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From operational necessity to strategic advantage: Why payments are the next area of transformation in the B2B value chain
Journal of Digital Banking,
4
(3),
234-243
(2019)
Abstract
Business-to-business (B2B) commerce encompasses multiple spend categories, supplier types and purchasing channels. Yet the providers of payment solutions for this commerce have been slow to innovate and evolve with client needs. Payments through automated clearing house (ACH) networks and cheques still dominate globally as the preferred payment method, despite their inherent weaknesses, and the growth of card-based payments has yet to challenge this. A number of trends across the broader B2B value chain are creating challenges for buyers and suppliers, whose payment strategy can increasingly be seen as a tool for responding to these changes and creating value. This paper explores the current B2B payments landscape, specifically in the UK, the important trends shaping the industry, and recommendations for how end clients and companies should be optimising their payments strategy accordingly.
Keywords: payments; B2B payments; commercial payments; procurement; invoicing; supply chain; B2B value chain; e-procurement; accounts payable
The full article is available to subscribers to the journal.
Author's Biography
Maria Parpou is Chief Product and Commercial Officer for Barclaycard Commercial Payments and has spearheaded the growth of Barclaycard’s B2B payments strategy by investing in innovative and designrich capabilities, developing partnerships to embed B2B payments into the wider value chain, and focusing the business on specific industries such as travel. A frequent speaker at industry conferences, she is recognised as a thought leader in payments and innovation and mentors FinTechs through the Barclays Rise Accelerator programme.
Luke Frost is Senior Strategy Manager for Barclaycard Commercial Payments and is responsible for the business’s B2B and Partnerships strategy, working with third parties such as global technology companies, large corporates and financial institutions to distribute Barclaycard’s B2B payment solutions. Previously, he worked for many years in the UK and South Africa across various strategy and proposition roles.
