Today, in B2B payments, Mastercard is adding new features to its Track Business payment service, while a small business-focused UK FinTech gets a restricted banking license. Additionally, FactorForYou launches, Ordway enables multi-entity B2B invoicing and Fiskl partners with Samsung Appstack.
MasterCard added a new account-to-account service (A2A) to its Track corporate payment service, to help businesses exchange data more efficiently and make payments across multiple tracks, a press release said. With the new addition to Track Business Payment Service, businesses can have better control over their payments, as the A2A service will support rich data exchanges and enable payment automation without having to share sensitive data information. Nearly 80% of midsize and larger providers see a risk in sharing bank account data, according to a study by Mastercard. However, the press release says the risk is reduced because vendors don’t need to share confidential bank account information with buyers, and buyers don’t need to share that information either.
A new website called FactorForYou has launched a kind of online dating service for owners of small and medium-sized businesses (SMBs) who want to turn their accounts receivable (AR) into cash and owners of factoring companies who do such transactions, according to one Press release. FactorForYou says on its website: “Choosing a factoring company can be a challenge. Between different pricing structures and conditions, it can be almost impossible to compare companies. Let us bring our experience to the world of factoring at no cost or commitment to you! We know this is a service that can make a big difference for many businesses.
Ordway, which works in invoicing and revenue automation for scaling businesses, will offer multi-entity invoicing and revenue management support to SMEs, according to a Press release. This means that “businesses can focus on global expansion and compete with Fortune 500 companies on an affordable and flexible revenue ordering framework,” regardless of size, the statement said. In the past, this was not the case; Only older enterprise resource planning (ERP) software, which often had irrelevant functionality issues and was expensive, was able to support multi-entity businesses and their high billing and accounting needs. associated level. The result has been many businesses with spreadsheets and cobbled together systems to handle a business’s needs, the release said.
Mobile-centric tax management solution Fiskl associated with Samsung apps stack help maintain the competitiveness of small and medium-sized enterprises (SMEs) through collaborations and project management, according to a Press release. According to the press release, Taher Behbehani, head of the mobile division, senior vice president and general manager of Samsung Electronics America, said that Appstack “is a platform where SMBs can access to get a collection of highly rated app recommendations, from a partner they can trust “. And, “For many small businesses, access to knowledge and technological resources has been a major barrier to adapting to the digital economy first,” he said, according to the statement.
Recognize, a subsidiary of the British company City of London Group, has been granted a restricted banking license by UK regulators, the company said, in a Press release. A full license could arrive as early as the first quarter of 2021, the statement said. The schedule is consistent with a City of London group included in a slide game on its website describing the licensing process. Recognize was created in 2018 with a mandate to serve small and medium-sized businesses.