Page 14 - GS170401

News

Expanded intellectual properties multilayered B2B sector needs efficient, automated
systems. "There hasn't been a true automation," she said.
First Data and Acculynk representatives said development "More than half of supplier payments are still made by
teams will collaborate on a range of product offerings and paper check; business owners must manage numerous
routing solutions, leveraging their combined expertise payment flows and processes."
in network engineering and software development. The
deal is expected to close, pending further review. Upon Enhanced efficiencies
approval, First Data's purchase of Acculynk will bring
the company a wealth of intellectual assets, including Designed to automate routine accounting practices while
government bill pay solution PayGov, white-label P2P increasing security and convenience, virtual commercial
solution Payzur, and an extensive patent portfolio and cards are compatible with most financial institution
suite of product offerings, representatives stated. systems. Viewpost representatives expect the new payment
schemes to enhance its existing B2B payment network,
Visa, Viewpost target which, Viewpost noted, has processed $71.4 billion in B2B
payments since the company was established in 2011.
SMB payments When enrolled customers pay with virtual card products,
suppliers receive a one-time virtual account number to
post to their merchant account. Both payer and payee
receive detailed remittance information. Suppliers who
iewpost IP Holdings LLC disclosed in March are not set up to accept virtual commercial card payments
2017 that it partnered with Visa to provide can use a simplified enrollment method to receive
Visa virtual commercial card products to its payment. Viewpoint representatives expect the automated
V small and midsize business (SMB) clients. The enrollment and remittance methods to improve conversion
electronic payment products use a one-time Visa virtual and adoption rates.
account number to enhance security and provide addi-
tional remittance detail for accounting and compliance Viewpost works with an array of enterprise-scale and
purposes, the companies stated. small to midsize business clients, including Accenture,
Florida Hospital Medical Center, Georgetown University,
Vicky Bindra, Global Head of Products & Solutions at Visa, the Orlando Magic and Whole Foods Market. The company
said the collaboration will enable small business owners state is has partnered with U.S. Bank, Bank of America,
to access a comprehensive set of financial management Fifth Third Bank and other financial institutions to bring
tools where they bank, in a single portal. "We are thrilled cash management tools to business customers.
to partner with Viewpost and make our customers' lives
easier by significantly reducing time, cost and friction SMB growth potential
around payment, so they can focus on what is most
important – managing and growing their businesses," he The SMB Emerging Trends in Accounting Report 2017,
stated. published by Viewpost in February 2017, found high
usage of nonautomated, manual systems among small
Max Eliscu, Chief Executive Officer at Viewpost said business owners. Reliance on manual systems can impede
the virtual commercial card products will enhance the a company's ability to manage receivables and cash
company's suite of real-time cash management solutions. flow, Viewpost representatives stated. "Small businesses
"This partnership accelerates our ability to address costly continue to be highly dependent on spreadsheets, manual
pain points in the multitrillion-dollar B2B [business-to- data entry and the postal service," Eliscu stated. "They
business] payments ecosystem while also, and perhaps lack both connectivity to their trading partners as well as
most importantly, bringing flexibility, cost savings and automation to help reconcile and understand their cash
simplicity of payment to the massive and underserved flow."
small business marketplace," he added.
Mercator Advisory Group's 2016 Small Business Payments
Small business, big need and Banking Survey, published in February 2017, found
more than two thirds of small business owners surveyed
Visa and Viewpost representatives are confident the prefer online banking tools to supplier websites when
virtual commercial cards will help business owners paying invoices. The survey additionally indicated that
automate their accounts payable (AP) processes, with 84 percent of respondents visit physical bank branches
lower costs, faster payments and more efficient workflows. to make teller deposits. Ken Paterson, Vice President of
Payments analysts say AP automation is still a big need for Research Operations at Mercator Advisory Group, sees
large and small businesses. "B2B payments is a $36 trillion strong potential in the Visa-Viewpost partnership. It
market that is still paper bound," said Karla Friede, CEO promises to offer "a seamless integration for banks who are
at NVoicepay, a cloud-based payment service provider. looking to enable their customers to have one centralized
"Banks frequently promote their purchase card products destination for all of their corporate payment needs," he
to small business clients, which are not the simplest, said.
most efficient payment methods." Friede said the complex

14