21st-century B2B payment realities: Moving beyond a bygone era
While B2B payment needs and business technology realities have changed dramatically in the last 40 years, the vast majority of B2B payments still rely on this same technology built to suit a bygone era, as the electronic payment systems used globally have not changed significantly since then.
In the 21st century, however, the digital economy enables companies to connect to their partners through business networks to exchange terabytes of data in real time. So the idea of extracting and sharing only a limited subset of that data with payment is as out of place as wood paneling and orange shag carpet in a modern home remodel!
And in an era of increased data breach risks, it makes no sense for companies to capture, manage, and maintain sensitive supplier bank information in their own servers, unless bank account maintenance is their core competency (which it most likely is not). Rather, in the digital economy, business networks provide an ecosystem for companies to tap into the strengths of best-in class providers to handle that for them.
Modernizing with certain, secure, and simple B2B payment
The time has come to make the final upgrade from payment processes and systems built in the mainframe computer era to a B2B payment built for the digital economy.
Instead of 1970s payments that are opaque, risky, and complex, business network based B2B payment is certain, secure, and simple. With terabytes of real-time payments data being shared between known business partners, it is certain to all parties exactly who is being paid when and for what. And with a network ecosystem to connect you to best in class providers, you no longer ever have to touch sensitive bank information, thus removing risk and making your payments more secure than ever. Finally, with single portal access and a simple, clean user interface, it is simple for all parties to get the information they need when they need it.
So, when remodeling your accounts payable house, don’t go through all the work of modernizing the structure only to finish it off with a payment process built for another era. Get rid of the wood paneling and shag carpet once and for all, and bring your B2B payments into the digital economy.
Find out more about 21st century B2B payments. Read our latest research.