The new project builds on the “strategic relationship” by the two firms embarked on in 2017. It started with the integration of Billtrust’s Virtual Card Capture and Visa’s Straight Through Processing solution.
“Billtrust’s BPN will further the multipronged strategy Visa and Billtrust are pursuing to reduce friction and streamline payment processes and reconciliation for financial institutions, corporate buyers and B2B suppliers,” the companies explain.
At present, paper cheques still represent around 51% of US B2B payment volumes (according to the 2016 AFP Electronic Payments Survey). “The ubiquity of cheque acceptance in the US has been a key reason it has remained the leading form of payment despite its many disadvantages,” Billtrust and Visa explain.
