B2B Payments – What’s in Store for the Future?
Enhanced data options streamline accounting
For years, businesses have spent an enormous amount of time and money on reconciling payments with invoices and purchase orders. But in 2019, the introduction of new technologies and value-added services in the B2B industry offer the potential to put an end to the reconciliation headaches that have persisted for decades.
Enhanced Data Streamlines Accounting
The introduction of new technologies that allow for a variety of enriched data to accompany payments are on the horizon according to PaymentsJournal. This could mean that key invoice or purchase order information will accompany payments in the future and help put an end to some of today’s time-consuming and labor-intensive AR practices. This enhanced data will become increasingly prevalent in the future, giving greater assurance that payments will be routed as intended and making it easier for businesses to pay and get paid.
AI and Machine Learning Enhance Payment Landscape
The arrival of more sophisticated artificial intelligence and machine learning techniques will increasingly help businesses get more from their payment data and processing patterns, resulting in an enriched experience, greater transparency and improved visibility. Artificial intelligence and machine learning will also enable companies to compare and benchmark their financial services in real time, as well as, look to more competitive resources to help with their payment solutions.
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