Standardization, According To The CEO Of Boost, Is Essential For The Development Of Digital B2b Payments

After the uncertainty of the preceding two years, it is easy to become obsessed on the negative and pessimistic about the future. However, I expect to see our industry commit to grabbing the opportunity in 2023.

I’m personally going into this year with a cautiously positive attitude. As the B2B payment business makes a substantial transition towards integrated and automated solutions, I’m excited about the opportunity that lies ahead.

We can all agree that the outbreak brought about significant shifts in consumer and business behaviour.

The need for digital payments is becoming more widely understood and accepted. According to the statistics, the shift to B2B digitalization is already underway, but there is still a substantial window of opportunity for adoption and growth.

In this new frontier for companies of all sizes, there is an enormous opportunity for digital payment facilitators who are focused on improving the experiences of suppliers and consumers.

As much attention is being paid to the adoption of smarter payables and receivables as it is to digital payments.

84% of organisations seek to automate non-payroll spending management, according to a recent study. CFOs of companies of all sizes are starting to realise there are more efficient ways to do business.

The production of purchase orders, invoices, invoice approval, OKs to pay, remittance, and reporting are all parts of the payment process that they are looking for solutions for that will maximize efficiency overall. The quest for integrated payables frequently has the interesting and humorous side effect of making the payment itself go unnoticed.