Ardent’s P2P Technology Round-Up returns today with another assortment of ePayables, P2P, and B2B payment solution provider news and updates from the past week. If you are an Accounts Payable, B2B Payments, or Spend Management solution provider and you have news to share with us, please drop us a note at editor at cporising dot com. Thanks, and enjoy!
FundBox Extends Access to Business Credit Solution
FundBox, a fintech provider based in San Francisco, announced the expansion of the company’s growing business capital platform, FundBox Pay, with a new e-commerce checkout feature. FundBox Pay which was launched in March of last year, is a payment and credit service for small businesses serving other businesses (SMB2B), designed to help make B2B transactions faster. As a result, the company is now offering capital that will be able to finance B2B payments at checkout. With checkout capabilities for Fundbox Pay, customers now have more ways to tap into their Fundbox credit, and partners have new ways to contextualize access to credit in their workflows.
WEX Finalizes Acquisition of Noventis
WEX Inc., a global B2B payments provider, this week announced the completion of its previously announced acquisition of Noventis, an electronic payments network focused on optimizing payment delivery for bills and invoices to commercial entities. WEX has had a longstanding partnership with Noventis as a supplier of virtual cards that enable payment transactions through the Noventis network. This acquisition will expand WEX’s reach as a corporate payments supplier, and provide more channels to billing aggregators and financial institutions. WEX will look to build upon Noventis’ offerings in the US, which should put WEX in a better position to provide solutions to partners and customers. The combined offering will also provide additional payment functionality for Noventis’ customers. The deal was first announced in October of 2018, and terms were not disclosed.
Countingup Announces New Invoicing Feature For Small Businesses
Earlier this month, Countingup, a U.K. fintech that provides business bank accounts for small businesses, announced the launch of a new invoicing feature, where customers can now raise invoices directly from the Countingup business current account app. Countingup adds invoicing to an app that already offers business banking, automated bookkeeping, and the ability to capture expenses, providing a more complete financial platform for small businesses. Once users have approved an invoice they’ll be able to preview it and then send it to clients. Countingup will automatically match the invoice to payments received into the Countingup account. Countingup is also partnering with leading lenders and payment providers so that its customers can raise capital and take card payments.
Elemica and crossinx Deliver Blockchain Pilot
Elemica, a supply chain business network solution provider, has announced the completion of a successful blockchain pilot project between leading global chemical manufacturers as part of an innovation initiative testing new technologies designed to redefine B2B processes and support digital transformation. Elemica, which has global headquarters in Philadelphia, and offices in the US and Europe, partnered with crossinx, a network for financial business collaboration and with solutions for e-invoicing, EDI and supply chain finance. In the pilot program, Elemica and crossinx, exist as nodes on a public blockchain, connecting structured data with unstructured data, such as documents, to enable multi-tier payment. In the pilot, two large global chemical companies facilitated document and data transfer of invoices, purchase orders, delivery tenders and proof-of-delivery posts. With the ability to connect to a digital network, blockchain functionality can be made accessible to support a many-to-many connection of companies, facilitating payment processing. Blockchain technology can be used to break supply chain data out of silos and reveal this information to all trading partners regardless of the network they are connected to. Automating document exchange along the supply chain can help make it more transparent through the sharing of workflows and information.
