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Venture capital funding landed at supplier payment and compliance automation firms this week, among other B2B innovators that raised money. The big B2B investment of the week was Tipalti , which landed $150 million in new funding on a $2 billion valuation. Strike Graph , a compliance automation firm, has launched with a $3.9
Blockchain technology could have major implications for B2B payments, and some of the top use cases for distributed ledger include cross-border payments and smart contracts. B2B payments company PayStand has another possibility for the tool. An announcement Wednesday (Oct. ” . ”
Usually, the auditing workflow involves looking at expense reports filed by employees, with a focus on identifying potentially erroneous or even fraudulent transactions. Digitizing and centralizing spend across various departments and workflows is the first step to enhancing the auditing process, said McCrossan.
It was a busy week for B2B venture capitalists who spread their wealth amongst a wide range of B2B FinTechs, with investments totaling more than $164 million. The company supports the full purchasing cycle with invoice integration and complianceauditing capabilities.
While the B2B payments category was not the subject of its initial announcement, partner Lance Fenton told PYMNTS that he sees tremendous opportunity in the sector. One of the best things about B2B payments is it can work across verticals. Fenton said Serent has an advantage in understanding the healthcare vertical. “In
Tightening regulations have introduced loftier compliance burdens to global supply chains, made even more complex and challenging as companies do business with thousands of vendors across borders. The burden of regulatory compliance came to a head in the U.S. regulations, even if a vendor is not in the U.S.
The Securities and Exchange Commission (SEC) voted last week to ease audit requirements for some small, publicly traded companies, the agency said in a statement Friday (March 13). He said talks have taken place to determine how companies could meet compliance rules if trading staff works elsewhere. Kenneth Bentsen Jr.,
The solution can also safeguard information linked to compliance, auditing and regulatory review, the company noted. While Ripple and other decentralized technologies are addressing payments, the transfer of funds is only a small part of a B2B transaction.
Firms auditing expenses through manual processes and outdated technologies risk missing the chance to flag erroneous or fraudulent submissions from vendors and employees. Deploying technology — especially artificial intelligence (AI) — can streamline the auditing process and boost cost savings significantly.
Tax and accounting compliance can be an overwhelmingly monumental task as companies expand their geographic footprint. Analysts agree that a company should work with partners, advisors and technologies that can help them manage their compliance demand across borders.
One exception may be in the T&E space, in which FinTechs are introducing ways for employees to make B2B payments and integrate transaction data into expense management systems, a reflection of the mobile nature of the traveling employee. The enterprise has been a bit skeptical about mobile payments.
B2B technology startups continue to gain valuable attention among venture capitalists. In a recent report , seed investors explored why their focus has turned to enterprise startups as opposed to consumer-facing technology firms after the publication’s analysis revealed that today’s seed investments favor B2B startups over B2C.
Today in B2B payments, Revolut launches a new solution for its business customers, and MonetaGo collaborates to combat trade finance fraud. Through 100 percent invoice integration, the service boasts improvements to savings, and offers a complianceaudit feature that can help vendors cut spending.
Treasury Inspector General for Tax Administration is calling into question the Internal Revenue Service’s corporate auditing performance. But according to the report, the IRS rarely uses this new method and is not examining past audits in order to more efficiently prioritize which cases to more closely examine, Bloomberg said.
B2B FinTechs are playing an especially prominent role in this trend, analysts noted. We saw more and more B2B FinTech models proving out at the banks, coupled with larger and later-stage investments as the FinTech world scales up,” explained Julian Skan, Accenture practice senior managing director, in a statement. “We
In a statement, Coatue Management Senior Managing Director Thomas Laffont said that artificial intelligence (AI) enables AppZen to deploy more sophisticated analytics and automation within its expense management solution, which allows businesses to assess expenses, automate expense report audits, and identify savings opportunities. “AI
In the B2B realm, the movement to get suppliers paid on time may become a struggle, mired as AP management is in the paper chase of manual effort. On top of that, the regulators are putting a heavier hand on tax compliance” and other daily minutiae of doing business. These are firms that have failed audits or are about to fail audits.
As legal cannabis spreads, the industry is a big opportunity for FinTech, as industry players struggle to manage intense compliance requirements and limited access to traditional financial services. See how nearly $174 million in funding for B2B startups landed in our roundup below. Veritas Finance. W2 is a U.K.-based Mission Secure.
More than 130 startups have been chosen to join Y Combinator’s Summer 2018 class, and according to reports , B2B software is dominating the roster. Of the 132 startups that launched at Y Combinator’s two-day pitching event, Demo Day, 30 percent are B2B software firms — more than any other vertical.
In the entertainment space, one blockchain company wants to address a range of financial pain points for the “Hollywood economy,” including financing and B2B payments. However, Woodrow has other plans for the cryptocurrency to target more unique points of friction facing the entertainment space today, particularly in B2B payments.
On top of that burden, said Hampton, compliance and regulatory requirements for corporates continue to shift and must take precedence within firms’ financial strategy development. “All of this has come into play in the last couple of months.” “All of this has come into play in the last couple of months.”
is in a B2B startup lull, it seems. B2B startups. But a seed-stage startup fund in San Francisco announced its own new $50 million investment pool, so funding for B2B FinTech startups in the U.S. The company has developed a cloud-based tool to audit a mobile app’s security and to detect potential vulnerabilities.
Compliance automation startup Strike Graph has launched with a $3.9 The company aims to eliminate the confusion related to cybersecurity audit and certification processes by assisting companies in scoping correctly-sized audits and dynamically adjusting controls. million seed funding round, according to a press release.
Legal and Regulatory Compliance: There are numerous data protection laws and regulations that companies must adhere to, such as the General Data Protection Regulation (GDPR) in Europe and the California Consumer Privacy Act (CCPA) in the United States. Non-compliance can result in hefty fines and legal penalties.
Slow compliance checks and sluggish processing times are commonplace, especially on the legacy systems still used by many banks around the world. Automating Compliance. Cash payments are quickly falling to the wayside, with only 26 percent of all U.S. consumer purchases made with cash.
B2B FinTech is undoubtedly a hot spot for venture capitalists (VCs) this year. However, this summer, a different kind of B2B startup has captured investors’ attention. Cloud-based risk and auditing management provider AuditBoard raised $40 million in Series B funding, announced this week, led by Battery Ventures.
HRS CEO Tobias Ragge said in the announcement, “As we’ve piloted with integrated hotel payment solutions around the world in recent years, the program compliance metrics are clear.” He continued, “When our clients use our payment solutions, we’ve seen hotel compliance rise by on average 23 percent.
It was a busy time for B2B venture capital this week, and while funding ranged across verticals from expense management to SaaS, there was a clear theme in investment rounds: high-tech data analytics. B2B eCommerce. Expense Management. as well as explore entrance into Asia, reports said.
When auditing giant KPMG assessed corporate compliance of government requirements to report supplier payment habits, the company made a concerning discovery : Just 17 enterprises in Scotland were adhering to the rules. B2B FinTech hasn’t ignored the issue. The EU, U.K. The EU, U.K.
The Big Four auditing firms — EY, Deloitte, KPMG and PwC — have recently requested that the Financial Accounting Standards Board (FASB) provide clarity in how corporates should classify their reverse factoring or supply chain financing agreements, adding more fuel to a long-standing debate as to whether such trade financing tools are debt.
Evolution of AI in Subscription-Based DSE Systems Before the widespread adoption of generative AI, both B2C and B2B markets have been utilizing various AI and machine learning applications to enhance their subscription-based services and products. Netflix, Spotify) to suggest content based on user preferences and viewing/listening habits.
But lengthy payment terms and missed invoice payments are not the only risk that B2B suppliers face, as recently showcased in the U.K. At the core,” she continued, “there was inadequate governance to oversee and manage Code compliance.”. Further, Co-op has introduced employee training to promote compliance. “We
Onyx CenterSource , a global provider of B2B payments and business intelligence solutions to the hospitality industry, announced it has partnered with tax software provider Sovos to expand its Onyx’s InvoicePro eInvoicing capabilities. The company has now chosen Sovos to help it meet the upcoming changes in the compliance sector.
"One of the most exciting features within Acumatica Advanced Expense Management is its ability to detect corporate card use activities and remind the user to capture images of physical receipts for auditing and compliance purposes," she said, according to the release.
The onboarding process is touted by the company as fast and safe, and Nine Peaks says it “assumes responsibility in the audit and transfer of data to ensure accuracy and privacy.”. Nine Peaks chief executive officer Eric Skidmore said the company wanted to boost HR due to its broad and vital role for B2B. “We
Part of the problem, says Pegasystems Senior Director of Risk, Compliance and Onboarding for Financial Services Reetu Khosla, is that KYC and other regulations change so frequently and are so numerous that it’s a major undertaking to remain compliant. On Tuesday (Sept. “Regulations aren’t going away,” stated Khosla.
The solution will offer smart contracts to facilitate transactions and movement of data between systems, DMG explained, as well as streamlined onboarding of supply chain partners, including producers, distributors, shippers, retailers, and auditing and reporting portals. billion with 13 million recreational users.
Especially for businesses that rely on manual expense reports, management and auditing processes, an employee that fudges a dollar amount here and there, or a worker who accidentally submits an expense report twice, mean companies can easily fall victim to fraud, both intentional and unintentional.
Smooth B2B operations depend on robust data gathering, but many companies rely on manual methods to collect information and complete supplier enrollment. Corporate buyers that fail to adhere to these regulatory requirements could face audits, fines and tax withholdings. Supplier enrollment portals could help.
After all, it stands to reason that the more links there are in the supply chain (spread out, and even global in nature), the harder it is to deliver absolute confidence in production methods, quality of products, transparency of payments and regulatory compliance. percent pure.
Yet, as supply chains expand across borders, a new burden has landed on procurement teams’ shoulders: compliance. ” Electronic invoicing requirements are one example of markets’ heightening focus on tax compliance. . Audit Targets. “They are now audit targets.”
Automated expense report auditing company AppZen is introducing a new spend auditing platform to analyze supplier invoices using artificial intelligence (AI). “The major takeaway from this data is not that employees in certain industries commit more fraud,” AppZen noted at the time. ”
The company’s B2B eCommerce solution OroCommerce provides an open source platform that can help SMEs more efficiently brand themselves to corporate buyers and customize interfaces for a better eProcurement experience, without corporate users having to design in-house software to fit their unique needs. Take Oro, for instance.
Blockchain has been steadily making inroads in the B2B realm as a way to help boost supply chain transparency and efficiencies. To that end, in South Korea, a number of government ministries are looking into blockchain, eyeing the potential boost distributed ledger technology can give to marine logistics. As Coindesk reported Tuesday (Dec.
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