Billtrust, the leader in B2B order-to-cash solutions, announced today that Priority Commercial Payments ("Priority") has joined Billtrust's Business Payments Network (BPN) to provide merchants the technology and support to streamline reconciliation of commercial payments captured through the BPN platform.
With this new strategic partnership, Priority -- which processes more than $45 billion on behalf of over 190,000 merchants annually -- further expands BPN's ability to serve merchants that wish to receive touchless electronic payments remitted through accounts payable (A/P) platforms. Merchants receiving payments through BPN via Priority will reduce costs and gain efficiencies by receiving automated payments that post straight through to their preferred ERP or accounting system.
"We've long admired Priority for the work they've done to enable merchants to benefit from the acceptance of new forms of payment, such as virtual card," said Nick Babinsky, Vice President & General Manager, Business Payments Network at Billtrust. "As like-minded FinTechs focused on converting paper check to digital forms of commerce, we are well-positioned to drive even greater value to merchants and banks as partners through BPN."
"As one of the fastest growing payments companies in the U.S., we are continuously innovating best-in-class solutions that meet the unique and evolving needs of businesses," said Cindy O'Neill, President, Priority Commercial Payments. "We are excited to partner with an industry leader like Billtrust, to offer new tools to the BPN customer base, further enabling seamless acceptance of digital payments for all merchants."
Launched late last year, BPN streamlines the delivery of electronic B2B payments to businesses in ways not possible until now by:
- Providing financial institutions and A/P platforms with the ability to deliver digital payments directly to merchants participating in the network
- Offering acquirers and accounts receivable (A/R) providers the opportunity to capture transaction volume through the network on behalf of merchants
- Enabling complex financial and payment data to seamlessly come together at scale while delivering streamlined reconciliation to suppliers and buyers
The strategic partnership with Priority further demonstrates Billtrust's leadership amongst major players across the B2B payments ecosystem helping to bridge the gap between A/P and A/R with BPN.