B2B Payments
Business-to-business (B2B) payments represent a significantly large and fast-growing market which has not yet received the level of attention from financial institutions (FIs) as compared to the consumer to business (C2B) payments. Checks have long dominated B2B payments, comprising 50% of the $25 trillion payment volume in the U.S. with mid-market companies make more than two-thirds of their payments by check. Driven by the expansion of the technology-powered B2B payment offerings of the leading FinTech companies, card networks and software solution providers, and the adoption of E-Commerce by businesses, corporate payments are becoming increasingly digitalized.
NewNet solution enables the use of commercial cards or the virtual credit cards which are designed for single user accounts meant for one time usage auto generated cards numbers and offered by A/P systems to their suppliers. The solution could be interfaced suitably with the B2B Payment Networks that are being created by the leading card networks and facilitate the payment across the suppliers and buyers who are being registered on those networks. The proposed solution could be used by a Payment Service Provider, Payment Gateway, or Acquirer/Processor entities with the right interfaces with the Business Payment networks for B2B Payments.
B2B Payments with STC
Virtualized Secure Cloud Payment Routing & Transport Solution
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