[ad_1]
This week’s round-up of the latest innovations in payment platforms for B2B payments shows a key focus on real-time transactions and the adoption of emerging and faster payment platforms.
This includes advances in Canada’s upcoming Real-Time Rail, as well as Transcard’s adoption of Mastercard’s corporate payment tracking service to facilitate real-time account-to-account transfers for businesses. Additionally, the blockchain makes new forays into the B2B arena.
Canada uses Vocalink for Real-Time Rail
As Canada prepares to roll out its real-time payment system, Real-Time Rail (RTR), Payments Canada, the lead entity of the initiative, announced that Vocalink, owned by Mastercard, has been selected as the clearing and settlement solution provider for the new payment line. The partnership supports Payment Canada’s need for RTR to enable ISO 20022 messaging standards and remain in compliance with Bank of Canada’s risk management standards for payment systems, an announcement revealed. Payments Canada President and CEO Tracey Black said RTR will help both businesses and consumers drive long-term economic growth.
Mastercard adds A2A for Track Business Payment Service
In an expansion of its Track Business Payment Service, Mastercard announced account-to-account (A2A) functionality to allow businesses to more easily pay their suppliers with a choice of payment tracks. In a conversation with PYMNTS, James Anderson, executive vice president of Global Commercial and B2B Solutions at Mastercard, described the importance for Mastercard of developing overlay services on existing tracks to promote that choice.
“This is an important distinction between what we are doing now and what we think we will do more moving forward than what was needed with the card guides,” he said. “We have begun to seriously think about what it means to add value to transactions, even if you don’t control the underlying binaries.”
Transcard embraces the track for B2B payments in real time
One of the latest users of Mastercard’s Track solution is Transcard, which announced its A2A capabilities using Mastercard technology. While Track supports a range of payment channels, Transcard highlighted its support for the RTP network as a key value proposition in the context of B2B eCommerce. Through integration with enterprise resource planning (ERP), the A2A solution enables a smoother B2B payment experience for both the buyer and seller, while both parties also have access to rich remittance data, has observed the company.
Companies drive adoption of Australia’s nuclear power plant
Australia’s new payment platform (NPP), its real-time payment rail line, continues to gain ground according to the latest network data. According to NPP’s latest Roadmap report, businesses are a key driver of payment method adoption. Over 20% of A2A transactions in Australia are now made through NPP and one in three involve a company as the sender or recipient of the payment. Financial institutions (FIs) are increasingly automatically routing transactions that would once have been transferred via Bulk Electronic Clearing System (BECS) Direct Entry to NPP, while businesses are also replacing real-time gross settlement (RTGS) transactions with NPP noted.
Volante explores the B2B value proposition in real time
While real-time payment channels are gaining ground, there remains some lack of clarity about how exactly the capacity will be adopted in the context of B2B payments. In a conversation with PYMNTS, Domenico Scaffidi, Head of Market Infrastructures at Volante, explored how financial services providers can get creative in understanding how businesses will use real-time payments. As discussed, the banks have to look beyond the speed to find the value proposition. Finserv’s suppliers need to understand the “culture change” that comes with real-time payments, particularly when it comes to moving from batch to individual transactions. That means opportunities to make real-time payments for liquidity management, while payment channels that facilitate real-time transactions are also embracing the movement of data that can be particularly valuable to corporate end users, he said.
Rapyd fights fraud on payment rails
In an announcement, FinTech-as-a-Service company Rapyd launched its Rapyd Protect solution. The technology is designed to combat fraud for both businesses and customers as an overlay service that operates on a range of existing tracks. In the announcement, Rapyd identified a growing number of alternative payment methods, including real-time payment networks, that increase the demand for fraud mitigation features without forcing customers to change the way they make a payment.
Tomia and Clear embrace Blockchain for B2B payments for telecommunications
As more payment use cases emerge from distributed ledger technology (DLT), some solution providers are looking towards blockchain industry-specific applications. Two companies that do this are connectivity optimization company TOMIA and blockchain clearing and clearing network developer Clear. The companies announced their partnership last week to develop a roaming management, reconciliation and settlement platform designed for the international telecommunications industry. When a telecommunications customer uses roaming data and services while traveling abroad, his telecommunications provider must pay the international provider that facilitates that roaming service. The technology developed by TOMIA and Clear aims to use blockchain to help telecom companies manage the mutual management process of roaming contracts and facilitate cash flow between businesses, although their announcement did not specify whether the platform will be capable of facilitating effective payment between telecommunications companies.
BitPay debuts with BitPay Send
A blockchain company that uses technology to facilitate the movement of funds is BitPay. FinTech cryptocurrency last week launched its BitPay Send service, a technology that allows businesses to issue payments to workers, customers, contractors, suppliers and others using digital currency. The solution is designed to facilitate bulk payments and enable businesses to embrace crypto payments without having to purchase, own or manage crypto.
——————————
NEW STUDIO PYMNTS: ACCELERATE THE CURVE OF REQUEST FOR REAL-TIME PAYMENTS – NOVEMBER 2020
Of: Accelerating the demand curve for real-time payments: what banks need to know about what consumers want and need, PYMNTS examines consumers’ understanding of real-time payments and the methods they use for different types of payments . The report explores consumers’ interest in real-time payments and their willingness to switch to financial institutions that offer such capabilities.
[ad_2]Source link
