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The Future of Business Payments – A2A Automation

Transcard
October 6, 2020

Top-Blog 4of7

Increasingly outdated business-to-business payment processes demand innovation.

That is where A2A Automation comes in – the next evolution of e-commerce, powered by Transcard.

A2A Automation for B2B Payment Processing

A2A Automation digitally connects buyers and suppliers through their ERPs and banks to eliminate friction in the way that business pay and get paid. The solution accomplishes this in four ways:

  1. Integrates with ERPs to enable connectivity across the busines-to-business ecosystem.
  2. Shares rich remittance data using common rules and standards.
  3. Converts invoice data from ERPs into Request for Payment messages or push payments.
  4. Reconciles transactions in real-time with dynamic, data-rich messages to ERPs.

All this is made possible by advanced technology:

Open APIs

The underlying technology for A2A Automation is powered by open Application Programming Interfaces (APIs) that drive interoperability at the application layer and create greater value. By seamlessly integrating with ERPs, buyers and sellers can exchange invoice data, instantly approve invoices, initiate payments or act upon payment requests, reconcile transactions real-time, and more.

Payments Hub

A secure payments hub is at the heart of A2A Automation. The hub includes a central business directory that eliminates the need for buyers and suppliers to share and store bank account details for their trading partners.

Each business enrolled in A2A Automation receives a unique identification to safeguard sensitive bank account details and to codify trading partners.

 

The payments hub also includes a pricing and business rules engine, a payments ledger, a data switch, and an interface to payments networks for card, ACH, Real-Time Payments (RTP) and cross-border transactions.

Real-Time Payments

A2A Automation uses Real-Time-Payment (RTP), a faster, more transparent alternative to cash, check, and batch payments. Buyers can initiate an RTP transaction upon receipt of goods and services.

Request for Payment

Request for Payment, a secure messaging framework built onto the A2A Automation infrastructure, enables suppliers to electronically request and trigger payment from a buyer’s bank account via RTP.

A Request for Payment message includes the requested amount of the payment and the due date and can be forwarded by the receiver for review, eliminating the need for a supplier to issue an invoice to the buyer. Buyers can approve or reject a Request for Payment in real-time, accelerating payables.

Rich Remittance Data

A2A Automation transmits rich payment and non-payment data. Sending data in parallel with business payments provides suppliers with the information they need to improve operational efficiencies and to monitor for fraud and other risks. Data-rich remittance messages can be automatically reconciled through seamless integration with an ERP. Payments data is in real-time and available 24/7/365.

 

A2A Automation is a game-changer for business-business payments.

 

Business-to-business payments can be transacted faster and smarter.


More to follow...


This article is part 4/7 of our B2B REVOLUTION series where we explore the current B2B landscape and the next evolutionary phase in payments.

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