Business-to-Business Innovation: Leverage, Artificial Intelligence, and Embedded Experiences
The B2B landscape is being revolutionized as firms fully embrace digital innovation to compete in new markets and transform existing commercial relationships, according to PYMNTS. This shift towards digital is creating a more agile and responsive business environment, where data-driven decision-making is crucial. Additionally, organizations are adopting a collaborative, innovative, and flexible mindset to drive growth opportunities.
This week, PYMNTS explored themes such as embedded innovations, operational leverage through AI, small business transformations, and the shift from manual to automated processes.
Digital solutions are challenging traditional methods, from B2B payments to treasury management. VoPay introduced TXB, a digital transaction and cash management platform designed for banks and credit unions to offer «API-first transaction banking and cash management services.» Nue launched a platform that unifies configure, price, and quote (CPQ) and billing, accelerating finance operations across B2B models.
API-driven innovation is transforming the B2B space by enabling seamless integration between systems, leading to automated data exchange and streamlined processes. Vendor risk mitigation and governance remain crucial, as highlighted by the collapse of banking-as-a-service provider Synapse. Relay raised $32.2 million in Series B funding to enhance its business banking platform.
Leveraging AI across B2B operations is a priority for many businesses, enhancing efficiency, accuracy, and strategic decision-making. Transcend raised $40 million in Series B funding to grow its privacy and AI governance solutions. Billtrust unveiled AI tools within its accounts receivable software platform.
High interest rates, SMB growth, and alternative capital interest are influencing the B2B landscape. SMBs face challenges due to limited access to capital, leaving them vulnerable and less able to invest in necessary innovations. The «Small Business Real-Time Payments Barometer: Restaurants Edition» report found that instant payments are becoming more prevalent among restaurant SMBs. Visa and Jotform discussed best practices to protect small businesses from fraud and cyberattacks.
Financial Information Technologies acquired Nexxus Group to enhance its B2B payment capabilities. Elavon partnered with Woo to facilitate online payments for European SMBs. Sunrate and Voxel collaborated on travel industry B2B solutions, while Ramp and Ascenda partnered to offer more redemption options for Ramp’s customers. Banco Inter plans to acquire the remaining 50% of merchant acquirer Granito, expanding its services to over 100,000 SMBs in Brazil.