Today in B2B payments, American Express discusses healthier cash flow for the construction sector, and Prevalent delves into reshaping supplier risk management strategy. Plus, Synovus debuts an integrated accounts receivable platform, Temenos creates a virtual COO for small businesses and Wesgro collaborates on small business funding.
The construction industry is booming, but surging supply and demand don’t necessarily equate to healthy cash flow for industry players, especially small businesses. American Express Vice President and General Manager, B2B, Global Merchant and Network Services RJ Ancona explains the opportunity for firms on both the buyer and supplier side of the supply chain to boost financial health through optimized B2B payment technology.
When everything from late B2B payments to software security vulnerabilities can change the risk profile of a vendor, procurement teams cannot make third-party risk management a one-and-done operation. Brad Hibbert, chief operating officer and chief strategy officer at Prevalent, tells PYMNTS how firms can expand their risk strategies to fit a modern market.
Synovus debuted its Synovus Accelerate AR platform called to increase access to working capital and decrease exceptions by the way of straight-through processing throughout every payment channel. The solution is offered with payments and business technology company Deluxe, according to a Tuesday (June 1) announcement. “Synovus Accelerate AR anticipates the rapidly evolving requirements of organizations to accelerate capture of payments, improve the cash conversion cycle, and make better business decisions,” Katherine Weislogel, Synovus head of treasury and payment solutions, said in the announcement.
Temenos, the banking technology company, and Canadian Western Bank (CWB) have built out Temenos Virtual COO, an Explainable AI-driven (XAI) offering. Temenos has rolled out the offering throughout the world, according to a Tuesday (June 1) announcement. “We’re innovating with Temenos to not only create something special, but to evolve with SME [small to medium enterprise] owners along their growth journey. It’s about understanding the human behind the business,” Jeff Wright, senior vice president, equipment, digital and client solutions for Canadian Western Bank, said in the announcement.
Wesgro, which works in tourism and investments, and Finfind, which works to pair businesses with funding, are partnering to develop a “fund matchmaking portal” to will help small to medium-sized businesses (SMBs) find the best funding they can, a report from BizCommunity said Tuesday (June 1). The platform automatically matches businesses with available funders according to specific funding needs. The database has over 300 funders and over 600 small, medium and micro-enterprise (SMME) products from both the public and private sector funders in South Africa.