Today in B2B payments: Visa collaborates to open up small business banking data, while Mastercard drives commercial card adoption across the MEA region. Plus, American Express eyes social media shoutouts for small firms, Veem launches a domestic B2B payments tool and Billtrust embraces machine learning.
Codat, the financial API provider, is working with Visa to offer more comprehensive data on small to medium-sized businesses (SMBs) for European banks, Codat announced in a Wednesday (Nov. 18) press release. Visa will aid Codat in expanding its single API to help business data flow better between FinTechs, SMBs and other companies in need. Banks and lenders will be able to access the partnership to get more holistic financial profiles in less time.
Mastercard is teaming up with Network International, which works in digital commerce for the Middle East and Africa, to help drive the adoption of commercial payment services in that region, according to a press release. In the fourth quarter, the two companies aim to work with “business and corporate cards, travel cards, fleet cards and procurement cards, among other corporate payment solutions” to aid businesses of varying sizes and sectors to move cashless payments. The suite of Mastercard payment solutions aims to enable businesses to save time, reduce costs and manage business expenses in more streamlined ways.
As the holidays grow closer, American Express says research has shown that social media promotions and engagement could be a big boost for this year’s Small Business Saturday event, according to a press release. The American Express Shop Small Impact study found that 78 percent of businesses reported that a social media campaign had helped to drive sales, with endorsements of small to medium-sized businesses (SMBs) having the potential to be worth as much as $197 billion for the U.S. SMB economy.
Global payments startup Veem is launching a new B2B tool to simplify and automate domestic payments amid a growing demand for online payment solutions, the company announced in a Wednesday (Nov. 18) press release. Veem Co-founder and CEO Marwan Forzley said the new tool, Veem Check, “strengthens our domestic payment offering” because users can pay anyone in the U.S. — even people who don’t have a Veem account.
New Jersey-based invoice-to-cash platform Billtrust has upgraded the machine learning (ML) capabilities of its B2B cash application software, the company announced on Wednesday (Nov. 18). “Business continuity involves future-proofing operations and becoming more efficient,” Billtrust President Steve Pinado said in the announcement.