In B2B payments today, one in four U.S.-based global businesses will invest in Accounts Payable (AP) and Accounts Receivable (AR) integration over the next three years, and Convictional is raising $40 million. dollars at a fundraiser. Additionally, FinTech Transact365 launched its payment platform in Latin America and more.
25% of US-based multinationals plan to invest in AP and AR integration over the next 3 years
A growing number of international businesses are tackling the issues associated with legacy cross-border payment setups and plan to invest in digital innovations at some point over the next three years.
Among US-based global companies, 31% plan to invest in technology capable of automating PA, 36% intend to invest in technology capable of automating AR, and 25% plan to invest in technology capable of automating AR. invest in straight-through processing capabilities over the next three years, according to the Cross-Border Enterprise Payments Innovation Playbook, a collaboration between PYMNTS and Payoneer.
CFOs should look for internal and external opportunities to drive digital efficiency
Today’s CFOs are digitizing every aspect of the business that finance touches with the goal of providing external customers with the service they want and empowering internal customers, including sales and product teams. , the data they need to make more informed decisions.
“Access to information, the ability to easily access information, is increasingly becoming a requirement,” Paymentus CFO Matt Parson told PYMNTS during an interview for the series. “A day in the life of a digital-first CFO”.
Companies have had to quickly develop new ways of doing things since the onset of the COVID-19 pandemic, which made almost everyone a remote worker for at least part of their work week. There has also been a greater need for information as teams have had to make day-to-day decisions to move businesses forward over the past two years.
“The more we can digitize internally and remove items from spreadsheets, manual processes, allowing us to respond to those items more quickly,” Parson said.
FinTech Transact365 brings the platform to Latam
UK FinTech Transact365 has launched its payments platform in Latin America, a move the company says makes it one of the largest alternative finance platforms in the region and enables cross-border and local e-commerce transactions using local payment methods including PIX and Boleto.
The launch follows FinTech’s rollout last month of Cross-Border Payments in India, which allows merchants to access Indian markets without forming local payments partnerships or setting up businesses in India, providing access to a customer base of more than a billion people.
Transact365’s Latin American payment network includes Mexico, Brazil, Colombia, Ecuador, Peru, El Salvador and Costa Rica.
RangeMe adds a direct purchase option to the wholesale market
Product discovery and sourcing platform RangeMe has added a direct purchase option to its platform that allows buyers to get the products they need from suppliers, creating what the company calls “the world’s largest wholesale market for retailers”.
RangeMe has over 200,000 suppliers representing nearly one million products across all consumer packaged goods (CPG) categories on its platform. The company enables vendors to create a B2B digital storefront and open direct sales channels and puts vendor products in front of retail buyers.
Convictional recoups $40 million for product innovation, sales and market expansion, B2B automation
Supply chain software company Convictional has completed a $40 million Series B funding round, saying it plans to use the money to accelerate product innovation, expand sales efforts and marketing and expand the reach of its automated B2B business offering.
Convictional helps retailers integrate new brands with their dropshipping, marketplace and wholesale programs with one-click Shopify, WooCommerce and BigCommerce integrations and the ability to integrate legacy brands using CSV files and EDI.