Today in B2B payments, Walmart announces upcoming changes to its data monetization platform, Toast helps restaurants with foodservice and wholesale orders, and Nuvei adds a payment interface for businesses of all sizes. Additionally, TripActions raises $300 million, while BNP Paribas agrees to buy Kantox.
Walmart to Add Free Basic Plan to Data Monetization Platform
About a year after the launch of Walmart Luminate, a data monetization platform for merchants and vendors, Walmart announced that it would be making additions to the subscription product suite and plans to launch a bundle free base for suppliers in 2023. The company also announced that in its 11 months, Walmart Luminate increased its revenue by 80% quarter-over-quarter, increased its number of customers and has served customers in a variety of categories and sizes.
Toast adds catering and bulk ordering tools to its restaurant platform
Toast, a digital platform for restaurants, has launched a new product that helps restaurants manage food and wholesale orders as well as in-person, take-out and delivery activities. Toast President and Co-Founder Aman Narang said, “Toast Invoicing is another key enabler for restaurants to expand their service models and grow their entire business on one platform with Toast.
Nuvei launches a payment interface for merchants, platforms of all sizes
Payments platform Nuvei has launched an easy-to-implement payment interface for small and medium-sized enterprises (SMEs) that includes enterprise-grade features. Called Nuvei Simply Connect, the product is an easy-to-implement software development kit (SDK) solution. Nuvei President and CEO Philip Fayer said, “At Nuvei, we are committed to helping businesses of all sizes around the world deliver unique consumer experiences and accelerate their growth.
TripActions raises $300M to expand travel and expense management platform
Travel and expense management platform TripActions raised $300 million in a Series G funding round and said it will use the new funding to accelerate its global expansion. TripActions CEO and Co-Founder Ariel Cohen said, “The recent funding round not only shows the strength of [TripActions’] business model, but also the value for companies looking to increase savings and enable responsible spending. »
BNP Paribas acquires B2B FinTech Kantox
BNP Paribas has agreed to buy Kantox, a FinTech working on automation of currency risk management, to help add more automation to cross-border B2B work. Kantox founder Philippe Gelis said, “It’s the best of both worlds, the software leader in the currency management automation category and the number one bank in Europe.”
Technology and data help CFOs prepare for the future
In any growing business, many changes occur. For chief financial officers (CFOs), that means managing day-to-day change while keeping strategic growth as their North Star, Honor Technology chief financial officer Andrew Steinberg told PYMNTS in an interview.
US building materials company LBM taps Billtrust for augmented reality automation
US specialty building materials distributor LBM has chosen Billtrust as its company-wide accounts receivable (AR) platform. US LBM Executive Vice President and Chief Financial Officer Pat McGuiness said, “Many of our local divisions have already experienced AR automation success with Billtrust, and expanding our collaboration supports our strategy to growth while generating substantial operational efficiencies and improved cash flow.”
Launch of real-time payments between the United States and the euro expected before the end of the year
Cross-border B2B transactions – done in real time – are about to be as easy as real-time domestic payments. Russ Waterhouse, executive vice president for product development and strategy at The Clearing House (TCH), told Karen Webster of PYMNTS that early forays into the transatlantic instant payments system known as Immediate Cross Border Payments (IXB ) will pass through the Euro/US Dollar Corridor over the next few months, possibly as early as their year.
CFOs focus on optimizing the cash conversion cycle
With the digital transformation of corporate finance comes the promise of ending outdated approaches to the cash conversion cycle. Corcentric President and COO Matt Clark told Karen Webster of PYMNTS in an interview that CFOs need to ask themselves “are you optimized in terms of the timing of your payment strategy, in terms of timing where you pay your suppliers, then are you optimized in terms of how you get paid by your customers? »
A CFO’s perspective on the hard work needed to clear the ‘IPO readiness bar’
For CFOs helping prepare their organizations for whatever comes next, setting the bar high is good — and the highest goal of all is the “IPO readiness bar.” ExtraHop CFO Matt Parson told PYMNTS in an interview, “It’s good discipline for any business, whether you’re going public or not. A lot of the things you would do are things that are just good discipline and practice for the business anyway.
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