Automation and Digitalization of Payment Solutions: Top 10 B2B Payments Companies Taking Secured Payments to New Heights

Business-to-business (B2B payments) refer to the services and goods between companies and businesses for a particular value in currency. It can be recurring or one-time transactions based on the terms between the buyer and the seller. Some of the modes of payment for B2B transactions include wire transfers, cash, credit cards, and others.

The quick automation and digitalization of B2B payment solutions have driven the demand from business owners for these solutions, augmenting the market growth. Another factor presenting lucrative opportunities for growth is the rising investments in technology-based payment solutions and increasing real-time payment trends.

As per a report by Fortune Business Insights™, the market for B2B payments reached USD 72.30 trillion in 2022 and is set to reach USD 174.38 trillion by 2030 with a CAGR of 11.9%. The market was valued at USD 79.53 trillion in 2023.

Fortune Business Insights™ Profiles Top 10 Key Players/Companies in the B2B Payments Market

1) Mastercard

Mastercard, one of the top B2B payments companies is a payment solution provider globally and deploys partnerships, solutions, innovations, and secured data and networks to aid people, enterprises, governments, and financial institutions in conducting their secured payments. In January 2024, the company inked a deal with 4thWave to improve B2B payments across EMEA. This partnership enhanced the company’s product line as part of its virtual card platform. Citing another instance, in January 2024, TreviPay joined forces with the company for the expansion of its B2B payments. TreviPay helps providers to deliver permitted purchases a net-terms card for purchasing by deploying the company’s commercial card payment and acceptance network competencies.

2) FIS

FIS is a technological solutions provider for enterprises and financial associations of all types across various industries worldwide. Its solutions portfolio is inclusive of compliance, risk management, corporate liquidity, retirement, wealth, lending, fraud, payment, and account and transaction processing. In February 2024, the company announced the expansion of access to open banking in a deal with Banked. It also launched Pay-by-Bank solutions for customers and businesses through real-time payments, APIs, and open banking.

3) Stripe, Inc.

Stripe, Inc. is a fintech company providing payment services and solutions. It develops software for the promotion of debit and credit card payments. It also offers services, including an application marketplace, professional services, a partner ecosystem, and support services. Moreover, connect, financial connections, invoicing, corporate cards, checkout, billing, climate, payment links, and pipeline are some of the solutions provided by the company. In November 2023, it expanded its alliance with JCB for Europe, Hong Kong, and Singapore.

4) Flywire

Flywire integrates a modernized payments platform, industry-specific software, and a patented global payments network to offer necessary and complex payments to its customers and clientele. The B2B payments solution provider also deploys its industry-precise payment mechanisms and software to embed acutely within the current A/R work functions. In February 2023, it inked a deal with FranConnect to deliver assimilated B2B payment solutions to the franchise sector.

5) Block, Inc. (Square Inc.)

Block, Inc. (Square Inc.) aids vendors in the development and operations of their businesses with its incorporated enterprise software, banking solutions, and commerce solutions portfolio. It creates tools to allow businesses and people to participate in the economy. Sellers utilize Square to motivate purchasers in person and online while tackling their financing and business. In August 2023, the company announced the expansion of its alliance with Marqeta following its year-on-year revenue growth.

6) Edenred Payment Solutions

Edenred Payment Solutions offers corporates, retailers, and fintech the functional payment solutions and APIs needed by them for the minimization of time-to-market, release of their product’s complete potential, and enhance the customer experience. In February 2024, the B2B payments solution provider entered a collaboration with Frontsteps for the improvement of invoice approval performance while making payment and handling of merchant invoices for community management enterprises easy. Both companies emphasize improving the way community management enterprises manage vendor invoices by integrating the competencies of their respective solutions.

7) Payoneer Inc.

Payoneer Inc. is a financial technology company that allows small and medium-sized enterprises to conduct business, expand globally, and carry out transactions. It has created a global financial platform that has simplified the payment, handing of funds, and business growth of millions of SMEs. In April 2023, the company joined forces with Zoho to deliver an integrated payment experience to their customers. The deal helped the company provide inventive payment solutions to enterprises by using Zoho Books, which is a cloud accounting solution.

8) American Express Company

One of the top B2B payments companies, American Express Company offers a diverse array of credit cards, charge cards, and other payment and financing solutions to people, corporations, and small and middle businesses. It also delivers point-of-sale marketing, network services, payment settlement, and merchant processing and acquisition. In April 2024, the company announced its alliance with Payhawk to offer the ability to obtain virtual cards with unified spending management to U.S. businesses and corporate card members. Many ways to operate and manage business spending across the globe are offered by the new B2B payments deal.

9) Visa Inc.

Visa Inc. is a global digital payment mechanism company that caters to individual and commercial clients, merchants, financial institutions, and government entities. In October 2023, the company partnered with Swift for the improvement of B2B payments across the globe. This deal emphasizes enhancing communication across their vast networks, which aid many small enterprises that often conduct their businesses internationally.

10) JPMorgan Chase & Co.

JPMorgan Chase & Co. is a financial company that delivers financial transaction processing, asset management, investment banking, and consumer and commercial banking solutions. Equipment finance, commercial term lending, business credit, and middle market banking are some of its commercial banking solutions. In April 2024, the company joined forces with Codat to boost the uptake of virtual cards. This deal offers card issuers access to the right data in their selected format to hire suppliers to get virtual card payments instead of checks.

How Will AI Take the B2B Payments Arena By Storm?

The traditional ways of conducting business have become obsolete. In this regard, advanced technologies such as AI have come to the forefront for real-time payments and seamless transactions. The surge in AI uptake has enhanced the financial workflows to bring a revolution in payment processes by integrating automation and digitization in the B2B sector. The deployment of AI-enabled bots will boost the speed of processing efficiency, decrease transactional errors, and enhance the buying efficiency of different businesses. The surging AI technology penetration among various industry verticals offers a diverse array of fraud prevention and card issuance solutions across multiple industry sectors. Thus, fraud can be decreased by organizations by incorporating AI-based payment solutions.