BPN Now Optimizes ACH and Wire Acceptance, Addressing Decoupled Nature of Electronic Remittances(Billtrust )
Billtrust, the leader in B2B order-to-cash solutions, in collaboration with Visa, announced that its Business Payments Network (BPN) has seen a 118% increase in payments volume in the first half of 2020 compared to H1 2019, surpassing expectations and indicating strong supplier adoption bolstered by significant new financial institution and fintech partnerships. Carrying strong momentum into the second half of 2020, Billtrust also announces that BPN 3.0 now offers support for ACH and wire, giving network participants the flexibility to automatically transact through the modalities they prefer.
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Visa Clients and Partners Fuel BPN Adoption
Since the beginning of 2020, the number of accounts payable providers and issuers processing payments through BPN has doubled, expanding its reach to suppliers wishing to receive touchless electronic payments while programmatically enforcing their payment policies. Visa clients including Heartland Financial USA, Inc., M&T Bank and Regions Bank have begun participating in BPN in the first half of 2020.
In addition, Commerce Bank, which consistently ranks among the top commercial card issuers, is announcing expanded participation in BPN. Having previously enabled commercial card customers to achieve greater levels of electronic spend as payers into the network, Commerce Bank now enables its merchants to accept automated payments as suppliers in BPN. This marks the first time a financial institution will enable both its issuing and acquiring customers the ability to participate in BPN and benefit from the digital transactions offered through the network.
“With our vast customer portfolio of buyers and sellers, we are uniquely positioned to leverage our relationship with Visa and utilize BPN to enable businesses on both sides of the transaction to streamline their payment processes,” said Jeff Burik, Senior Vice President of Commerce Bank. “This not only fuels growth for our business clients by capturing higher levels of electronic spend, but it also drives increased value for our shareholders.”
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