Despite challenges posed by legacy processes and institutional inertia, external factors like the COVID-19 pandemic and advancements in digital technology are accelerating the adoption of electronic transactions. Weiner predicts future B2B payment innovations in embedded finance, software vendor collaboration, and straight-through processing. He also highlighted the role of AI in overcoming institutional inertia and driving automation and efficiency in finance departments.
Key takeaways:
- B2B payments are primarily about workflows and data, with payments coming second, according to Ben Weiner, senior vice president and global head of B2B payments at Nuvei.
- Accounts receivable (AR) automation presents a significant opportunity for growth in the B2B payments sector, with the potential to enhance efficiency through workflow optimization and process automation.
- Nuvei has launched an integration with Microsoft Dynamics 365 Business Central to help small- to medium-sized businesses incorporate various payment methods into their existing enterprise resource planning modules.
- Despite challenges posed by legacy processes and institutional inertia, the adoption of electronic transactions in the B2B payments sector is being accelerated by factors such as the COVID-19 pandemic, high interest rates, and advancements in digital technology.