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BPN is Now Bi-Directional, Supporting Both Invoice Delivery and Payment Acceptance
LAWRENCEVILLE, N.J., May 18, 2021 (GLOBE NEWSWIRE) -- Billtrust (NASDAQ: BTRS), a B2B accounts receivable automation and integrated payments leader, announced the next major version of its Business Payments Network 4.0 (BPN) during its Billtrust Summit 2021 event. BPN 4.0 now supports the bi-directional exchange of transactional data and documents, enabling invoice presentment to accounts payable portals in addition to its existing payment and remittance acceptance capabilities. BPN, an open network supporting buyers and suppliers allowing both AP and AR platforms to exchange invoices, payments and remittance data, now delivers invoices to over 170 leading accounts payable portals.
These new BPN benefits are designed to help suppliers seeking ways to address increasing buyer demand to deliver invoices through AP and procure-to-pay platforms. According to a 2021 study commissioned by Billtrust, over 350 accounting/finance senior leaders reported, “dealing with increasing numbers of customer payment portals” (38%) as a top concern while the majority of respondents stated that their teams interact with an average of 11-20 AP portals.
Dave Adams, Chief Customer Officer at Taulia, a leading fintech provider of working capital solutions, stated, “The integration between BPN and Taulia provides an obvious win for our customers. It creates another channel for invoices to be quickly, easily and accurately presented which leads to high levels of invoice automation.”
BPN’s new invoice delivery capabilities arrive at a time when BPN is experiencing substantial growth in both transaction volume and overall participation. First quarter 2021 card volume was up 117% year-over-year and total payment volume up 146% year-over-year when including ACH and wire payments, new payment modalities added in August 2020. The network has also seen a strong increase in unique bank and fintech payables platforms directing payments to suppliers through BPN, growing from 34 in 2019 to 58 in 2020, indicative of the continued expansion of participants in the payables automation space, as well as BPN’s relevance to AP platforms looking to increase electronic spend with suppliers.
“BPN is now an even more powerful resource for AP and AR teams to implement straight-through processing,” said Greg Hanson, Chief Product Officer, Billtrust. “Our growing number of participants and network volume, combined with an increased ability to transact across multiple digital modalities, makes BPN a key driver in digitally transforming B2B payments while giving CFOs and CEOs the means to reliably predict and maximize cash flow.”
Billtrust (NASDAQ: BTRS) is a leading provider of cloud-based software and integrated payment processing solutions that simplify and automate B2B commerce. Accounts receivable is broken and relies on conventional processes that are outdated, inefficient, manual and largely paper based. Billtrust is at the forefront of the digital transformation of AR, providing mission-critical solutions that span credit decisioning and monitoring, online ordering, invoice delivery, payments and remittance capture, invoicing, cash application and collections. For more information, visit Billtrust.com.
This press release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company. These forward looking statements are subject to a number of risks and uncertainties, including those factors discussed in the Company’s filings with the SEC, including those under the header “Risk Factors” in the Registration Statement on Form S-4 filed with the SEC by South Mountain Merger Corp. on October 26, 2020, as amended. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that the Company presently does not know or that they currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect the Company’s expectations, plans or forecasts of future events and views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
CONTACT: Media Contact Meredith Simpson MSimpson@Billtrust.com