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FinTechs Dive Into Multi-Rail Strategy To Combating B2B Payments Friction

FinTechs Dive Into Multi-Rail Strategy To Combating B2B Payments Friction

June 10, 2021 at 01:00PM
by PYMNTS

This week’s look at the latest in payment rail innovations finds FinTechs embracing the strategy of deploying multiple networks to combat a variety of pain points in B2B payments. Whether it’s streamlining cross-border transactions or accelerating small business payments, innovators are collaborating to boost payment rail connectivity and optimize the paths that move money.

PayAlly Broadens Payment Rail Access With Banking Circle

Small business payments platform PayAlly is looping into more payment rails around the globe via a new partnership with Banking Circle, the companies recently announced. The U.K.-based FinTech is looking to strengthen its cross-border B2B payment capabilities, and will be able to connect to Banking Circle’s own correspondent banking network without having to establish a physical presence or bank accounts in each geographic market. Banking Circle facilitates access to a variety of payment networks, including the U.K.’s Faster Payments, CHAPS, SEPA and others. SWIFT facilitates cross-border communications and transactions.

“At PayAlly, we strive to help smaller businesses and individuals by providing them with quicker and more reliable payments,” said Rafal Andzejevski, co-founder and CEO of PayAlly. “Working with Banking Circle, which offers us additional routes for international payments, we are able to improve our ability to execute B2B cross-border payments in various currencies more quickly, efficiently and smoothly than we were previously able to do. As a result, our clients can send and receive funds much faster and with less hassle, and that is good news for their cash flow and profitability.”

Fintainium Invests In Real-Time Payments With Visa

Enterprise-targeting FinTech Fintainium is bolstering its existing partnership with CIT’s Treasury and Payments Services operations through an additional collaboration with Visa that will enable Fintainium to integrate real-time push payments within its financial management platform. According to a press release, Fintainium’s solution — which facilitates end-to-end financial workflows, including B2B payments and accounting — will wield Visa Direct to enable the movement of funds in real time.

Visa Direct combines a variety of card and account rails to push funds from a business to a card endpoint. “When you combine rich data with the most efficient rails to move money and data, value is created. What we are doing cannot be overstated,” said Fintainium CEO and Co-founder Richard Jackman in a statement.

Tyfone Taps Allied Payment Network For Real-Time Payments

Allied Payment Network, which connects community financial institutions to payment technology, has announced a partnership with Tyfone, which provides digital banking solutions to FIs. Tyfone is integrating Allied’s real-time digital payment solutions for its own offering, enabling banks to help those smaller FIs compete with industry giants. Allied supports ACH transactions as well as account-to-account payments.

Nacha Creates Faster Payments Certificate Program

In partnership with the Payments Innovation Alliance and the Payments Associations, Nacha announced the creation of a Faster Payments Professional certificate program that aims to provide industry professionals with resources surrounding Same-Day ACH and RTP. The program provides access to industry standards, legal insights and tools to enhance expertise around real-time payment rails.

“In just a few years, we’ve seen the successful implementation and adoption of a number of faster payments channels, including Same-Day ACH and RTP. With other innovations on the horizon, it is important for payments professionals to have a course of study to help them learn and then demonstrate their expert knowledge in this dynamic area,” said Stephanie Prebish, AAP, CTP, Nacha’s managing director, association services.

Veem Broadens Domestic Payments Tech For Canadian SMBs

Veem, which deploys a multi-rail strategy to facilitate B2B payments domestically and across borders, is bolstering its offering to small businesses across Canada. The company recently revealed that SMBs can now facilitate electronic funds transfers (EFTs) across provinces and territories. Dubbed Veem Local Canada, the solution supports automated reconciliation and consolidation of payment workflows.