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Visa has partnered with four of Australia’s leading banks—ANZ, NAB, HSBC, and Westpac—to enhance business-to-business (B2B) payments through the introduction of Visa B2B Integrated Payments (VBIP) in Australia.
Driving Efficiency in B2B Transactions
The collaboration, announced on March 17, aims to automate and streamline B2B payments, reducing manual reconciliation efforts and enhancing productivity for businesses. The solution is embedded into the SAP Business Technology Platform, enabling companies to process supplier payments seamlessly, even for those who do not traditionally accept card transactions.
“This effectively removes the need for additional reconciliation, allowing administration and finance teams to focus on business growth,” the companies stated in a joint release.
Enhancing Business Payments with Embedded Finance
With VBIP, Australian businesses using SAP will gain access to automated commercial payments, reducing the risk of late fees while optimizing cash flow management. Visa also plans to expand its network by integrating additional local banking partners in the future.
Chris Newkirk, President of Commercial and Money Movement Solutions at Visa, emphasized the demand for B2B payment solutions that match the efficiency of consumer transactions.
“For a growing company managing multiple suppliers, automated payment processes will reduce operational complexities, allowing them to focus on product innovation and customer service while effectively handling supplier payments,” Newkirk noted.
The Role of Embedded Finance in B2B Transformation
The adoption of embedded finance solutions is rapidly reshaping the B2B payments ecosystem, making transactions more efficient, transparent, and accessible. B2B digital marketplaces are evolving into integrated financial hubs, offering solutions like Buy Now, Pay Later (BNPL) to solve liquidity challenges and strengthen buyer-supplier relationships.
Historically, B2B payments have lagged behind consumer payments, which are dominated by digital wallets, real-time payments, and one-click checkouts. However, legacy banking infrastructure, regulatory complexities, and traditional business processes have slowed the modernization of business transactions.
With Visa’s B2B payments innovation, Australian businesses will gain greater payment flexibility, improved financial control, and enhanced transaction efficiency, aligning with the broader global push for digital transformation in corporate finance.
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