• Wedding of the Year – Payments Marry Data  

Wedding of the Year – Payments Marry Data

Suits. Many Suits. Mostly black suits. As far as my eyes could see – DARKNESS. I look down at myself and see a red dress. Nothing wrong about my love for colors, right? I slowly make my way to the gala room and an elegantly decorated, huge dining area awaits me with lots of round tables covered in white tablecloths, laid with all sorts of cutlery and glasses and a menu that revealed the delicacies that the guests could expect that night. “Is this a wedding? Did I miss anything? This is for sure immensely different from what I’m used to from my time in the videogames industry,” I thought to myself.

But first things first!

I am of course not writing about a wedding here. This is about the award show hosted in line with the Merchant Payments Ecosystem event in Berlin last week – one of the biggest European events on payment acceptance at point-of-sale: online, in-store, and mobile. The international forum addresses card acquiring, eCommerce, and mobile payment acceptance.

Traxpay had the great honor of being shortlisted for the award in the “Data Information” category – alongside Global Payments, a UK-based card payment processing vendor for businesses of all sizes and in every sector, as well as Webshield Limited, a company that is focusing on the due diligence and monitoring procedures of acquiring banks, internet payment service providers, and affiliate networks.

A perfect occasion to travel to Berlin, isn’t it? But how do Traxpay and data fit together after all, you might ask?

Traxpay’s mission is to transform the way that companies pay and get paid, and to supercharge supply chains via faster, smarter, more transparent financial transactions globally with its B2B Dynamic Payments platform. We strongly believe that the marriage of transaction banking, big data, and B2B trade is a categorical imperative to the success of modern B2B commerce. The future of banking and of B2B transactions is about data! One might even argue that the data is now more important than the money in a financial transaction.

Sadly, these three pillars operate separately today, and each is optimized in a silo. The opportunity is to connect these three areas together, and with full transparency across all domains, in a way that is not much different from what Uber has done to fuel its success in the consumer market. Uber established a transaction platform – a place for buyers and suppliers to connect – and added all the contextual data to support the transaction in a simple to use fashion. They also completed the hat trick by tying payments directly into the end-to-end transaction. Replicating this in B2B is the opportunity, and Traxpay is aiming to doing exactly that.

Since we had been shortlisted for the “Data Information” award as described above, I’d like to explain a bit further, how we are tackling this topic specifically.

Essential metrics like spend data and supplier profiling are largely solved problems today for corporates. For banks, the idea of assessing credit risk based on multiple variables for lending are somewhat of a core competency. However, a wall exists between the worlds of banking and enterprise data at the corporate level, making it impossible to gain critical insights and make informed split-decisions on a transaction for both banks and corporates. Traxpay smashes this wall by combining these once separate domains, enabling faster and safer B2B transactions, driving the convergence of banking, data, and B2B trade.

Let me give you a few examples that showcase Traxpay’s ability to leverage and monetize data in a way that provides more value and insights to banks and financial institutions – while buyers and suppliers are able to better connect, interact, and transact across the supply chain to manage their most important asset – cash.

  1. With Traxpay, banks and private equity firms can now make better lending or supply chain financing decisions based on customer transaction history, or other relational aspects of a transaction. This means faster decision making, potentially better terms, and less risk for all parties.
  2. Corporate buyers can take better advantage of program supplier discounts, and flash discount opportunities with the ability to collaborate in real-time with suppliers across the platform and execute payments in real-time.
  3. Suppliers can reduce risk and gain better access to cash via in-system factoring, early payment features, and real-time payments with full transparency.

I could go on forever here – my point is this: The marriage of data and payments is inevitable – that’s for sure, and we can only support that! May all of their dreams come true, and may their new life together be filled with useful insights, enthralling conclusions, and prosperity. At Traxpay, we are incredibly proud to be part of a new paradigm of non-banks that are pioneering the way for a new world of B2B commerce.

By attributing an award to exactly those companies that pride themselves with leveraging this marriage, the MPE again proves its sense for trends and is at the forefront of the financial industries. We congratulate Global Payments UK for winning the “Data Information” award this year! More details about the award can be found here.

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