Traxpay, pioneer in business-to-business (B2B) Dynamic Payments, was awarded with the payment industry’s most prestigious distinction, the PYMNTS.com Innovation Award for ‘Best B2B Payments Innovation’ at a ceremony held last evening at Harvard University in Boston. The company was selected by an illustrious panel of judges who fielded 600 submissions from companies spanning the full scope of the payments industry.
The Traxpay B2B Dynamic Payments platform was created to fulfill the need for faster, safer, smarter B2B payments, a market worth USD300tn annually. The modular, SAP-certified, cloud-based platform enables Dynamic Payments that are able to adapt in real-time to the complex and constantly changing parameters which define B2B trade. Enterprise transactions are multi-faceted by nature, and due to changing conditions and business relationships, a payment may need to be split, combined, rerouted, canceled, partially refunded, factored, put into escrow, executed on condition, paid on delivery, discounted, or in some other way dynamically altered during the course of the transaction. Unlike legacy payment methods which are static, Traxpay’s Dynamic Payments embeds the payment process directly into B2B commerce network operator platforms (P2P, O2C, ERP, etc.) and connects all associated transaction data and remittance information to the payment. Dynamic Payments utilizes this rich data in combination with an event-driven workflow engine that constantly monitors for any changes to the who, what, when, where, why, or how of the payment, and executes and settles the payment accordingly – instantly, anytime, and 24/7/365. Traxpay customers benefit from real-time visibility into cash flows and liquidity, higher transaction security and better control over working capital.
“Using automation, intelligence, and transparency, B2B commerce network operators have enabled easier and more efficient communication and interaction across entire supply chains, but sadly, these gains are completely lost when it comes to the last mile of the transaction – the payment itself,” said David Desharnais, Traxpay’s CMO & SVP of Product, who personally accepted the award in Boston. “This esteemed industry accolade acknowledges our determination to revolutionize the market for B2B payments with leading-edge Dynamic Payments technology that was created specifically for the needs of B2B trade, and addresses the many pain points in a market that is ripe for disruption.”
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