Billtrust Announces Business Payments Network 4.0 (BPN), Record Volume and Network Participation
May 18 2021 - 1:00PM
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.”
About BilltrustBilltrust (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.
Forward-Looking StatementsThis 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.
Media Contact
Meredith Simpson
MSimpson@Billtrust.com
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