Forrester predicts that the focus on payment innovation will shift from customers to businesses in the next decade. Corporate as well as small- and medium-sized businesses will pay to reduce friction from mysterious processes and inherited B2B payments. Payment and technology providers will use many technologies such as AI, robotic process automation, APIs and virtual cards to integrate, consolidate and orchestrate services, and improve interoperability across the B2B payment value chain.
B2B payment augmentation combines technology and innovation
The expectations of B2B payment users are increasing, informed by their payment experience as a retail customer. Although the digitization of B2B payments is currently lagging behind that of consumer payments. B2B Payment Augmentation is the use of technology and innovation that helps corporations and finance experts transform their B2B payment processes and enhance the experiences they provide to end users.
Forrester 14 focuses on B2B payment augmentation segments
Forrester has surveyed technology decision makers, suppliers and other subject matter experts in search of our most important B2B payment augmentation technology. Each of the technology sections analyzed in this Forrester Tech Tide পূরণ meets three criteria: (1) a significant contributor to B2B payments; (2) commercially available on the enterprise scale; And (3) there is (or will be) market attraction. We’ve come up with 14 technology sections that enhance B2B payments. Although all of these technology segments share the same goal of improving B2B payments, there are differences between their business value and maturity (see graphic below).
To map out the future of the B2B payment augmentation ecosystem, we’ve identified some key challenges and opportunities within the industry. For example, complex integration due to the complex and multiple systems involved in the B2B payment process is one of the biggest pains. Firms urgently need better integration, and this need extends to most B2B payment augmentation technology segments, with many vendors seeking to address this through APIs. We also see that some infrastructure-related segments, such as requesting payments and opening banking payment solutions, are very prominent in overcoming key reunion challenges, but many companies still underestimate these infrastructural innovations.
In addition to being able to shape your investment outlook on these technologies based on business value and maturity, you can also find examples of representatives and innovative players under each category in the full report. If you are interested in digging deeper into the search for global B2B payments growth trends or would like to discuss B2B payments in more detail, please schedule an inquiry.