Today In B2B: Xero Strengthens Expense Tech, Wells Accelerator Grows
Today in B2B Payments, a corporate card startup is chosen for Wells Fargo’s accelerator program. Plus, Xero bolsters its expense management technology, Cashfree partners with India’s largest B2B eCommerce platform, and OLB Group adds support for ACH B2B payments.
Extend and Oliver have joined the ranks of Wells Fargo‘s Startup Accelerator, which a press release stated will afford them education, mentorship and investment to guide early-stage growth. Extend, the release noted, works to provide digital payments services for financial institutions (FIs) to provide “modern card experiences.” The company helps to enable virtual cards and offers a suite of products, including aggregated virtual card application programming interfaces (APIs), a digital corporate card app and industry-first card tokenization. There are currently 27 companies as part of the Accelerator, according to the release.
Global small business platform Xero will further its integration with Hubdoc through a boost in machine learning capabilities, according to a report from London Loves Business. Through a new update aiding businesses in processing bills faster, Xero Expenses will help small businesses access automation technology, through embedded machine learning used to help hasten the process of transcribing and submitting receipts, shortening that from minutes to seconds The report says that the updates, set to launch later this month, will also come with new ways to extract the most relevant information, letting employees submit expenses into the app and check for accuracy. Because Xero Expenses connects directly with the small business platform, it becomes easier to reconcile expenses against the accounting ledger, the report says.
Cashfree, a payments and banking technology company based in India, has partnered with TradeIndia, the country’s largest B2B marketplace, a press release says, and the two companies will aim to offer online payments through cards, UPI and internet banking. The digital solutions will come as part of the TradeKhata offering. The release says that the company lays claim to over 5.5 million registered small to medium-sized enterprises (SMEs) and offers buyers and sellers on both the local and global scales a reliable place to identify and engage with business owners. And, Cashfree will let TradeIndia verify SME accounts signing up for the TradeKhata program. Despite the pandemic’s setbacks, the release notes that TradeIndia has managed to rack up Rs 1800 Cr in transactional invoice value.
Cloud-based omnicommerce provider OLB has added ultra-fast payment acceptance through its SecurePay payment gateway, a press release says. OLB, which works primarily with small to medium-sized businesses (SMBs), will now be able to help those businesses with facilitating quick payments, cutting labor costs and doing away with human error as much as possible. Some of the new features will include on-demand check printing and remittance, digital check processing to help speed up fund transfers and deposits via ACH, mobile app-based customer payment services and digital payment solutions that eliminate the need for checks in B2B solutions. The SecurePay gateway is central to OLB’s operations and helps make it a “comprehensive omnicommerce” system to aid SMBs, according to the release.