Today in B2B payments, Mastercard adds new features to its Track Business Payment Service, while a U.K. FinTech with a focus on small businesses secures a restricted banking license. Plus, FactorForYou launches, Ordway enables multi-entity B2B billing and Fiskl partners with Samsung Appstack.
Mastercard has added a new Account-to-Account (A2A) service to its Track Business Payment Service, to help businesses exchange data more efficiently and perform payments across multiple rails, a press release says. With the new addition to Track Business Payment Service, businesses can have greater control over their payments because the A2A service will support rich data exchanges and allow for payments automation without having to share sensitive data information. According to research from Mastercard, almost 80 percent of mid-size and larger suppliers see risk in sharing bank account data. However, the press release says that risk is cut down because the suppliers do not need to share confidential bank account information with buyers, and buyers don’t need to share such details either.
A new website called FactorForYou has launched that is something of an online dating service for small and medium-sized business (SMB) owners who want to turn accounts receivable (AR) into cash and the owners of factoring companies that make such transactions happen, according to a press release. FactorForYou states on its website: “Choosing a factoring company can be a challenge. Between different rate structures and terms it can be almost impossible to compare companies. Let us put our experience in the factoring world at no cost or commitment to you! We know this is a service that can make a big difference for many businesses.”
Ordway, which works in billing and revenue automation for scaling companies, will offer SMBs multi-entity billing and revenue management support, according to a press release. That means “companies can focus on global expansion and compete with Fortune 500 companies on an affordable and flexible order-to-revenue framework,” no matter their size, the release stated. In the past, this wasn’t the case; only legacy enterprise resource planning (ERP) software, which often had irrelevant functionality issues and was costly, was able to support multi-entity companies and their associated high-level billing and accounting needs. The result was numerous companies with spreadsheets and systems cobbled together to manage a company’s needs, according to the release.
Mobile-first fiscal management solution Fiskl has joined up with Samsung Appstack to help keep small and to medium-sized businesses (SMBs) competitive through collaborations and project management, according to a press release. According to the release, Taher Behbehani, head of mobile division, senior vice president and general manager with Samsung Electronics America, said Appstack “is a platform where SMBs can go to get a collection of highly-rated app recommendations, from a partner they can trust.” And, “For many small businesses, access to technological knowledge and resources has been a major obstacle to adapt to the digital-first economy,” he said, according to the release.
Recognise, a subsidiary of Britain’s City of London Group, has been awarded a restricted banking license by regulators in the U.K., the company announced, in a press release. A full license could come as early as the first quarter of 2021, the release stated. The timeline is consistent with one City of London Group included in a slide deck on its website describing the licensing process. Recognise was created in 2018 with a mandate to serve small and medium-sized businesses.