Technology has changed the way businesses connect with one another. B2B networks exist in the cloud, among other platforms, and several companies are connected in this manner. It helps establish new channels for communication between various organizations in different industries and even on opposite ends of the planet, and one individual thinks payments could benefit from this as well.
In an article for Finextra, contributor Enrico Camerinelli believes that the same platform businesses use to communicate can also be used to facilitate transactions and a number of procurement processes including setting up purchase orders and invoices. This concept is loosely tied in with cCommerce, or cloud commerce, which allows for transactions to exist in an outside setting. Camerinelli's thought process is that everything is connected and that adding payments to the mix will expedite a number of processes and build operational efficiency.
"It is a fact that payments are tightly connected with the exchanges of goods or services," Camerinelli writes. "So when such exchanges are made possible through B2B platforms why should payments not use the same infrastructure? Bank accounts would simply be 'buckets' where payments transactions flow in and out according to instruction messages exchanged on the platforms."
This is another example of how technology can help improve payments, but vendors must ensure they take the same measures to give themselves the best value from each transaction. It's crucial to obtain payment solutions that help process Level 3 data. This will guarantee that vendors pay the lowest possible interchange rate.