Today in B2B Payments, EVO discusses the role of collaboration in B2B payments digitization, and Commerzbank begins testing blockchain and digital euros for corporate supply chains. Plus, a look at open banking’s impact on small business cash flow, PayPal teams up to help small businesses modernize and Pine Labs raises new funding.
SMBs in the U.K. are still grappling with late payments — and the problem is worse than ever amid the pandemic. Mark Hartley, founder and CEO of BankiFi, said that open banking — and request to pay through a new service called Incomeing — can help SMBs get paid on time, manage cash flow more efficiently and grow without tapping into expensive (and hard-to-get) funding sources.
PayPal is partnering with the Singapore Centre for Social Enterprises (raiSE) to help small to medium-sized businesses (SMBs) and social organizations transition to digital operations, The Business Times reported. According to the report, PayPal has committed to initiatives including waiving processing fees for participating social entrepreneurs for a certain period, featuring SMBs and social entrepreneurs on PayPal’s website, and holding online workshops to give SMBs and social enterprises tools for establishing a strong digital presence.
Pine Labs, an Asia-based merchant commerce platform, has completed a funding round and come away with $285 million, according to a press release. Pine Labs works in merchant payment solutions and has introduced its buy now, pay later (BNPL) platform in Malaysia. The company also has plans to take its Pay Later installment payments program to other areas in the region.