Traxpay, pioneer in business-to-business (B2B) real-time financial transactions, has been selected as a finalist for the payment industry’s most respected award, the PYMNTS Innovator Award 2014, in the category ‘Best B2B Payments Innovation.’ Finalists in 15 categories were chosen from a pool of over 600 companies by an esteemed panel of nine judges, all of whom are widely recognised experts and thought-leaders in the payments industry.
Since coming out of stealth-mode and going live with its B2B financial transactions platform in mid-2012, Traxpay has made significant progress in its mission to transform the way businesses pay and get paid. Despite significant gains that have been made in e-commerce and by enterprise software providers to bring intelligence and automation to the purchase-to-pay (P2P) and order-to-cash (O2C) workflows for corporates, the last step in completing a transaction – the execution and settlement of the payment itself – is disconnected. So, while enterprises now have the ability to dynamically adapt and react to changes in business conditions in real-time all along the supply chain when it comes to processing B2B payments their choices are still limited, costing them billions in losses every year.
- 59% of CFOs report issues caused by poor visibility and control of supplier payments
- Over 60% of payments are handled manually causing up to 25% payment mismatches
- Over 30% of B2B invoices are paid after the due payment period agreed
- 78% of companies can’t forecast short-term cash flow within 5% accuracy
To address these gaps, the patent pending Traxpay platform uniquely combines secure, flexible, real-time 24/7/365 electronic payments with any and all structured and unstructured data related to the transaction. What further sets Traxpay apart from all others is its unique SAP-certified workflow engine that automatically monitors and dynamically effects changes to the who, what, when, where, why, and how of a payment, while keeping all the data, changing business conditions, and the transaction synchronized. Traxpay’s customers profit from savings and better control over working capital and real-time visibility into cash flows and liquidity.
“We are honored to have been selected as a finalist for this, the industry’s most prestigious award – an acknowledgement of our determination to revolutionize the market for B2B payments.” said John Bruggeman, Traxpay’s CEO. “It is unacceptable in the digital age in which we live today that corporations are stuck with traditional, static payments that are costly, slow, and non-transparent – all critical factors that hinder their ability to do business in a global climate.”
Blockchain is going to be big. We know. Just like sessions at the subject at most other conferences we’ve been to recently, the blockchain panels and speakers at this year’s Tech Open Air conference in Berlin were packed to bursting.
If you think innovation in consumer cross border payments has been big, just wait for the business-to-business (B2B) side of the equation. Speaking at Money 20/20 Europe as part of The Bancorp’s Finetics™ Studio interview series, CEO Mike Laven talks about what’s next for cross-border payments.
Balancing the need for regulation with allowing innovative ideas to flourish is tough, and nowhere more so than in finance. That’s precisely why the UK’s progressive approach to regulating fintech companies stands out in Europe and the wider world.
Fintech is talked about as one of the most exciting segments of technological disruption right now, but after the implosion of so-called UK unicorn Powa Technologies and trouble at high profile US online lenders Lending Club and Prosper there’s been something of a sobering in the space.