Visa and Billtrust Partner on B2B Payments Network
Visa and Billtrust have announced that they are collaborating on Billtrust’s Business Payments Network (BPN), which is designed to streamline the delivery of electronic B2B payments to suppliers.
As a unique supplier-driven B2B payments network, BPN provides a transparent registry of suppliers who accept digital payments, giving buyers and financial institutions the necessary access to automate what has historically been a complex process. BPN is designed to make it easier than ever to harness the increased efficiencies, greater security and lower costs associated with processing digital payments, without needing to make significant changes to existing infrastructure.
BPN is designed to address current industry challenges by:
- Providing a connected platform for suppliers, buyers, financial institutions, and accounts payable and accounts receivable software providers.
- Publishing an online directory that contains a full view of participating suppliers and their payment acceptance preferences.
- Providing financial institutions and corporate buyers with ability to deliver digital payments directly to the suppliers’ acceptance platforms.
- Enabling complex financial and payment data to seamlessly come together at scale while delivering streamlined reconciliation to suppliers and buyers.