In an evolving business era, small to mid-sized businesses (SMBs), artificial intelligence (AI), and FinTech partnerships are making headlines this week.
SMBs and the Push for Growth
Small businesses are gaining significant attention from major financial institutions. Citigroup is expanding its client base to include SMBs with annual revenues between $10 million and $3 billion, aiming to double its commercial banking segment. This shift represents a move from its traditional focus on larger clients.
On the same day, Sezzle, a buy now, pay later (BNPL) provider, partnered with Liberis, an embedded finance platform, to support U.S. and Canadian SMBs with equity-free financing. Additionally, Lorenzo Soriano de Teresa from American Express stressed the importance of automation in payments, suggesting it as a key to overcoming current payment challenges.
Artificial intelligence is becoming integral across various industries. Nvidia recently unveiled customizable AI workflows to accelerate the development of enterprise AI applications. Nvidia’s CEO, Jensen Huang, declared, “The enterprise AI wave is here.”
In agriculture, AI is transforming crop management and financing. Ceres AI CEO Ramsey Masri discussed these advancements with PYMNTS CEO Karen Webster. Meanwhile, U.K. unions are advocating for banks to prepare for potential job displacements due to AI. Coupa, a spend management company, has also integrated over 100 AI innovations into its platform.
Digital Transformation of B2B Payments
The digital shift in B2B payments is accelerating. A PYMNTS Intelligence report reveals that 75% of organizations still rely on paper checks, which hinder efficiency and cash flow. The report underscores the need for digital payments to reduce days sales outstanding (DSO) and improve financial stability.
Karen Webster’s conversation with Tom Furr of PatientPay and Ryan Zemmin of ClearGage highlighted the recent merger aimed at modernizing healthcare payments. Vault’s new functionality for automating vendor payments pushes the digital transformation agenda.
FinTech Partnerships
FinTech collaborations are reshaping the financial sector. Visa and Revolut’s partnership, announced on August 27, enables instant card transfers for business customers through Visa Direct. Similarly, Galileo Financial Technologies now offers connections to Mastercard’s expense reporting and analytics suite.
The rise of spend management technology is becoming essential across industries, reflecting broader trends in B2B payments and financial management.
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