Today In Payments: Billtrust Plans To Go Public Through SPAC; Paya Makes Public Debut On Nasdaq
In today’s top news, Billtrust and South Mountain Merger Corporation have entered into a “definitive business combination agreement,” while Paya became the latest FinTech to join the ranks of publicly traded companies. Plus, i2C has become part of Visa’s FinTech Fast Track program.
Billtrust, the B2B order-to-cash solutions provider, and special purpose acquisition company (SPAC) South Mountain Merger Corporation said they have entered into a “definitive business combination agreement.” The combined company will continue as a publicly listed group.
Paya became the newest FinTech to join the ranks of publicly traded firms, as it made its market debut on Monday (Oct. 19). The rollout comes after a vote by investors of a SPAC, FinTech Acquisition Corp. III, to approve a business combination with Paya and modify its name to Paya Holdings.
i2c has joined with Visa’s FinTech Fast Track Program in the United States, Canada and the CEMEA region as a new enablement partner, allowing for quicker connections with the payment giant’s many programs.
Mastercard has announced the growth of the Priceless Planet Coalition to continue fighting climate change with many new contributors. The group was started in January 2020, aiming to restore trees via a mix of efforts from companies, individuals, cities and financial institutions.
The rollout of the Apple Pay digital wallet has long been viewed as Apple’s attempt at replacing consumers’ utilization of plastic cards for purchases in physical stores as their main payment method. Oct. 20 also happens to be Apple Pay’s six-year anniversary. PYMNTS explores where Apple Pay stands today.
Accounts payable (AP) and accounts receivable (AR) need to work better in the effort to modernize B2B payments. One aim is to integrate payments, simplifying discrete functions of paying suppliers and getting payments from buyers. It’s also pivotal to go about breaking down silos within firms, where AR and AP once functioned as distinct departments sans clear lines of communication.