Joey Rault, Chief Revenue Officer at Codat, and Jesse Schwarz, Executive Director – Fintech Partnerships at JP Morgan Chase, highlighted the latest trends in B2B payments at the Money20/20 USA 2024 conference. Emphasizing the importance of leveraging new technologies, they outlined how real-time payments (RTP) offer significant advantages over traditional methods like checks. RTP enables faster and more secure transactions, enhancing cash flow management for businesses and providing greater control and efficiency in financial operations.
The discussion also delved into best practices for modernizing tech stacks, pointing out the adoption of automation and virtual cards as critical components. Automation can streamline processes and reduce manual intervention, while virtual cards offer a secure and efficient alternative for payments. These innovations facilitate better financial control, improve transaction speed, and provide greater transparency. Businesses that embrace these technologies are likely to experience enhanced operational efficiency and gain a competitive edge in the evolving financial landscape.
The experts agreed that the role of cutting-edge technologies is crucial in reshaping B2B payments. Real-time payments, automation, and virtual cards emerged as key drivers of modernization and efficiency in the sector. By adopting these advancements, businesses can optimize their payment processes and stay ahead in the competitive market. The consensus underscored a clear message: embracing these technological advancements is not just beneficial but essential for businesses aiming to thrive in the rapidly changing financial ecosystem.
