Visa has disclosed its strategic partnership with four of Australia’s leading banks, ANZ, NAB, HSBC, and Westpac, to streamline business-to-business (B2B) payments. The collaboration aims to modernize payment processes by launching Visa B2B Integrated Payments (VBIP) in Australia.
Simplifying Payments with Automation
VBIP, embedded into the SAP Business Technology Platform, enables businesses to automate payment processes, reducing the need for manual reconciliation. This innovation enhances operational efficiency, giving finance and admin teams more time to focus on strategic growth.
“This solution allows businesses to route payments seamlessly, even to suppliers that don’t accept card payments,” Visa stated in a press release. While the initiative starts with four major banks, Visa plans to onboard more local partners soon.
Addressing Business Pain Points
Chris Newkirk, Visa’s President of Commercial and Money Movement Solutions, highlighted the growing need for simplified B2B transactions.
“For a company managing multiple suppliers, automated payment processes help reduce the risk of late fees and cash flow issues,” he said. “Our goal is to make B2B payments as seamless as consumer transactions.”
This partnership comes as embedded finance solutions gain traction in the B2B sector. Digital marketplaces are evolving into ecosystems that facilitate smoother transactions, including options like Buy Now, Pay Later (BNPL) for businesses. These innovations address long-standing issues like payment delays and liquidity challenges, enabling stronger supplier-buyer relationships.
Experts say businesses have long lagged behind consumer payment trends due to legacy banking systems and regulatory complexities. However, with VBIP and similar advancements, the gap is closing rapidly.
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