained the main form of payment despite its many disadvantages, Billtrust and Visa explain.
BPN is designed to address current industry challenges by:
providing a connected platform for suppliers, buyers, financial institutions, and accounts payable and accounts receivable software providers;
publishing an online directory that contains a full view of participating suppliers and their payment acceptance preferences;
providing financial institutions and corporate buyers with ability to deliver digital payments directly to the suppliers’ acceptance platforms;
enabling financial and payment data to seamlessly come together at scale while delivering streamlined reconciliation to suppliers and buyers.
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