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B4B Payments Wins Best Business Cards Initiative at PayTech Awards 2024!

We are thrilled to announce that B4B Payments has been awarded the prestigious “Best Business Cards Initiative” at the 7th PayTech Awards 2024. This recognition underscores our commitment to innovation and excellence in B2B finance solutions.

B4B Payments’ position as a leading multi-faceted payments solutions provider has enabled it to help several companies across different industries improve their payment management. 

This award demonstrates our leading position in the corporate payments space,says Tim Robson, B4B Director of Accounts.

Success Stories:

Attending with B4B at the Paytech Awards were representatives from suppliers and valued clients.

Education First (EF) is a world leader in educational travel, with a presence in 114 countries. B4B’s technology enables EF’s tour leaders – scattered across the globe – to receive the necessary funds in a risk-compliant manner. This allows them to pay for food, tolls, site entry, etc. Not having to worry about funds management means that tour directors can focus on providing an excellent tourist experience, which is central to EF’s business model. 

Trust Payments, a technology platform that connects to 50+ global banks to support multi-acquirer processing, uses B4B expense management cards for their employees. “Prepaid expense cards mean less admin and more time; Time to do the things that matter most.

The Paytech award not only proves our efforts to revolutionise business finance but also reaffirms our commitment to innovation and excellence in the PayTech industry. We’re grateful for this recognition, especially as the shortlist at the awards contained many well-known industry players!

As we celebrate this significant achievement, we extend our thanks to our dedicated team, long-term clients, and supportive partners. We look forward to continuing our journey of innovation and excellence in the future.

 

 

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B4B Payments Excited to Be Nominated in Four Categories at PayTech Awards 2024

Transforming Financial Services Through Innovation and Impact

Being nominated for the prestigious PayTech Awards in four categories is not just an achievement for B4B Payments but a validation of our relentless pursuit of excellence and innovation. Let’s delve into how B4B Payments transform financial services through ground-breaking initiatives.

Building Strong Partnerships: B4B and Banking Circle

With 18 years of experience in fintech, B4B Payments understands the importance of staying ahead of the curve. By partnering with Banking Circle, they have entered the Banking as a Service (BaaS) market, broadening their service offerings. This collaboration enables them to assist clients globally with payments, foreign exchange, and additional financial services.

Innovative Business Cards: Quick Rewards and Refunds

B4B Payments collaborated with Blackhawk Network to manage a major refund program for a top tech brand. Our rapid reward and disbursement programs ensured international customers got refunds within ten days, boosting customer satisfaction.

Solving Travel Industry Challenges: Secure Payments for Tours

B4B Payments’ Innovative payment system is a game-changer for travel companies like Education First (EF) and Acacia Africa. They ditched cash for B4B Prepaid Mastercard cards, making payments safer and tracking expenses easier for tour guides.

Making a Difference: Supporting Those in Need

Expanding into Banking as a Service, B4B Payments keeps social impact in mind. We work with charities like Human Appeal to aid vulnerable groups, ensuring they can manage their funds effectively.

In conclusion, with our transformative initiatives and unwavering commitment to making a positive impact, B4B is shaping the future of finance and striving towards a more inclusive and equitable world for all.

 

 

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The big questions and hot topics from Money 20/20 USA

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.

Digital identity and a Snickers bar 

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.

The Banking-as-a Service (BaaS) versus Embedded Finance debate

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:

  • Different functionality – BaaS gives you the ability to offer traditional banking services. These are usually provided by a bank or licensed fintech service provider via a single API.  Embedded finance, on the other hand, offers a much broader set of financial services via multiple API integrations.
  • Different use cases – BaaS is generally used by organisations for whom financial services are their core offering, such as Neobank. Embedded payments are often used by companies for whom financial services are not their core offering, such as a telecoms company. In this case, the telecoms provider could use embedded finance to help their customers buy more of their products by taking out a loan or offering a BNPL option.
  • Different supplier relationships and regulatory obligations – BaaS is usually provided through a single supplier (a bank or a more modern licensed fintech such as B4B Payments). The supplier takes on the bulk of the regulatory burden, and their clients are expected to adhere to specific regulations. These will be monitored by the BaaS provider. With embedded finance, the regulatory responsibilities are distributed between the different financial service providers and non-financial companies. 

Some topics that were not so hot

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 technology gap exposed

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 customer experience

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.  

Staying ahead of the game

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.

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B4B Payments is shortlisted as a finalist at The Card & Payments Awards in the Best Payments Industry Newcomer category!

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.

Empowering the FinTechs to Provide Better Financial Service to the Unserved 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.

Zento’s CEO, Rashid Ahmad, shared the difficulties of opening a business account in Denmark at B4B’s Annual Client Forum.

Providing Tailored Financial Services with B4B’s technology

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.”

OneMoneyWay’s CEOs, Oliver & Casper, met with B4B’s Account Director, Tim Robson, in our London Office.
Summary: B4B is the strongest support for inclusive payment

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.

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Winning the GCVA Hall of Fame Awards for best gift card B2B product/service!

We’re thrilled to announce our win at the GCVA Hall of Fame Awards for Best Gift Card B2B Product/Service! This achievement underscores our commitment to excellence in payment solutions and is a recognition from the industry that B4B is a major player in the corporate loading gift space.

B4B’s expertise in Product Recall Support

Over the last year, B4B provided the distribution mechanism to support a major manufacturer in managing its recall programme throughout Europe. Specifically, B4B provided affected consumers with a virtual, branded Mastercard® badged open-loop prepaid card across Europe to support the targeted recall programme. 

This was a major undertaking, with upwards of 75,000 cards issued and nearly £20M in refunds over a short period of time. Activation rates topped 90%. This award recognises B4B’s ability to launch and run large incentive or recall compensation programmes.

B4B has supported hundreds of companies to digitalise their old legacy processes and cash or voucher systems. Our disbursement solutions have proven to drive customer loyalty and repeat purchases or, when things go wrong, to quickly compensate affected customers.

Here are three key aspects that highlight the value and optimisation of our services:

1. Easy Distribution: Instant virtual card issuance via email ensures global accessibility and branding options for a seamless experience.

2. Instant & Transparent Payments under regulation: Our EMI status allows rapid payments while navigating regulations, fostering trust.

3. Effortless Redemption: Fast and secure contactless payments through popular digital wallets, available for both plastic and virtual cards.

We are pleased to receive the recognition from the GCVA Hall of Fame Awards. It inspires us to continue pushing the boundaries of innovation, serving our clients promptly and efficiently, and shaping the future of payment solutions.

Pictured are our CCO, Craig Simpson, and Director of Accounts, Tim Robson.

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We’ve made the PayTech Awards Finalist

At B4B Payments, we are delighted to be the finalists in two categories at the PayTech Awards 2023. The recognition acknowledges our efforts and is a testament to our team’s dedication to revolutionising the payment experience. The two categories in which we have made it to the finals are “Best Cards Initiative” and “PayTech for Good.” Above all, we have always aimed to impact society positively, and we are proud that our work is gaining recognition.

Best Cards Initiative – B4B Payments provides support with prepaid Higher Education Travel Cards.

Being a finalist in the “Best Cards Initiative” category is another milestone in our journey. Our aim has always been to provide our clients with the best solutions and services that improve the payment experience. Therefore, we are proud that our Prepaid Card Solutions is making a difference in Higher Education, helping staff & students travel safely and efficiently. Besides, we help universities manage their funds, allowing easy access to expenses, and giving organisations, like Next Steps South West and Plymouth University, having better control over their finances.

PayTech for Good – B4B Payments – No one left behind

As a company, we are responsible for giving back to society and positively impacting it. We have partnered with Migrant Help & Thames Reach and collaborated to provide access for struggling people. In short, we commit ourselves to innovating our PayTech services to help those in need and make a real difference in their lives. Receiving the “PayTech for Good” distinction is a great honour, and we will continue to put our best efforts into positively impacting society.

We are immensely honoured to have been recognised by PayTech Awards 2023. We will continue to innovate and invest in cutting-edge technologies to provide the most efficient, reliable, and secure payment methods.

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B4B make it as finalists for the biggest awards event of the payments industry for 2023

We are thrilled to be shortlisted as a finalist for the Best Payment Facility category

We are delighted to be shortlisted as a finalist for the Best Payment Facility category by the Cards and Payments Awards.

The Card & Payment Awards serve as a beacon of excellence, recognising success and innovation across the Payments industry over the past two decades. Each year, many organisations apply for one of these prestigious awards that are judged by an independent panel of esteemed industry experts. As one of the UK and Irish’s leading networking events, The Card & Payment Awards galvanise key players in the sector to celebrate their achievements with fellow card and payments professionals. 

For the Best Payment Facility category, B4B and Voly have worked in partnership over several years, and provide a 360 financial solution to niche verticals. Voly leveraged B4B’s payments knowledge to extend their offering in the musical tours industry, where tracking expenditure is paramount. The partnership has also developed from a card-based solution to a complete payment offering for Voly’s international clientele.

To find out more about the partnership with B4B and Voly, read our case study here.

For further questions about our products and services, please complete our contact us form here and our team will get back to you!

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B4B are proud finalists for The Banking Tech Awards 2022

We are delighted to be shortlisted as a finalist for the Best FinTech Partnership and COVID-19 Response by Financial Inst The Banking Tech Awards 2022, hosted by FinTech Futures.

The Banking Tech Awards recognise excellence and innovation in the use of IT in financial services worldwide, and the people who make it happen. 2022 will be the 23rd year for these prestigious awards.

For the COVID-19 Response by Financial Institutions category, B4B played an important role in supporting Patient Primary, a division of the mdgroup, in their clinical trials journey helping to drive improved participation levels and maintaining smoother and more efficient processes.

For the Best Fintech Partnership category, B4B’s next-gen BIN sponsorship solution supported Juni through all the stages in bringing their business to the next level. You can find out more about this partnership here.

Best of luck to all the finalists! We look forward to the awards ceremony on the 1st of December at the 5-star Royal Lancaster Hotel in London.

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B4B Payments are proud to have won the PayTech Award 2022!

We are thrilled to announce that we have won for ‘Best Corporate Payments Initiative’ Category.

The results were announced on the 1st of July 2022 at the Merchant Taylor’s Hall, attended by the B4B Sales, Marketing and Accounts team and Banking Circle! We have won amongst many reputable finalists including Cal and Custodia, Natwest, National Australia Bank, Monneo and more!

B4B cards have supported charities for urgent expenses during the pandemic. Our corporate virtual expense cards have been one of the key measures put in place to help vulnerable people whom are homeless and at risk. They provide a method for paying for essentials like food, shelter or medical care but also give staff access to a digital management platform where they can track, spend hassle free, whilst being able monitor how much funds have been disbursed monthly and carefully choosing how best to utilize government contracts.

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B4B Payments shortlisted for two PayTech Awards 2019

B4B Payments is delighted to have been shortlisted for the PayTech Awards 2019 in two categories. The nominations are in the Best Corporate Payments Initiative and Best Prepaid Initiative categories. Both awards present the very best in the use of B2B prepaid technology and highlight B4B’s expertise in corporate expense management.

‘We are proud to have been shortlisted for these two awards, which really signifies the strides we have made over this past year as a company,’ said Paul Swinton, CEO. ‘It also demonstrates that the hard work the team has put into our solution and technology, through continuous innovation and improvement, is not only paying off but also leading the industry.’ Winners will be announced at a ceremony on 5th July 2019 at the HAC, London.