Today in B2B: Customers Have High Expectations for Digital Transactions; ID Verification Needs Advanced Tech

Today in B2B payments, customers expect their digital payments to be simple, transparent and secure, while businesses need to use advanced technology to ensure proper B2B identity verification protocols. Plus, Advent secures a majority stake in Mangopay, and i2c and PingPong partner to offer cross-border eCommerce payment solutions for business owners.

Personalized Payment Experiences Pave Way for Streamlined B2B eCommerce

This rise of eCommerce has led customers to develop high expectations for simple, transparent, secure digital payment experiences, as reported in “The New Singularity,” a PYMNTS and USEND collaboration. B2B eCommerce is enjoying a similar rise, driven in part by the digitally savvy millennials who are moving into managerial positions with purchasing authority. Comfortable with digital payment and self-service capabilities, they’ve more or less abandoned traditional modes of purchasing goods.

Fake Bank Records Spotlight Need for Advanced Tech in B2B Identify Verification

Fraudsters use fakes to game the system, including recently siphoning off billions of dollars from pandemic relief that had been mandated as part of the Coronavirus Aid Relief and Economic Security Act (CARES Act). Banknovelties accepts payments only in bitcoin for the fraudulent wares. Bitcoin has been used by fraudsters in all manner of schemes, due in part to its relative anonymity.

Advent Acquires Majority Stake in Mangopay

Global private equity investor Advent International is signing a deal to become a majority shareholder in Mangopay, an end-to-end payment solutions provider for marketplaces and platforms. Mangopay offers end-to-end payment solutions to marketplaces and platforms by leveraging a differentiated eWallet environment. Developer-friendly application programming interfaces (APIs) enable marketplaces and platforms to accept consumer payments, onboard sellers and route funds on a global scale. The eWallet environment offers ﬂexibility that includes payments splits, use of escrow accounts and closed-loop payments.

i2C, PingPong Team up on Cross-Border eCommerce

Digital payments and banking company i2c is teaming up with Chinese tech unicorn PingPong to provide cross-border eCommerce payment solutions to business owners. The partnership will see PingPong employ i2c’s Software-as-a-Service (SaaS) platform to expand its commercial credit services to new regions, including Europe and Hong Kong SAR. The companies said this product gives merchants access to instant payouts and lower transaction fees.