Expense Management. Payroll & Payouts. Employee Incentives & Perks
Still using cash and cheques? Take control of company spending with B4B prepaid cards. Stay up-to-date with the latest B4B Payments and Fintech news.
The Nordic region, known for its tech-savvy population and stable financial systems, is becoming a prime breeding ground for ambitious fintech startups. With high mobile payment adoption, a focus on sustainability, and robust regulatory frameworks, the stage is set for exciting innovations and collaborations.
Check out further information here.
The show’s host, Rogier Rouppe van der Voort, explores Brian’s expertise in BaaS and how this breakthrough model is enabling companies to extend their services to provide customers and generate new revenue.
BaaS breaks the mould for the delivery of banking services. It gives non-financial institutions the ability to offer core banking services such as card issuance, payment acceptance and FX service. Thanks to BaaS, a business can launch its own banking services without having to go through the lengthy and costly process of attaining its own licence. They also avoid the need to build their own complex infrastructure for the delivery of those services.
Swedish startup Juni, which was listed as 2021’s fastest-growing fintech startup in Europe, is one of B4B’s most recent high-profile BaaS success stories.
‘BaaS has grown rapidly in recent years,’ explained Brian, ‘which has naturally attracted some new service providers into the market. With BaaS, organisations can quickly integrate banking functionalities into their existing products or services, eliminating the need for extensive development and regulatory hurdles.
‘BaaS is pushing innovation by allowing for the creation of tailored financial solutions that boost customer loyalty and engagement. Ultimately, it empowers businesses to scale efficiently, adapt to evolving market demands, and enter new markets with ease.’
The PCN podcast episode featuring Brian Lawlor is live, and you can catch it on all major platforms like Apple Podcasts and Spotify.
Power your payments vision with B4B Payments as your
Banking as a Service Provider.
Meet the team at Money 20/20 Europe at stand 8A 300.
Book a meeting here
London, 19th March 2024 – Thredd, a leading modern payments processor serving clients globally, has announced its official entry into the United States debit and prepaid card issuing market with long-standing partner, B4B Payments. This strategic move underscores Thredd’s commitment to support its clients’ expansion plans in key global markets.
Check out further information here and the sources below.
PYMNTS – Thredd Enters US Card Issuing Market With B4B Partnership
Finextra – Thredd enters US debit and credit card issuing market
Fintech Finance News – Thredd Announces Expansion Into the United States Card Issuing Processing Market
Financial IT – THREDD ANNOUNCES EXPANSION INTO THE UNITED STATES CARD ISSUING PROCESSING MARKET
Fintech Global – Thredd partners with B4B Payments to launch US debit and prepaid card processing
Electronic Payments International – Thredd expands into the US card issuing market
Only Strategic – Thredd announces expansion into the United States card issuing processing market Trend
The Paypers – Thredd expands into the US market
B4B Payments, a global leader in electronic business payment solutions, has proudly announced that it has joined Payments as a Lifeline (PaaL) to significantly reduce the time it takes to provide financial assistance to individuals, especially during a natural disaster, emergency, or in cases of chronic aid.
Check out further information here.
‘Why breaking up banking means better financial services’
Legacy banking services will be a hot topic when Brian Lawlor, Group Chief Commercial Officer, B4B Payments, is the special guest on the Tech People podcast in January.
B4B Payments offers Banking as a Service (BaaS) technology that enables businesses to provide the kind of financial services that previously only banks could offer.
‘We are helping to break apart the old model. Through BaaS, we allow organisations to offer new and improved access to those core banking services such as issuing cards, making payments, or FX – and it can be virtually any type of business that takes advantage of that. Not just banks or even financial service companies.’
Brian met the podcast’s host, Ken Coyne, at Money 20/20 USA in October last year, and Ken was interested in learning more about Brian and the ethics driving B4B Payments.
The podcast seeks to show ‘how diversity, creativity, and innovation, when nurtured in people, can lead to an unbeatable formula’. This series of interviews ‘share the experiences of some truly inspirational leaders on their journey to customer success.’
Brian joins a long list of previous guests from major organisations across different types of technology industries organisations. Recent podcasts have featured Diane Acevedo, SVP, Operations and Customer Experience at Gabb Wireless, speaking about how to overcome the negative impacts of technology on children. Owen Fitzpatrick spoke about leadership principles and the importance of what leaders believe rather than what they think. David Urban, CEO of Auctioneer, shared his views about AI and the future of coaching for founders.
Brian will be sharing stories and learnings from his professional journey, leadership insights and the principles driving B4B Payments today.
As part of his 20-year career, Brian has played vital roles in launching key fintechs, including Soldo, Revolut, Wise, Monzo and Juni. In 2020, Brian joined Banking Circle, which eventually acquired B4B Payments, an EMI in the UK and Lithuania and a principal member of both Visa and Mastercard. Following the acquisition, Brian assumed the role of Group Chief Commercial Officer at B4B Payments.
The benefits of BaaS are most widely felt across the whole eCommerce sector especially travel. Buyers can now not only choose the goods or services they want to buy but also select other banking products that might help them make their current purchase, such as a loan or apply for a card that rewards their future loyalty to their favourite brands.
B4B Payments have a long history of shaking up industries and cutting through red tape.
Migrant Help is an organisation that provides invaluable initial assistance to victims of modern slavery and trafficking.
Exploited individuals often don’t have the ability to open a typical bank account. So, physical cash handouts were given to migrants for immediate help. This presented obvious risk and security issues. A prepaid Mastercard was the perfect alternative – offering all the benefits of a cash-free system without requiring the paperwork and process of an individual bank account.
B4B Payments are helping to make businesses more competitive, as showcased by the services it provides to two Danish fintechs, OneMoneyWay (insert link) and Zento (insert link). They are using B4B technology to simplify corporate payments for SMEs, eliminating the lengthy processes and high costs typically associated with opening a corporate bank account in Denmark.
The episode of the Tech People podcast featuring Brian Lawlor will be published on (the 28 February) and available from all popular aggregators, including Apple and Spotify.
“B4B is a key voice in the payments landscape, and they will continue to play a critical role in helping shape the future of payments.”
— Brian Tate, IPA President and CEO
Check out further information here.
At the 2023 Payments Innovation Forum Summit, recently held in London, Brian Lawlor, CCO of B4B Payments, shared valuable insights and extensive experiences on ‘The Need for BaaS in the Payments Ecosystem.’ During Brian’s presentation, he addressed the six key challenges of traditional payments that B4B Payments is addressing with Banking-as-a-Service solutions.
Check out further information here.
Money 20/20 is like Christmas in many ways. There’s a lot of hard work and preparation in the run-up, especially if you are hosting a stand. And then it’s all a bit of a blur for a few fantastic days.
The B4B Payments team got together recently to unpack our observations, compare notes, and consolidate our learnings. Here are some of our key takeaways from Money 20/20 USA, held in Las Vegas.
After just a few minutes of walking the event floor, you would have been struck by one thing. Digital identity was front and centre, both in terms of exhibitor stands and speaker sessions.
In one lively panel session, the topic of data access and identity governance was discussed. Digital identity expert Dave Birch questioned whether consumers really knew the value of their own data and speculated that most of them ‘would be happy to give away all their personal data to Facebook for a Snickers bar.’ This clearly indicates there needs to be some formal structure for identity and data access that is fair and equitable for all parties.
A big talking point on the B4B Payments stand was the confusion between BaaS and embedded finance among our U.S. visitors.
Of those who had heard of BaaS, many did not really know the difference between it and embedded finance – or simply assumed they were the same thing.
By the end of the event, we had boiled down our explanation of the difference between the two into these three major areas:
Similarly, the metaverse was not such a hot topic as we all await stronger case studies and more decisive evidence of customer adoption.
The lack of open banking exhibitors or content highlighted the difference between the US and European markets. This is something that is likely to grow in the future as open banking gathers pace in the US.
The differences between the U.S. and Europe in terms of payment technology and experiences remain quite stark. One of the clearest examples of this was highlighted during the ‘Keeping Up with Expectations in Embedded Finance’ panel session at the start of Day 2.
Daniel Crisologo, Director of Payments from Nordstrom, stated that their business had only started offering contactless in response to the COVID outbreak in 2020. In the UK, the rollout of contactless payment acceptance by the largest organisations happened more than a decade ago. Contactless payments accounted for over 70 per cent of pay-as-you-go transactions at Transport for London (TfL) by 2022 – including paying for more than 2.5 billion TfL bus journeys in that time.
Similarly, BNPL was discussed as an emerging payment option for U.S. consumers, but it is well-established in the UK and Europe. BNPL is predicted to grow at 25% each year in the UK from 2022 to 2028. This is partly due to its ability to help consumers through the current cost of living crisis.
The panel discussed the importance of delivering a consistent customer experience. Whether you are serving consumers or business buyers, it is essential to make the same payment options available across all channels for a friction-free, high-converting buyer experience.
The trend towards digital wallets was a talking point, given predictions that their user base will grow strongly to exceed 5.2 billion globally by 2026, an increase of over 53% from 2022 levels. This is because of the potential for universal and merchant wallets to empower consumer purchasing and increase loyalty.
In a discussion that was relevant to both BaaS and embedded finance, the topic of commercial models was raised and the need to condense those across the virtual SaaS industry. Using a single service provider with one API integration is a good start. The need to simplify layers and connectivity in the payment orchestration process will also be key to preventing friction for buyers and impacting conversions.
As B4B Payments continues to grow from its UK base to the U.S., it is interesting to note the differences and nuances between these two dynamic markets. Money 20/20 remains the industry barometer for payment conversations and trends.
The interest in embedded payments is strong, and the U.S. market is beginning to understand the important differences and opportunities offered by Banking-as-a-Service.
In difficult economic times for both business buyers and consumers, it is good to see the payments industry continuing to focus on how it can most effectively empower businesses and enhance profitability.
B4B Payments, in partnership with Banking Circle, offers a full suite of payment solutions, bridging gaps in the fragmented B2B FinTech market. We empower Danish FinTech startups like OneMoneyWay and Zento, providing tailored financial solutions and ultimately supporting inclusive payment solutions in the underserved SME market.
OneMoneyWay and Zento are both Danish FinTech startups that partner with B4B, aiming to simplify corporate payments for SMEs, eliminating the lengthy processes and high costs typically associated with opening a corporate bank account in Denmark.
By utilising B4B’s Embedded Finance Services and API integration, OneMoneyWay and Zento can tailor their offerings to suit the specific needs of their clients, providing them with a simplified and user-friendly financial platform with DKK, SEK, EUR, USD and GBP accounts. Through these accounts, B4B has payment services in local market rails and 25+ currencies through SWIFT & NACHA.
Oliver Bentzen, CEO of OneMoneyWay, highlights the benefits of partnering with B4B.
“B4B Payments are especially skilled in the field of compliance, where they truly outpace their competition. For us, that means our clients get onboarded much faster than our competitors, and that makes us an attractive solution to end customers.”
Together, OneMoneyWay & Zento have shortened the onboarding time for opening business payment accounts in Denmark from 3-6 months to 2-6 weeks. Underserved SME businesses are able to use this speed to reduce potential costs and grow their businesses faster, which, in turn, provides benefits to marginalised communities and the wider Danish economy.
Credit unions represent a counterpart to conventional banks, and the banking industry’s recent shakeup has created an opportunity to gain new commercial business, especially the 29 million SMBs, with expanded business payment service offerings.
Speaking of opportunities, SMBs are shifting considerably away from large banks – which hold 45% of the market share, and 66% of business owners say their primary bank doesn’t get them. Additionally, B2B is the largest payment segment globally. In 2018, Goldman Sachs estimated B2B payments at $127 trillion. More recently, Credit Suisse pegged B2B payments at $125 trillion out of a $235 trillion total market. This outweighs the B2C payments market, estimated to be 52 trillion.
The demise of several banks in the spring has resulted in some SMBs reassessing their banking relationships beyond merely credit risks, and this is where credit unions can leverage their reputation for trustworthiness and commitment to community values to attract commercial clients.
Additionally, the shift allows credit unions to offer access to cutting-edge, self-service commercial prepaid products as an embedded payment solution that can grow in tandem with their SMB clients and make it easier for businesses to conduct expense management and payouts.
Unlike large banks, credit unions can swiftly adapt to the evolving needs of businesses and tailor their prepaid card programs accordingly. This agility is a key selling point for credit unions positioning themselves as dynamic, commercial payment partners for businesses.
One of the core strengths of credit unions is their commitment to personalized service and community focus. They can emphasize their local presence and understanding of the unique challenges facing businesses in their community. Commercial clients often appreciate the accessibility and personal touch that credit unions can provide, which may be lacking in larger, impersonal banks.
To compete effectively, credit unions can integrate prepaid cards seamlessly with other business services they offer. This includes aligning prepaid cards with business loans, lines of credit, and merchant services. By offering a comprehensive suite of financial solutions, credit unions become one-stop destinations for all of a business’s financial needs.
The first step towards success lies in recognizing that businesses have unique financial requirements. Credit unions can craft prepaid card solutions that cater specifically to these demands. Whether it’s facilitating employee expenses, managing petty cash, or optimizing cash flow, prepaid cards can be customized to align with the varied financial goals of commercial clients.
Managing expenses is a critical aspect of any business’s financial health. By offering prepaid cards equipped with integrated expense management tools, credit unions empower commercial clients to effortlessly track and categorize their spending. This streamlined process not only reduces administrative burdens but also provides invaluable insights into financial management.
Flexibility is the name of the game in the commercial world, where cash flow can make or break a business. Credit unions can provide prepaid cards that allow businesses to load funds as needed, ensuring access to working capital whenever required. This flexibility enhances financial stability and bolsters businesses’ confidence in their credit union partner.
Introducing loyalty or rewards programs tied to prepaid cards can be a game-changer for businesses. Small businesses can easily develop employee, channel partner, vendor, and customer incentives and reward schemes that enable them to strengthen their relationships. In return, this not only incentivizes continued usage but also deepens the loyalty between the credit union and its commercial clients.
Prepaid cards offer a window into a business’s financial activity. Credit unions can use this data to assess the financial health and stability of their commercial members, informing lending decisions and risk assessment. This proactive approach to risk management safeguards both the credit union and its clients.
Credit unions can explore collaborative partnerships with fintech companies like B4B Payments. These partnerships can help credit unions launch and optimize their prepaid card offerings with advanced technology and innovative features. By staying on the cutting edge of fintech, credit unions can compete with banks on the technological front.
B4B Payments can help credit unions quickly and easily launch and enhance their prepaid commercial card programs and compete with banks offering embedded payment solutions. Our end-to-end flexible and scalable prepaid commercial card issuing platform offers easy set-up and onboarding so commercial divisions can quickly enable businesses to self-manage the instant issue of physical and virtual Visa® cards for travel, entertainment, supplies, internal department and project spending, incentives and rewards.
Our robust APIs integrate seamlessly into existing bank systems and make it easy for your institution to offer a simple method for your credit unions to deliver businesses a valuable payment solution that also streamlines payments and gains them greater transparency and reporting capabilities.
With easy set-up and onboarding, commercial operations will not need additional staff or deal with lengthy and burdensome training and processes to begin enabling companies to self-manage the instant issue of physical and virtual Visa® cards for travel, entertainment, supplies, internal department and project spending, incentives, and rewards.
Credit unions have a competitive edge in the commercial banking space when armed with well-designed prepaid card programs. By capitalizing on their flexibility, commitment to personalized service, competitive pricing, and strategic partnerships, credit unions can effectively compete with banks for commercial clients. The key lies in understanding businesses’ unique needs, providing innovative solutions, and showcasing the distinct advantages credit unions offer as financial partners.
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