Billtrust has joined forces with Visa to launch the Business Payments Network (BPN), which aims to streamline B2B payments.
The network will do this by creating a directory of suppliers accepting electronic payments.
The Visa Billtrust partnership forms part of the companies’ plan to streamline payment for financial institutions, corporate buyers and B2B suppliers.
BPN’s directory will offer a list of suppliers along with their payment acceptance preferences.
Using the BPN network, financial institutions and corporate buyers will be able to deliver digital payments directly to the acceptance platforms of suppliers.
The network has also been designed to deliver streamlined reconciliation to suppliers and buyers.
Billtrust CEO Flint Lane said: “Today, suppliers have to balance their own payment preferences with the preferences of their customers’ accounts payable departments – and those two preferences don’t always sync up.
“BPN is designed to close the loop on the electronic payment cycle in a more transparent and secure way to more closely replicate the way consumers today pay and get paid, quickly, simply and seamlessly.”
The latest alliance builds on the existing relationship between the two companies. Last year, Billtrust’s Virtual Card Capture was integrated with Visa’s Straight Through Processing solution.
Visa Business Solutions global head Kevin Phalen said: “Collaborating with Billtrust on the Business Payments Network will allow us to improve the experience for suppliers on the receiving end of the payment, while enabling our financial institution clients to streamline the B2B payments process for their corporate customers and provide a better way for buyers and suppliers to realise the benefits that digital payments provide.”