B2B supply chain management platform actyv.ai has teamed with digital payments technology provider Mswipe to improve payment solutions for merchants in the home country of India.
“Through this partnership, Mswipe will leverage actyv.ai’s technology stack, allowing the merchants to make informed decisions regarding their distributors and vendors,” actyv.ai said on its Facebook page Friday (Nov. 11).
“actyv.ai’s enterprise customers will benefit through Mswipe’s omnichannel payment solutions and business loans.”
The partnership follows actyv.ai’s September announcement that it had added an embedded B2B buy now, pay later (BNPL) option and insurance to its platform, saying this will help make business transactions quicker and easier.
By linking companies, their business partners, and financial institutions (FIs), clients can orchestrate every piece of a business transaction from one platform.
“Leveraging its SaaS [software-as-a-service] technology platform, actyv.ai enables easy onboarding of distributors and suppliers onto an enterprise’s network,” the company said. “The company’s aim is to provide alternative means of capital to an enterprise’s channel partners, based on their financial and non-financial data.”
PYMNTS spoke recently with a trio of executives on the rise of embedded B2B payments.
“It’s early innings in this digital transformation,” Entrata CFO Mark Hansen said.
For now, the modernization of B2B payments takes a cue from services like Apple Pay and Google Pay and through any number of apps. That’s a target, perhaps, where people are used to seeing banking and transaction information on demand.
But getting there will mean upgrading a wide range of back-office functions, such as accounts payable (AP) automation, which will lead to more vendors getting paid via digital means, instead of accepting that old standby: the paper check.
And this will take time. Galileo CPO David Feuer noted that it took a decade for consumer credit cards—which debuted in the late 1950s—to catch on.
“What’s happening now,” said Feuer, “is that with APIs and the internet and the pervasiveness of connectivity, we’re starting to see the next generation of finance … happen at ‘internet’ speed.”
We’re always on the lookout for opportunities to partner with innovators and disruptors.