Future of B2B Billing & Payments

Highradius

Speakers

Blair Jeffery

COO, Noventis

Joseph Scott

Business Development & Strategic Partnerships, BlueVine

Anupam Sinha

Managing Director & Global Head – Domestic Payments & Receivables, CITI

Steve Villegas

PPRO, VP, Partner Management

Mark Aquilina

VP, Market Product Management, MasterCard

Transcript

Vikram Gollakota:

Thank you all. Thank you all for joining us. Wow, it is loud. And y’all hear me. Okay. Alright, perfect. So thanks for joining, I have a set of interesting questions that we have sourced from a lot of experiences that we have and the conversations we have with our clients. So, I’m going to start with you, Blair. Because you were introduced first, right. So if you think about overall, receivable is in an increase in the number of virtual card payments that they are receiving, right. Why do you think that is driving that adoption?

Blair Jeffery:

Yeah, I mean, I can give you a perspective, from at least our view, which is a little bit narrow just because we’re from a practitioner, my panelists to the right have a much broader macro view of that. So be interested in his perspective, but for us, we think the thing that drives virtual cards, the usage, I guess we should start by saying it’s still pretty nascent, right? Still, 3-4% of global B2B spend is the virtual part, but it is growing exponentially. And what we’ve seen is you certainly can break it into two categories.

You have vertical based approaches, things like travel, healthcare, warranties, claims and insurance, those were big drivers because they found a specific niche and kind of drove that home on the receivable side. And then the other one is horizontal demand structures. And what I mean by that is we represent banks that want to do bill pay, specifically on the corporate and the consumer side. And that use case for expedited payments with security, sort of buckling those two pieces together is driving the majority of the card spin that we see in our space. And then I think the last piece is just that ubiquity of the virtual card. People accept that almost universally just like a check. And so being able to kind of leverage that existing rail that the networks have built, has been, in my opinion, the biggest use case for the growth in the virtual card.

Mark Aquilina:

So, we’ve seen an explosion of virtual card products issued across our network. And for us, at MasterCard, it’s been driven, you know, primarily by the ease of use and the security of the product, as you said, so the ability to generate a single-use account card so it’s an account number that you used one time, it’s got very specific limits. It’s very specific, it’s only allowed to be leveraged by a specific merchant.

So, the security of that kind of product, and then the reconciliation data that passes through that makes it extremely palatable on both the buyer and supplier side. So, because of those components, we’ve started to see a real explosion of these card products, we’re seeing growth rates on our network, upwards of 20% year over year. And as a network, it’s forced us to, as opposed to historically just being focused on maybe one side of the equation, it allows us to be holistic in our approach on both the buyer side and the receiver side. So MasterCard has looked to develop a diversity of rates so that you’re not forcing acceptance down the throat of a merchant at one set of economics but rather, you’re creating an environment wherein the buyer or the bank is willing to issue that card product on the economics they prefer and the merchant or the receiver is willing to accept that card product and an economic arrangement that makes sense for them.

Vikram Gollakota:

Great. So, MasterCard loves Porsche cards.

Mark Aquilina:

We love everybody. For Noventis this is their game. Citibank. You have a wide variety of payment offerings that you do. So domestically within the US, what have you seen as a trend for virtual cards, both from a payable standpoint and a receivable standpoint?

Anupam Sinha:

I’ll agree with both Blair and Mark, I think for the reasons that they’ve given us seeing a significant adoption over the last many years on the virtual card. What I’ll say is, we see that adoption much more in the US versus the rest of the world. And yesterday, in a panel, we were talking in the banking panel, we were talking about the extension of checks and you know, Rodney and others gave a five, seven-year timeline for checks to go away.

I think if there is a product, that there’s an instrument that is very well positioned, because of all the reasons Mark gave, it’s the virtual card. Giving a buyer’s perspective it’s a great working capital thing. It’s a great way of extending or reducing your payment terms from a buyer’s perspective. And we’re seeing a number of our clients both in the travel space, both in the tail end space, we’re seeing a number of our clients adopt virtual cards and use it in a big way.

Vikram Gollakota:

So Steve, your organization PPRO, you offer all kinds of payment methods. The last time I was on your website, there were over 100 payment methods, maybe much more than that. What is your take on virtual cards in the US domestic market?

Steve Villegas:

Sure. So, you know, we connect to about 150 payment methods and work with companies like HighRadius and CITI providing those methods. And what we see is some payment methods are starting to produce virtual cards or work with their banking partners to produce these cards around the world. What’s interesting though, I think even as predominant, we’re seeing growth in the e-wallets, where there are loads of wallets that are being limited to act as a virtual card in many manners, and we’re starting to see companies across Europe, and especially in Asia, where these e-wallets are becoming more predominant. But you’re also seeing markets develop and start to see solutions are being created that are also on the B2B side. So we’re a melding of the solutions if you will.

Vikram Gollakota:

So, circling back to you Blair, on the whole, virtual cards. When in a B2B environment, when an organization is accepting virtual cards, they’re accepting all the fees associated with it. And what I mean is that interchange fees are a significant percentage of the dollar amount. So, what should buyers and these corporations on the receivable side hate taking virtual cards while on the Payable site they love it because it’s working capital on the other side for them? So what should they think of and do to help their AR counterparts in their organizations to accept more of these things? What are the hurdles and what are you doing about it?

Blair Jeffery:

Yeah. You know, I’d say one of the valuable things about coming to the conference, having listened to as many AR experts and I would say, hate is probably a strong word. What I was hearing this morning was, you know, it adds complexity, and sometimes unneeded complexity to the overall order to cash cycle. What I’d say here is I think interchange fees are the sort of driving point around friction between the buyer and the seller. We kind of feel like- if you’re going to innovate, you need to be somewhere where there is a lot of friction. If there’s not, there is not a point to innovate.

So the good part is, I think, some people feel very strongly one way or the other, whether that’s love or hate or something in between. But to answer your question, I think the key driver is- what was said this morning on a panel around virtual cards fine. The challenge with it is the manual reconciliation that comes with it. And so what it seems like at least for the last decade has been that virtual cards have been pushed in and driven into the ecosystem through the payables lens. And so it’s kind of solving a payable problem. It’s not solving an AR problem.

And I think what you’ve started to see is people have started to take on a little more demand and a little more innovation around how we solve the AR side of the equation and I can throw in a little bit of a shameless plug here for why we connected with HighRadius. We acknowledge that we are not AR experts. And so, rather than going and standing up that group and trying to become AR experts, we went in and partnered with a company like HighRadius to do that. And so, our answer to that is to drive integration and to drive settlement direct settlement into an AR, sort of landscape. And if you do that, then we think we’ve driven enough value in, we kind of remove ourselves from the interchange game. We don’t set that that’s for Mark to do. We don’t get to do that. But the perspective is, we think that there is value in a card network or any network for that matter. And as long as you can derive value from both buyer and seller, we think that there’s a marriage somewhere in the middle.

Vikram Gollakota:

So, Mark, Blair loves to put you on the spot. So let me go back to you. Is there a way that as a B2B organization, do you think that their interchange fees will change because it’s a virtual card versus a regular card? What is your organization doing to help the supplier or the air department accept more?

Mark Aquilina:

Our customer base is the merchants and acquirers just as much as the buyers and the banks. So we look to solve two different things in the marketplace, what we call ergonomics are the fit in the utilization of card products and then the economics. So those are kind of our two key drivers, right, the ergonomics and the economics. So from an ergonomic perspective, what we try to do is enrich the data associated with our products so that we’re able to facilitate a rich amount of data that goes directly into a merchants environment, whether that’s leveraging outstanding products in the market like HighRadius which have connectivity directly into the merchant’s ERP system. We want to be able to facilitate data directly from the buyer’s AP system to the supplier’s AR ERP system. And then there are things like the top of things, we have a product called straight-through processing which essentially emulates the merchant’s sale of point-device and sends the transaction straight to the acquirer which then funds a merchant’s bank account. So the merchant doesn’t have to sit there and key-in card numbers all day. That’s one of the main pain points or friction points that Blaire as I’m sure you know, right, we hear all day long is, you know, I don’t want to be keying in all these invoices all day. So things like straight-through processing which eliminates the manual key of virtual card products and then being able to facilitate data. Those are the things that we do to solve the ergonomic issue. And then from an economic issue or perspective, the thing that sets MasterCard apart from other networks is the diversity of great products we have which continues to expand on a month by month basis.

So, MasterCard has always tried not to just have really high and really low rates, but we want a diversity of rates in between. So that you know, as banks and buyers talk to acquirers and merchants, these guys get together and say- Hey, I may not be willing to accept at this rate, but I won’t accept from that buyer at this rate. And so what our job is to figure out a way to give everybody that rate so that they can connect more buyers and suppliers across our network.

Vikram Gollakota:

Great. That’s a lot of good conversation and responses. I want to switch from virtual cards. I want to move into international commerce, right? Globalization is happening with a lot of global commerce happening. And most of our clients have international businesses, right. Whether they’re exporting businesses or they have entities set up in the United States. Now, when you have a bunch of international payments of cross border payments as it is called, what is your role in, in migrating or in mitigating the risk associated with these things? And maybe, Steve, I’ll start with you.

Steve Villegas:

Sure, sure. And what we’ve developed is a solution that interconnects with all of these payment methods across the globe, whether it’s an APAC or Europe. And so we don’t work in the card space. And so when you think about the expanding role of these payment methods, you look at Europe, where you have countries that predominantly use like the Netherlands which uses ideal bank contact in Belgium, and you have SEPA, which is the standard European payment method. And so you have all these different payment methods that are really in themselves interdependent but they’re also locally, companies and the individuals rely on them. But you also are starting to see more cross commerce take place, more cross-border takes place. Where companies are offering SEPA across Europe or offering for their merchants, for their customers to be able to pay, and these varieties of methods. And so we’re starting to see the world, especially in the e-commerce side of the world begin to be dominated by these various payment methods. And that continues to grow. And it’s very interesting how markets will change over time. And where you’ll see a dominant current payment method that maybe is dominant today, because of the changes in- will call it technology. So mobile adoption will take place. And we’ve seen many countries all of a sudden with e-commerce growth and a spike in the last three years.

And a lot of growth is driven by this mobile adoption, where they’re able to use whatever that standard payment method is of a bank transfer method as an example, and that is falling over into the B2B segment as well. So we’re seeing a lot of B2B transactions start to take place using the same methods that have predominantly been used by consumers in the past.

Vikram Gollakota:

So, Anupam from a CITI standpoint, you offer lots of payment methods globally, right?

Anupam Sinha:

Domestic and globally as well.

Vikram Gollakota:

So what are the risks associated with these backstopping these payment methods? And what should corporations know about these risks?

Vikram Gollakota:

I think, adding on from what Steve said, what I would say is, in today’s world, getting into a market for all the digital natives, all the sharing economy, the corporate is becoming more and more simple and much quicker. I think where they struggle is for them to have a strong payment method in that market, have a bank account in that market, etc. And if a digital native or a shared economy player can get into a market but is held back because of lack of their ability to collect very quickly, then that’s a big problem to solve for them because, at the end of the day, it’s their bread and butter. From our perspective, we’ve got many products, we’ve got a flagship product called the Worldlink which offers payments across 140 plus countries and currencies. And what we do is without you having to have an account in the country, we would enable you to make payments across these markets. And we’re now extending that to also enable you to collect in each of these markets without having those physical accounts. And, you know, from our perspective, our mantra and our sense of what you’re trying to do, as while you’re growing significantly faster, and you get into a mass-market quickly. We want to help you and make sure that you’re able to make payments and collect without having a banking infrastructure in that market. So we tried to minimize the number of risks, including the FX risk, where we offer several products to ensure that you focus on your business and we enable you there. Okay.

Vikram Gollakota:

So B2B and B2C, there were two distinct definitions a few years ago. Almost every company has an e-commerce division, right? So you take Adidas or Under Armour or any of the apparel industry, especially, they have an e-commerce division, they have a B2B division. So I kind of see the C is becoming Bright. So when this trend is happening, the experience that the consumers have, in terms of payment methods, in terms of billing, in terms of having access to information to make payments, needs to migrate to the business side. So my question is, what are you seeing as trends in the shift between a B2C to B2B payments and where do you see this trend is going?

Anupam Sinha:

I can take a stab at that because I think if you look at the experience, for example, Uber provides us with the experience that Amazon provides us as par excellence, you know, we don’t have to now go find a taxi and then get into it. Once we’ve done the journey, take out a wallet and find money and make the payment, we are experiencing it as individuals in our day to day life. And as you move into your work life, you will expect that same experience from your banking provider from your suppliers, etc. So we’ve seen a significant amount of convergence in terms of the experience that predominantly was provided by a consumer product company and in the B2B space as well. And there’s a need for all of us to make sure that we are reimagining the client experience that we are providing. From a CITI perspective, we are looking at various frictions that we have in the process of, we’re looking to ensure that as our B2B clients go on to our web-based product and as they consume our products, the experience they’re getting is as frictionless and as seamless as they would see in what Uber or Amazon would provide.

Steve Villegas:

Now addendum to that, I would say that what we’re seeing from a growth standpoint is more and more demand for them. We partner with many large acquirers and today, there’s a consumer demand more and more every day, we see demand for b2b solutions, and requests for specific business clients of theirs that are requiring or want access to some of the local payment schemes whether it’s a business solution or merchants paying for certain supplies, in certain respects. I mentioned SEPA earlier as being one of the predominant forces in Europe.

These payment methods where you think about the consumer side where there’s a chargeback risk. Do you ever think about that on the B2B side? Well, that exists for payment methods like a SEPA. So you have other B2B segments that are looking at, you know, how do I access my banks of the world or the Polly’s in Australia or the bank in Belgium and recognizing that most of these don’t have reciprocal risk pieces there that allow for a chargeback to take place. So they were seeing demand for that as well and I didn’t see it coming across the globe.

Mark Aquilina:

So, Mark, you dropped the word MasterCard from the logo recently, right? Why? It’s just super cool that way, I think, you know, a lot of different entities are looking at ways to enhance their brand and then MasterCard, just sold that there was not the need for the name as much as just a symbol that everybody recognizes. And I think you brought up the Uber situation earlier, right? Then, the thing that I love about Uber is that you never have to, you don’t even think about making a payment, right? You’re just experiencing the ride, you’re getting in, you’re getting out, you don’t have to think about the famous stuff from a brain perspective, right? We just want people to recognize our symbol, but not have to think about it right, if we’re doing our job, well, you’re not having to think about MasterCard, right? These things are just occurring seamlessly and efficiently in the background.

Vikram Gollakota:

So you’re more the backbone for these certain payment methods to help facilitate all these transactions.

Mark Aquilina:

We are the less attractive, less successful brother to all of them. And we’re just happy to help everybody.

Steve Villegas:

That was my role.

Vikram Gollakota:

Alright, so I’m going to move on to the next question. Paper payment methods like checks, cash still exist. 40% of the US B2B payments are still checked. I still write checks today, my kids may not but I still do. So what are you doing to get me out of this habit and what are my incentives to getting rid of checks? Noventis you want to go first?

Blair Jeffery:

Sure. I think the key components here are giving alternatives that end up picking up the same value proposition so that the core building blocks you’re touching, I guess will feather in sort of this B2B, B2C approach. I think an actual payment has the same sort of DNA to it, you want security, you want speed, you want all those things.

I love the analogy that you need the payment to sort of fade to the background. It’s kind of like the referee and football and all the good referees are the ones you never notice. It’s only the ones that are terrible that you notice. It’s the same thing in the payment ecosystem. If you know how the payment system is doing its job, then you’re there but you’re not noticing that it’s there and I think the same thing for a check. I think it’s hard not to notice that the check is there. One it’s in physical form, too, it’s fraught with some challenges both from the fact that a check is intermediated from the buyer and the seller, and not to bash the postal service but they’re not exactly the most efficient thing on the planet. And so when you combine those two moving to an electronic fashion, it only makes sense but it’s a layer below that too when you start talking about complete buyers while that may be doing business together, they are not strategic partnerships that where that check mitigates its level on the water ground. And so it’s giving the buyers and sellers the value proposition to eliminate the use of a check or strongly mitigate the use of a check for something faster and more valuable. I think you’re starting to see that that’s not in the form of V cards. It’s in the kind of all form of things from ACH, certainly real-time payments, same-day ACH all folded into that.

I don’t think any true payment form wins. I think the days of that are over. And then I guess when you translate it into cash, we should all just recognize that cash is still a very big part of our everyday life. I think it’s depreciating at a fast clip, I don’t know if my kids use cash as much as I do. But some people are very cash-centric. And so I know that the panel now, all of us kind of touched in some form or fashion cash-based systems. And we still need to facilitate that, in my opinion, cash is still a very large part of the global economy, payment systems and so if you’re ignoring it or trying to remove it, I think you’re cutting people unintentionally out of the payment system.

Vikram Gollakota:

So keep cash, cut checks.

Blair Jeffery:

I think it does everything you can to mitigate and reduce what I think are tremendously inefficient items like a check. I think checks are you facilitating the ability to electronically and in some form or fashion.

Vikram Gollakota:

So Anupam earlier on you mentioned checks getting close to extinction. Do you offer lockboxes as service to your clients?

Anupam Sinha:

In the US we decided a few years back that paper was non-core and non-strategic for us. So we decided to exit that business. And that’s the same thing across the globe. I think from our perspective we can’t influence or change client behavior. We need to work and we need to make sure that we as a community are working towards providing a better and more frictionless experience to our clients. And from that perspective of working with many clearinghouses, we are also working with some regulators to ensure that things like real-time payments take shape. We talk about the remittance data that comes with a check and how that is so effective in terms of solving all the problems. Cash is still the king and it’s used in a big way to the extent that even in e-commerce where we think everything is so digital.

If you go to Mexico, if you go to India, there’s something called cash on delivery where the e-commerce company would ship the goods, the person, the courier company will come deliver the goods to you and will take cash. So there are many products. For example, in India, the market has developed something called UPI, which is effectively like a request to pay and that is replacing cash in a big way. So several developments are happening across the globe on the lines of ensuring that we are bringing in products as a community to the market, which will take away cash and check out of the economy.

Vikram Gollakota:

So, before we let the audience intervene, you know, ask questions. Can you please pick one payment method that will race to the top and one payment method that will go extinct in the next five years.

Steve Villegas:

So I will start with China, there’s this payment method called WeChat Pay, and it’s a social app. There are 900 million users today. Today we’re seeing the transactions, obviously in Asia, but also when we go across Europe, in the southern parts of Europe and even in Africa. So you’re seeing this payment method where certainly Chinese consumers are beginning to use this to pay around the world, and they’re starting to allow other users that are outside of China to use it. I think that’s going to continue to adopt. And they may morph into, you know, a variety of other services outside of the services they see today. So I think that’s going to continue to be dominant, I don’t think there’s any other payment method around the world that has that many users. And considering it, it’s a mobile adoption, and it’s your bank account in your hand.

And it’s much like Alipay, with which probably more people are familiar with, Alipay has fewer users than WeChat. Which method will go extinct? Well, that’s a hard question. I don’t think cash will ever go extinct just because there are too many dominant countries that have cash as the dominant way of paying until probably future generations. So that’s a difficult one to say today, I think we’ll see more consolidation of some of the various methods of how we pay today. And maybe it’s the companies as we see today, as well as payments around the world and who knows, maybe Visa and MasterCard will merge someday you never know.

Mark Aquilina:

I’m from Denver, Colorado where marijuana is legal. And because it is not federally legal, it is an entirely cash-based system. And our governor said something that I thought was extremely fascinating, which is If you ever want to create a business that invites criminality and corruption, make it an all-cash business. So if there’s anything that I would love to see, and eliminate, it would be cash. From you know, a trending perspective, we continue to see virtual card payments continue to increase the adoption just because of the security and the flexibility in the data. But also, you know, it’s the advent of these real-time payments that we see on the horizon where it’s instant cash or instant application of funds from account to account. I think that there’s a huge place for those products in the marketplace.

Blair Jeffery:

Yeah, I mean, I would piggyback on that too. I think that the psychology of the digital age is that checks will stay in some form or fashion. I think cash will always be around. I don’t know if anything will truly go extinct. But I think a lot of them are on sort of a death spiral is how I would phrase it.

Anupam Sinha:

I’ll tend to agree with you. I think real-time payment in my view is something which will grow and take a lot of flows away from all the traditional channels as of now. If you look at it, about 50 plus countries either already have Real-Time infrastructure or are in the process of building it, which is about 85-90% of the world’s GDP. If you look at the adoption, South Korea, one of the first markets, probably about 15-20 years old, the bulk of the flows are going through instant payment. If you look at the UK, which has been on this for about 10 years now 15-16% of the total payments within the economy are going through this. So it’ll take a little bit of time, but over the next three to five years, I think instant payment would take a lot of flows away. It’s all about immediacies, It’s about data, rich data that it brings in and I think as corporations they’re reimagining their infrastructure, as they have started adopting newer payment, as a national infrastructure, which will be offered by all the banks, etc. So, I think it’s taking shape in certain markets because of certain reasons. But I still feel very strongly that it’s the real-time payments which will win the game from a payment method perspective. I think, check probably but you know, there will be a few checks still lying around.

Vikram Gollakota:

So nothing will die. It’s not like the gold is no longer the currency anymore.

Anupam Sinha:

I expect you to still write checks. 10 years down the line here. Yeah.

Vikram Gollakota:

Thanks for not making me change my habits.

Vikram Gollakota:

Beautiful answers. Thank you very much. This leads me to point out there is a real-time dedicated session happening later today. Eileen Dignan, the VP of Bank of the West is talking about what it means for our corporations and what you need to prepare for. So please attend the session. Now it’s time for your question. If you have one, please raise your hand.

Audience:

If a customer chooses to pay me by check, then they’re paying from their bank account and they’re paying to get their checks, their check stubs and they’re going to pay me and I’ve to open my bank account and have a way to accept that. So each one of us is paying from our ability to transact in that way. However, if the customer chooses to pay by credit card because of the great efficiencies that they gain by getting rebate or any other benefits they’re passing the cost to me. I feel like that model is broken because I’ve no choice but to accept that payment and incur that cost which if I’m doing my job right, I’m going to them with my best price to be most competitive in the market place and if I’m doing that I don’t have my extra 2-3% to knock on my margin or I was not doing my job, to begin with. So I’m struggling with that and I want to push back and ask the customer to pay for their charges so that I’m not incurring this.

Mark Aquilina:

I’m ready to take this bullet. Yeah, we hear this all day every day, right? There’s a couple of levers, right? That we typically see. One is the speed of payment. The second is a risk. So the value of cards typically is Kinnett accelerated payment, right? Can you take a 90 days sales outstanding to a five days sales outstanding? And if you get paid for a bank, we’ve heard over and over again from merchants that they’re willing to put X number of basis points back into that deal, maybe 1% to 2% because I’m getting my money faster, and I’m getting it from my bank which is a trustworthy source and I don’t have a risk. And I don’t have to finance that, that payment for a longer period. So from a MasterCard perspective, we try to look at, you know, what are ways that we can provide flexible interchange rates. And we’ve got things if you’re not familiar with the black level two and level three data rates, which lower the cost of acceptance and then coming later this year, we’ll have a whole host of B2B rates that provide even greater flexibility of rates on our network for issuers that leverage our virtual card programs. It’s what we call variable interchange rates, and those will be rate code products that go, you know, from 70 basis points up to, you know, 300 basis points, 3%, right.

And it’s because we’ve seen scenarios where, you know, Steve is buying $500,000 worth of product from you and Mark is buying $5 worth of product from you. Typically you’ve already got the retail cost of the card built into the price for Mark, but you do not have it at the price for Steve. And so our mission is defined, you know, you may say, Okay, if Steve pays me within 10 days and I’m getting it from CitiBank, then I’m willing to pay 145 basis points or 1.45%, I’ve got the margin to support that for Steve. So our job is to come up with the rate that is 1.45% so that it matches the economics that you need to make the transaction viable and Steve needs to make the transaction viable for him. So those are things that we do, we look at one of those levers between credit quality or de-risking of the transaction, speed of the payment and the flexibility of rates. So those are the things that we do all day long to facilitate payment on virtual cards.

Vikram Gollakota:

I appreciate your time and questions from the audience. Thank you.

Vikram Gollakota: Thank you all. Thank you all for joining us. Wow, it is loud. And y'all hear me. Okay. Alright, perfect. So thanks for joining, I have a set of interesting questions that we have sourced from a lot of experiences that we have and the conversations we have with our clients. So, I'm going to start with you, Blair. Because you were introduced first, right. So if you think about overall, receivable is in an increase in the number of virtual card payments that they are receiving, right. Why do you think that is driving that adoption? Blair Jeffery: Yeah, I mean, I can give you a perspective, from at least our view, which is a little bit narrow just because we're from a practitioner, my panelists to the right have a much broader macro view of that. So be interested in his perspective, but for us, we think the thing that drives virtual cards, the usage, I guess we should start by saying it's still pretty nascent, right? Still, 3-4% of global B2B spend is the virtual part, but it is growing exponentially. And what we've seen is you certainly can break it into two categories. You…

What you'll learn

There has been a move for convergence of B2C and B2B billing and payment experiences. The demand for access to real-time, self-service billing information, secure e-payments, cross-border payment support, and on-demand trade financing has resulted in some much-needed activity and partnerships being forged to up the B2B billing and payments experience. This panel will host leading technology providers to share their views on how B2B transactions are set to evolve in the coming years.

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HighRadius Electronic Invoice Presentment and Payment (EIPP) Software provides tools that automate and speed up invoice communication and facilitate a faster collection of payments, enabling a closer and more convenient relationship with customers. It automates the invoice transmission and payment collection process providing a configurable solution that supports multiple invoice formats and different modes of transmission (fax, email, portal, etc.) depending on the targeted customer, its integration with ERP systems and a rich search capability enables efficient storage and retrieval of past invoices, backup attachments to minimize disputes and short pays. Apart from that it also has some key features that you would not want to miss out: level-III interchange and surcharge; self-service customer portal; invoicing across email, customer portals, post, and fax; advanced deduction management; and lightning e-payments. The result is faster invoicing and payment collection, better customer service, and improved profitability and cash flow.