The CEO of Boost believes that standardisation is critical to the growth of digital B2B payments

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It’s simple to become fixated on the bad and gloomy about the future after the uncertainties of the previous two years. But in 2023, I hope to see our sector make a commitment to seize the opportunity.

Personally, I am approaching this year in a cautiously optimistic manner. I’m thrilled about the potential that lies ahead as the B2B payment market undergoes a significant shift towards integrated and automated solutions.

We can all agree that the epidemic sparked long-lasting changes in business practices and customer behavior.

There has been a rise in awareness of and acceptance of the necessity of digital payments. The data indicate that the transition to B2B digitization is in progress, but there is still a sizable window of opportunity for acceptance and expansion.

Great potential exists for digital payment facilitators who are focused on enhancing the experiences of suppliers and customers in this new frontier for businesses of all sizes.

The move towards smarter payables and receivables is receiving as much interest as the adoption of digital payments.

According to recent research, 84% of businesses want to automate non-payroll expense management. CFOs of businesses of all sizes are becoming aware that there are more effective methods to do business.

They are seeking solutions that maximize productivity across the whole payment process, including the development of POs, invoices, invoice approval, OKs to pay, remittance, and reporting. It’s intriguing and a little ironic that the desire for integrated payables frequently results in the payment itself being overlooked.