B2B transactions weren’t the use case that immediately occurred to me with emerging payment rails like real-time payments or blockchain. But this week’s roundup of payment rail innovation reveals that infrastructure continues to gain traction with commercial end users, with financial institutions (FIs) advancing adoption.
Nacha expands Phixius ACH payment data platform
Nacha is expanding the Phixius platform, designed to facilitate payment data sharing, with the addition of three participants so far this year, he said in a statement. These users have adopted Phixius and collectively process over $ 400 million in payment value and 2 million transaction volume.
The platform supports the exchange of vendor information, pre-payment information, and post-payment data through two-party connectivity using Distributed Ledger Technology (DLT ), ISO 20022 messaging standards, and application programming interface (API) integration. The movement of data, along with the movement of funds, has become a key focus for B2B payments, as well as a criticism of ACH transactions which may struggle to move enough data with money.
US Faster Payments Council appoints 2021 directors
The Faster Payments Council (FPC) of the United States has appointed its 2021 board of directors, it announced in a press release sent to PYMNTS, which noted that the election of new and old members is aimed at to reflect the diversity of the payments ecosystem.
Antonia Stroeh of Mastercard, Carl Slabicki of BNY Mellon and Charles Harkness of Corporate One Federal Credit Union, to name a few, are participating as directors. The three directors responsible for representing the Faster Payments business end-users are Perry Starr of Target Corporation, Stuart Dwyer of Microsoft, and Matt Howarter of Walmart.
PNC finds RTP adoption among enterprises
In just about a year, corporate use of the clearinghouse RTP network by PNC Financial Services has grown from what American Banker has reported as âa handfulâ to over 250. This is proof of that. ‘growing business interest in faster, real-time payments, which initially faced significant doubts about its ability to gain traction in the B2B payment use case. âAs more and more things are digitized, there is a growing need to have funds immediately,â said Chris Ward, executive vice president and product manager for cash management at PNC.
Paystand finds growth with Sage
The Blockchain B2B Paystand payment platform expands its reach with a new partnership with Sage, offering its solution through Sage Intacct Marketplace and integrating its technology within the Sage Intacct system. The partnership supports the adoption of instant B2B payments using Paystand’s blockchain and banking network.
In addition to payment speed, Paystand’s solution provides businesses with payment options integrated into invoices, reconciliation automation and cash application, as well as support for cash flow management. , without charging fees to suppliers accepting payment.
Blockchain customer banking forecasts for B2B payments
Customers Bank, including Vice President and COO Sam Sidhu and General Manager and Chief Digital Banking Officer Chris Smalley also told PYMNTS about the importance of FIs in forecasting businesses’ B2B payment needs. Sometimes, they said, that means anticipating demand before business customers even know they want or need a solution.
This will likely be the case with blockchain, and while end users may not understand exactly how the technology works, they will only need to know that it works and adds value to their operations. Smalley highlighted the opportunity for features like smart contracts to create even more value for businesses, while Sidhu highlighted the ongoing nature of the 24-7-365 blockchain as another key feature that can benefit businesses.
Earlier this month, Customers Bank announced the adoption of Tassat’s blockchain-based TassatPay network to support instant B2B payments with the ability to integrate both digital and legacy payment rails.