business payments

Today in B2B payments, Mashreq debuts non-banking services initiative for small businesses while Montway Auto Transport debuts a digital platform. Plus, ACH network moves 7.5 billion payments thanks to growth in same-day transactions, Amex debuts Global Pay for increased cross-border payment capabilities and inflation has CFOs eyeing top-line metrics more closely. Also, Grapple and My Accounts team up on small business funding and enhanced truck part search tool reduces down time.

ACH Network Moves 7.5B Payments Led by Same-Day Growth

The national Automated Clearing House (ACH) network for electronic funds transfers moved 7.5 billion payments totaling $19.6 trillion in the second quarter of this year, led by growth in same-day ACH and business-to-business (B2B) payments.

The second quarter marked the first time that the same-day ACH dollar limit was increased to $1 million per payment, up from $100,000, a change that went into effect March 18. ACH Network changes are made and implemented in collaboration with the Federal Reserve and The Clearing House.

Nacha manages the administration, development and governance of the ACH Network, which is the electronic system that facilitates the movement of money in the U.S.

GrubMarket Enters Financial Services With IOT Pay Acquisition

GrubMarket has acquired Vancouver-based FinTech IOT Pay, according to a Tuesday (Aug. 2) press release. The acquisition will allow the company to use IOT Pay’s technology and payments infrastructure to streamline the food supply chain industry as it pushes for more flexible digital payment and financial opportunities.

The IOT Pay platform powers thousands of North American merchants, including several online food delivery platforms, online courier platforms across Canada and offline merchants, such as BMW, Mercedes Benz, Arby’s, HMart, Sungiven Foods and Rolex.

Amex Launches Global Pay for Cross-Border Payments

American Express has launched Global Pay, a digital solution the company said will let U.S. businesses make secure domestic and international B2B payments. Eligible customers can earn rewards points on foreign exchange payments. Global Pay is now open to eligible American Express Small Business Card Members in the U.S.

Dean Henry, executive vice president of global commercial services at American Express, said the program was launched in response to small business customers seeking an “international payment solution focused on simplicity, convenience and the chance to earn rewards.”

The company pointed to its June survey, which found that 64% of small and medium-sized business (SMB) owners in the U.S. say they expected their total spending with businesses outside the country to increase this year. Around a quarter of these SMBs mentioned the complexity of the process as one of the roadblocks to making cross-border payments.

Coinshift Partners With Crypto Crowdfunder EarthFund

Crypto treasury management and infrastructure platform Coinshift announced Tuesday (Aug. 2) that it has formed a partnership with decentralized crowdfunding platform EarthFund. The partnership will see Coinshift help secure and manage the treasuries for all projects in the EarthFund ecosystem.

Coinshift CEO Tarun Gupta said the partnership reflects the company’s belief in the “transformative power of DAOs,” or decentralized autonomous organizations.

As PYMNTS has noted, DAOs are established by central authorities, specifically, the developers that built whatever protocol they created. That could be a decentralized exchange, marketplace, lending/borrowing platform, or video game.

Voice of the CFO: Inflation Keeps Companies’ Eyes Glued to Top-Line Metrics

Because there wasn’t anyone at the leasing office during the COVID-19 pandemic to receive rent checks every month, scan them and deposit them, renters and property management companies alike had to shift to automated clearing house (ACH), credit and debit payments — fast. And that shift doesn’t show signs of reversing any time soon.

“We haven’t seen a change in that mix; we don’t see people going back to physical checks,” Entrata Chief Financial Officer Mark Hansen told PYMNTS.

UAE-Based FI Mashreq Launches Non-Banking Services Platform for Small Businesses

Mashreq, a financial institution based in the United Arab Emirates, has debuted a non-banking business services platform, Mashreq Business Banking Value Added Services, for small businesses, a press release said Monday (Aug. 1).

The platform will give businesses access and discounts to a number of FinTechs, startups and other service providers. The services include human resources, office space, and cloud storage.

Mashreq’s platform debuted with 10 companies so far, but there will be another 10 in the next few weeks. The concept is to build a one-click platform within Business Banking, which will integrate service providers and transactions. Mashreq Business Banking Value Added Services will add such features as its partnership with EmiratesHR, a cloud-based HR and payroll software solution.

Expanded Truck Part Search Tool Reduces Downtime, Keeps Customers in the Loop

FleetPride, a distributor of parts and services for heavy-duty trucks and trailers, announced in July  that it had added several new features to its eCommerce site to meet the needs of today’s fleets and heavy-duty repair facilities. The company has increased the number of parts online from 400,000 to 670,000. These are available within the company’s network of distribution centers and branches.

Fleets and repair facilities also need to be able to find the parts they need quickly and easily. This can be a challenge for an industry in which the cataloging is not as well developed as that in the consumer-oriented automotive aftermarket.

To make it easier to find these parts, the company has expanded the number of cross-references on the site to 4.5 million. This industry is driven by cross-reference when it comes to search, allowing shoppers to find parts that are of a different brand than the one they searched for, but have the same form, fit and function.

Logistics Firm Montway Auto Transport Launches Digital Platform

B2B logistics company Montway Auto Transport announced Monday (Aug. 1) that it has debuted a new digital platform, the Montway Automation Portal (MAP), aiming to boost efficiency for shippers and carriers.

The platform will also enable greater visibility for inbound and outbound vehicles to bolster inventory management, and will help manage and cut down on transportation costs, Montway said in its press release.

MAP is built on proprietary tech that leverages market-based pricing and a streamlined transportation management system. Per the release, users can get pricing, book orders and track units in real time by entering VINs.

Grapple, My Accounts Partner for Small Business Funding

B2B payments and financing platform Grapple and bookkeeping firm My Accounts and have formed a partnership to help small and medium-sized businesses (SMBs) apply for funding. The two Sydney, Australia-based companies are teaming up at a time when inadequate cash flow and high cash use are among the leading causes of failure for businesses, according to a Monday (Aug. 1) press release.

My Accounts’ detailed data, coupled with Grapple increasing working capital, will help SMBs create new opportunities in a responsible and transparent manner to drive business growth, according to the release.

The partnership will also include ongoing accounting support for these applicants after they have been funded, which Grapple Founder and CEO Stephen Dawson said in the release ensures clients have a foundation to grow.

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NEW PYMNTS SURVEY FINDS 3 IN 4 CONSUMERS WITH STRONG DEMAND FOR SUPER APPS

About: The findings in PYMNTS’ new study, “The Super App Shift: How Consumers Want To Save, Shop And Spend In The Connected Economy,” a collaboration with PayPal, analyzed the responses from 9,904 consumers in Australia, Germany, the U.K. and the U.S. and showed strong demand for a single multifunctional super apps rather than using dozens of individuals ones.

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