Banking On Consumer-Centric Strategies To Spur Virtual Card Adoption

Integration revealed as top challenge to adopting payments and banking innovations

NEWS & TRENDS

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FEATURE STORYPage 8

How virtual card solutions are raising the bar for AP payment automation

DEEP DIVE

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JAN UARY 2020

The factors driving virtual card adoption across the B2B payment space as well as the new sectors ripe for expansion

An interview with U.S. Bank’s Jennifer Swenson, vice president of corporate payment systems, and Adam Kruis, senior vice president and manager of working capital consulting, on the importance of strong vendor and client input to ensure virtual payment solutions are smoothly integrated

The latest developments from the AP automation space, including why banks are turning to new tools to speed digital transformation as well as the partnerships and solutions aiming to give small businesses greater financial flexibility

An in-depth look at how virtual card technology is spurring new innovation in the B2B payment space despite persistent concerns from firms and vendors

Information on PYMNTS.com and Bottomline Technologies

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A B O U T

The Next-Gen AP Automation Tracker® is done in collaboration with Bottomline Technologies, and PYMNTS is grateful for the company’s support and insight. PYMNTS.com retains full editorial control over the following findings, methodology and data analysis.

AC K N OW L ED G M ENT

Most accounts payable (AP) professionals rec-ognize the value and importance of automating their companies’ payment processes. The glob-al AP market could grow from $1.9 billion in 2019 to $3.1 billion by 2024, and many players are thus turning to virtual cards as a more strategic way to streamline operations, control cash flows, opti-mize working capital and fight fraud.

Transitioning to virtual cards should not disrupt companies’ enterprise resource planning (ERP) systems or reconciliation processes if done right. That means savvy AP teams must research and pick the right solution providers, utilizing strong input from major stakeholders in the implementa-tion process.

Some banks are employing customer input to en-sure their virtual card solutions easily integrate with other internal client systems as well as add value for suppliers so as to increase virtual cards’ accep-tance. Vendors are sometimes reluctant to pay the fees associated with processing virtual and other card payments, which contributes to AP’s contin-ued reliance on cost-intensive, fraud-prone paper check processes.

Both sides of the transaction must be motivated to change, and they also must understand the cost savings and efficiences so as to properly imple-ment virtual solutions. More AP teams are finding

and rolling out such solutions as usage spreads across the business-to-business (B2B) space — especially among smaller businesses.

Across the next-gen AP automation space

Virtual cards are not the only technologies eas-ing AP processes, as artificial intelligence (AI) and other advanced learning tools are also mak-ing an impact. Payments automation technology provider Bottomline Technologies surveyed 160 fi-nancial and treasury professionals on payments and banking innovations at the AFP 2019 confer-ence, finding 65 percent of respondents believe the shift to AI is already here and that greater ef-ficiency, automation of manual processes and reduced payments fraud are its top benefits. Forty-five percent of respondents cited integrating AI into existing processes as the biggest chal-lenge to adopting the technology in payments and banking more.

One B2B sector ripe for streamlined accounting processes is travel, where suppliers, distributors and travel agencies are ensnared in a complicat-ed web of business relationships. Germany-based Wirecard, a global electronic payment and man-agement services supplier, is entering the space via a partnership with Berlin-based travel experi-ence booking platform GetYourGuide. The latter

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believes the former will speed up its payments to suppliers.

Small and medium-sized businesses (SMBs) are the focus for accounting solutions provider ScaleFactor, which recently unveiled a customizable Visa card to offer SMBs improved control over spending and expense management. For more on these develop-ments, read this Tracker’s News and Trends (p. 11).

U.S. Bank bets on customer insights to push

virtual card adoption

U.S. Bank works closely with clients and vendors to ease concerns and smoothly integrate virtual card solutions into legacy ERP systems. In this month’s Feature Story (p. 8), U.S. Bank’s Adam Kruis, se-nior vice president and manager of working capital consulting, and Jennifer Swenson, vice president of corporate payments systems, explained how the fi-nancial institution (FI) invites clients to one-on-one meetings in “experience studios” to cut the proof-of-concept time from years to weeks.

Buyers and suppliers on virtual card pros

and cons

Virtual cards allow businesses to streamline day-to-day AP payment processes, offering companies more control over their spending and an opportuni-ty to optimize their limited resources. This month’s Deep Dive (p. 15) explores the benefits virtual cards can bring to businesses and suppliers, such as cut-ting costs, protecting against fraud and streamlining payment operations. The Deep Dive also highlights the concerns both AP professionals and vendors have regarding the transition of supplier payments to virtual cards and how to overcome these challenges. RAJESH VENKATESH

chief product officer at InstaReM

How can virtual cards help businesses make payments faster and more secure?

BRIAN GREEHANvice president at Bottomline Technologies

“As one part of an organization’s invoice-to-pay au-tomation strategy, virtual cards play a key role in optimizing the overall payments mix for speed and security. Virtual cards digitally deliver payment instruc-tions and data to vendors and [return them] back to AP for reconcilement. Exact match controls make vir-tual cards easy to use and reconcile, quickening key components of the invoice-to-pay process. Along with efficient email delivery, paying by virtual card reduc-es the expense of stopping payments, [and it reissues] lost checks and [works] through Positive Pay mis-matches. For vendors, card payments are typically received faster, and straight-through remittance deliv-ery ensures cash can be applied quickly.

Virtual cards’ unique and randomly can be set for sin-gle use, limiting [the] fraud risks associated with data breaches and other attacks. Virtual cards also leverage the built-in security and controls of the card networks, making them a highly secure form of payment.

As we move into the next decade of payments innova-tion, speed and security will be more important than ever. Virtual card payments deliver both of these bene-fits to businesses across a number of industries.”

EXECUTIVE

Insight

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Share of professionals who feel integration is a challenge in adopting AI innovations for payments and banking

45%

Annual growth of virtual card spend on mobile devices from 2017 through 2022

43%

Estimated value of virtual card spending for purchasing activities by 2022

$355BShare of businesses that perceive AP as valuable to overall enterprise

55%

High end of merchant interchange fees for companies accepting payments

F I V E FA S T FAC T S

2.5%

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Automatic, AI-based invoice data captureDigitize paper-based invoicesReduce manual input errors

Faster invoice trackingLocate related documentsEnhance visibility and a single system of record

Reduce onboarding errors due to manual inputCollect preferred payment methods for suppliers

Faster workflow processesMatch invoices, POsExpedite invoice review, approvals

Reduce dependency on paper checksAdopt more secure electronic alternatives, including ACH and virtual card solutionsIncrease transparency

Increase spending oversight Greater cash flow visibilityReduce costs and earn rebatesIncrease collaboration opportunities with AP teams and treasurers

Innovating the invoice

Integrating ERPs, internal systems

Expediting onboarding

Streamlining approval workflow

Transforming payment processes

Optimizing working capital

Payables

Payments

E CO S YS T E MFrom Payables To Payments

Innovating The Next Decade Of AP Automation

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Virtual cards have been spreading across the B2B payment space because of their cost-saving bene-fits for both companies and suppliers. These cards’ account numbers correspond to certain vendors and have predetermined spending limits, enabling AP professionals to better manage expenses, control cash flows and fight fraud. Sending and re-ceiving payments in a timely manner goes a long way toward tightening bonds between businesses and suppliers as well.

Rolling out virtual cards in AP departments does have some challenges, however. Two officials from U.S. Bank — Jennifer Swenson, vice president of corporate payments systems, and Adam Kruis, senior vice president and manager of working

capital consulting — addressed some of these concerns in a recent interview with PYMNTS. Swenson and Kruis outlined the specific ways the FI alleviates these worries, explained why it is criti-cal for the bank and its clients to work together on virtual solutions that meet all parties’ needs and described how some companies, including Apple and Uber, influenced the bank’s customer-centric approach to AP payment automation.

“It comes down to communication and identifying those opportunities to work together to implement the technology that’ll benefit both sides,” Kruis said. “You must have input from stakeholders both inside and outside the organization.”

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Banking On Consumer-Centric Strategies To Spur Virtual Card Adoption

Identifying key areas for virtual card

expansion

Minneapolis-based U.S. Bank is the country’s third-largest commercial bank card issuer and has offered its clients virtual accounts for more than 10 years. Its executives say its virtual card solution client base has been growing 22 percent annually, keeping pace with the industry. Many major banks now also issue virtual cards, and even third-party companies — such as Privacy — are entering the space.

Swenson explained that virtual cards are “extreme-ly beneficial” in industries with high transaction volumes and a need for real-time payments, such as commercial real estate and travel. Virtual cards can also help AP managers untangle their complex webs of suppliers, distributors and travel agencies. Such entanglements can cause turbulence for most business travelers, who must stay on top of every ex-pense and follow their AP departments’ guidelines.

U.S. Bank became the first and only institution to push virtual cards into mobile wallets in May 2019. The product, Expense Wizard, creates profiles and sets spending limits for employees at the beginning of their trips. It also generates expense reports in real time and automatically submits them to AP de-partments when trips are over.

“What was once considered a solution for gen-eral payables spend is now being used for all purchase types, including employee travel expense,” Swenson said.

Firms use digital payment options for myriad rea-sons, and their AP teams most value speed and convenience. Fraud protection is also a high pri-ority, according to a recent PYMNTS survey of AP

professionals. Swenson also added “revenue-share opportunity” to the list of key concerns, as it enables companies to realize substantial rebate revenues de-pending on how often they use their virtual cards. SMBs turn to automated solutions such as virtual cards because they tend to be big users of corpo-rate cards.

Cash control is also a virtual card benefit for AP pro-fessionals. The digital option allows them to better control how and when payments go out the door, en-abling them to time cash flows and take advantage of discounts and rebates. Kruis explained that this is a key tool for “turning AP into a profit center,” and a recent report found AP professionals think they can indeed drive more strategic value from their units.

Using data analytics to speed virtual adoption

There are still hurdles to virtual card adoption, such as lingering attachment to paper checks. Many AP professionals want to employ automated payment methods but are tied to legacy systems that revolve around outdated payment methods. Bottomline’s recent AFP survey found 45 percent of AP profes-sionals see integration as the biggest challenge in adopting payments and banking innovations. Swenson and Kruis stated that much of the respon-sibility for overcoming the adherence to checks falls on businesses and card issuers like U.S. Bank, which must educate clients and suppliers on the advantag-es such technology offers.

Swenson added that it is important to get compa-nies to prioritize virtual card implementation and address vendor acceptance concerns. 

“Advances in technology are helping to overcome both obstacles by reducing IT resource reliance

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during implementation and by simplifying the vendor experience and adding more value for them,” she said.

Kruis explained that the bank has created “experi-ence studios,” where the team works one-on-one with each client to weave its input into the develop-ment of new payment solutions. These discussions help both sides quickly identify potential pain points in the business-supplier payment process, and the studios allow the FI to produce “proof of concepts for client approval in weeks, not years,” he said.

U.S. Bank finds inspiration from firms such as Amazon, Apple and Uber which have customer-centric approaches that set standards for the seamless experiences consumers expect, Kruis noted. These firms influenced his team when devel-oping the experience studios and further influences how companies approach B2B payment solutions.

Kruis added that AP automation is going beyond payments or digitizing invoices. How companies au-tomate the data that comes along with payments on the back end of their ERP systems is “driving who is becoming successful in payables automa-tion,” he said.

Virtual card automation will not turn AP departments into profit centers overnight, and the technology is not entirely fraudproof. U.S. Bank and other indus-try analysts stress, however, that virtual cards can be a digital solution that keeps paying off when imple-mented correctly.

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Key B2B payments landscape insightsSurvey finds integration is still largest

payments, banking innovation adoption

hurdle

AI continues to disrupt many industries, and B2B payments and banking are no exception. A survey conducted by Bottomline Technologies at the AFP 2019 conference finds that 65 percent of financial and treasury professionals believe the shift to AI is here. Forty-one percent of respondents believe greater efficiency is AI’s biggest banking and pay-ments benefit, followed by 37.5 percent who cited automating manual processes and 20 percent who identified reduced payments fraud.

“Implementing these technologies will bring a num-ber of benefits to the industry, including greater efficiency, automation of manual tasks, predict-ing and reducing payments fraud, and delivering smarter, more personalized payment experiences,” said Bill Wardwell, vice president of strategy and product management at Bottomline Technologies.

Forty-five percent of respondents indicated that integration into existing technology is their big-gest challenge when adopting AI in banking and payments, however, and 40 percent called ac-counting and enterprise resource planning (ERP) integrations their primary concern as Real-Time Payments (RTP) gains traction in the United States. It has become increasingly evident that

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banks, businesses and FinTechs must be at the cut-ting edge of security solutions as fraud gets more sophisticated, though.

Thirty-seven percent of respondents said they an-ticipate greater emphasis on combatting financial crimes in 2020, closely followed by the adoption of AI and machine learning technology (35 percent).

Overcoming card adoption barriers

Vendors’ concerns surrounding corporate credit cards’ transaction fees can hinder adoption, despite their many benefits. Dean M. Leavitt, founder and CEO at Boost Payment Solutions, believes such wor-ries are “knee-jerk” misconceptions. He stated in a recent interview with PYMNTS that suppliers typically factor in their outstanding invoices to cover cash flow shortfalls, but those that accept cards can get paid “significantly sooner.” He added that this cost struc-ture is more affordable than factoring in outstanding invoices while still allowing clients to maintain their current days payable outstanding (DPO).

B2B partnershipsNorthwood Hospitality integrates BirchStreet

Systems’ AP solutions

BirchStreet Systems, a hospitality-focused procure-to-pay software provider, recently announced that hotel portfolio management com-pany Northwood Hospitality has implemented its suite of eProcurement and AP automation mod-ules. The latter expects a “seven-figure bottom line impact” from the partnership and believes that these modules will help manage its invoice flow, labor

and capital projects, streamline back-office opera-tions, improve spend and boost food and beverage margins. The former’s new module, BirchStreet Pay, allows operators to pay by check, automated clearing house (ACH) and virtual card. Brent Reid, executive vice president at Northwood, noted that the com-pany has already shifted more than $20 million in spend from checks to virtual cards since adopting BirchStreet’s tools.

Nexus expands partnership with MRI Software

Real estate AP automation provider Nexus and real estate software solutions provider MRI Software are expanding an existing partnership to enable fast-er payments for both companies’ suppliers through an enhanced integrated platform. MRI stated that the AP automation platform allows customers to use checks, electronic ACH transfers or Nexus virtu-al cards to pay suppliers whenever they want. MRI’s customers can also use the tool to track invoices and buy products and services from online supplier cat-alogs. The offering pulls data from MRI, including suppliers’ names, contact details and other informa-tion, cutting manual uploads and streamlining AP processes.

BankTEL announces first AvidPay customer

BankTEL recently announced that it enrolled its first customer into AvidXchange’s automated payment solution, AvidPay, less than three months after its ac-quisition by the latter. BankTEL said in a press release that the client, Nashville-based Studio Bank, will have access to AvidPay’s network of more than 500,000 B2B suppliers. AvidXchange’s invoice-to-payments

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AP technology, which provides secure payment solutions such as virtual cards, is integrated into BankTEL’s Ascend accounting suite.

Wirecard takes aim at travel industry

Germany-based Wirecard, a global electronic pay-ment and management services supplier, is working to expand its presence in the B2B payments space. Its latest effort involves a partnership with Berlin-based travel experience booking platform GetYourGuide. The former believes the latter’s automated payment solution for suppliers will find ample customers in the highly fragmented travel industry, known for its complex web of suppliers, distributors and agencies.

GetYourGuide stated that Wirecard’s supplier and commission payments platform, which maps individ-ual transactions for real-time payment reconciliation, should streamline its accounting processes and speed up disbursements to its suppliers. The firm will also use Wirecard’s virtual credit cards to facili-tate B2B payments.

Targeting SMBs in the U.S. and abroadWeave launches payments processing

platform for SMBs

Lehi, Utah-based Weave recently launched a new payment platform that allows SMBs to process payments through a variety of methods. Weave Payments, when combined with the company’s com-munication software, allows its merchant customers to make payments through texts, credit cards and mobile wallets. Integrating Weave Payments into

customers’ enterprise systems is relatively seamless, the firm noted, adding that the offering cuts down on manual, paper-based processes.

ScaleFactor offers corporate card flexibility

to SMBs

Small businesses, which often have limited resourc-es, value financial flexibility above everything else, and Texas-based accounting solutions provider

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ScaleFactor is addressing this need with a recent-ly released customizable Visa card. The solution grants SMBs improved control over their spending and features customized mobile expense manage-ment systems. Businesses can use the offering to issue employees physical, virtual or temporary cards with flexible spending limits. The cards can be fully integrated into ScaleFactor’s accounting and finance platform and do not affect business owners’ person-al credit scores. Companies that use the product get 1 percent cash back on all purchases each month.

India’s Happay unveils invoice processing

platform

Happay, an India-based business spend automation platform, recently launched a new invoice process-ing solution that allows mid-sized companies to process vendor payments through a single platform. The firm said in a press release that Happay Invoice can reduce customers’ invoice processing costs by approximately 70 percent. The system uses propri-etary optical character recognition (OCR) technology and auto-fetch application programming interfac-es (APIs) to verify and validate vendors’ details while also running policy checks on invoices and preparing them for payment.

Happay, which handles $1 billion in transaction vol-ume, designed the solution based on input from its customers, many of whom process as many as 40,000 invoices a month. The firm added that 82 per-cent of its customers still process invoices manually or with semi-automated systems.

Indian AP market draws venture capitalists

Venture capitalists regard the Indian B2B AP automa-tion space as rife with opportunities, and many are betting on startups such as Bengaluru-based FinTech Finly, which recently raised an undisclosed amount of funding to expand its B2B product offering. The fund-ing round was led by Social Capital, AngelList India and Omphalos Venture Partners, among several oth-ers, and the firm intends to use the funds to enhance its services suite that includes payments, eProcure-ment and expense management capabilities. Finly’s solution helps its clients’ chief financial officers bet-ter comply with industry regulations.

Weavr toolkit aims to spur virtual card

applications

Weavr, a cloud-based collaboration platform for in-novators and payment providers, is looking to make it easier for digital innovators to create and deploy their own virtual card applications with the launch of a virtual card tool kit. The product enables inno-vators and FinTechs that open self-service innovator accounts with the London-based firm to design their own virtual card applications. Users can seamlessly integrate their solutions into their websites or mobile apps. Weavr said innovators would previously have to spend “tens of thousands of pounds” and several months designing, deploying and running virtual card solutions.

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Virtual credit cards are one of the more flexible electronic payment methods available, and the world continues its steady march toward great-er digital payments use. These 16-digit credit card numbers are created for one-time purchases at set amounts, and the convenience, security and speed they provide is allowing them to take hold in the B2B payments space. Virtual cards could im-prove AP processes, benefiting both buyers and suppliers by streamlining day-to-day payments and providing greater control over cash flows. They also offer more safeguards against fraud than traditional business credit cards.

The following Deep Dive explores how virtual cards benefit B2B payments, especially among small-er firms, which have limited resources. It will also

examine what might be slowing virtual cards’ adoption in the space.

B2B virtual card purchasing on the rise

Virtual cards’ adoption is also being driven by mo-bile devices’ exploding usage, as the payment method can only be used for designated scenarios like AP payments and online or phone purchases. Transactions’ credentials are randomly generated with tokenization, unlike prepaid or physical plas-tic cards, and the cards are linked to checking or other payment accounts and expire at designated times. Many AP departments still rely on checks to settle B2B invoices, however, despite the speed and convenience that payment methods like virtu-al cards offer. Such outdated, manual methods are

The Benefits Of Virtual Cards For B2B Payments

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inefficient, and some studies show that an increasing number of AP professionals are willing to give up the paper chase.

PYMNTS reported that 46.4 percent of AP profes-sionals would like to implement electronic invoice solutions and that 22.9 percent would like to integrate ePayables with virtual cards into their B2B opera-tions. Such sentiments are fueling strong growth in the use of corporate credit and virtual cards, with vir-tual card spend for purchasing activities projected to grow to $355 billion by 2022 — up from $136 bil-lion in 2017, marking a 21 percent compound annual growth rate (CAGR).

Streamlining the AP purchasing process

Integrating virtual cards into the AP payment mix is relatively easy. Businesses can implement solu-tions that work with their accounting or ERP systems, create efficiencies and working capital op-timization opportunities and enable smooth B2B transactions by working with FIs, FinTechs and major card networks. Virtual cards can also be used when employees are looking to make company purchases outside traditional supplier invoice payments. These workers can make requests to purchasing manag-ers, who then use those platforms to create virtual cards. Card details are then inputted at checkout to complete purchases. Companies can make as many cards as they wish, track transactions in real time and limit the amounts spent, giving AP departments more control over corporate spending.

Virtual cards also help companies optimize work-ing capital. Such payments are executed instantly,

allowing AP teams to hold on to cash for longer pe-riods of time, optimizing DPO and enabling them to collect more returns on that working capital.

These cards can also make thousands of dollars in rebates available to companies that use them often. A firm that earns 0.5 percent cash back on virtual card invoice payments will get $5,000 back for ev-ery million dollars spent, for example. Rebates are a great pull for small companies, which heavily use credit cards and account for $430 billion in annual card spend. Virtual cards and other digital payment options free AP staff from the cumbersome tasks of printing, signing and mailing paper checks to suppli-ers and vendors.

Companies can also better manage spend with virtu-al cards. Each card is valued at a specific amount for individual suppliers, which can process the payments exactly the same way as they would traditional cred-it cards. Settlement is instantaneous, granting AP departments real-time cash flow data and improv-ing strategic planning. Virtual card numbers (VCNs) make payments easily trackable and enable reliable data capture, helping merchants reconcile payments. Quick settlement ultimately helps strengthen rela-tionships with suppliers as well.

How security drives virtual card use

Virtual cards’ biggest draw is their enhanced security compared to other credit cards and payment meth-ods. Online fraud is a massive financial headache that could reach $25.6 billion this year. Traditional credit card users expose their personal information whenever they make payments in person or online,

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and vendors often store this information, which could potentially expose it to hackers. Virtual cards do not have any hard data that can be stolen, and their pre-determined limits prevent overcharging.

Virtual cards’ fraud-busting capabilities are especial-ly attractive to subscription companies, which often see recurring charges victimizing customers who did not authorize or no longer need certain services. These cards’ limited time usage eliminates that risk.

Fear of higher merchant fees worry suppliers

Some challenges still remain to swift and smooth virtual card adoption in the B2B space, despite the tangible benefits. Some firms are concerned about the potential disruption to their existing systems or the creation of one-off processes, but much of the delay comes from the supplier side. Vendors are concerned about the higher merchant fees that

come with these electronic AP solutions — charges that can reach 2.5 percent of each transaction.

Suppliers stand to benefit from education around how virtual card adoption will enable faster pay-ment receipt, improved cash flows and reduced time and money spent chasing after late or missing funds. Some virtual card solutions enable suppliers to choose how they receive electronic remittance in-formation, too, which can allow for straight-through payment reconciliation.

The shift to virtual cards is critical to the digital pay-ments innovations sweeping the B2B space. Using virtual cards for B2B transactions have tangible ben-efits for companies and suppliers alike, and those that do not implement them are likely to miss out on ample cash collection and cost-saving opportunities.

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A B O U T

PYMNTS.com is where the best minds and the best content meet on the web to learn about “What’s Next” in payments and commerce. Our interactive platform is reinventing the way companies in payments share relevant information about the initiatives that make news and shape the future of this dynamic sector. Our data and analytics team includes economists, data scientists and industry analysts who work with companies to measure and quantify the innovations at the cutting edge of this new world.

Bottomline Technologies provides automated payment technology solutions for several verticals including education, financial services, government, healthcare, insurance, manufacturing and technology. The company’s portfolio of solutions include document automation for invoice processing, financial messaging, legal billing solutions and spend management controls. Learn more at bottomline.com.

We are interested in your feedback on this report. If you have questions, comments or would like to subscribe to this report, please email us at feedback@pymnts.com.

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