How Technology Is Transforming Business Payments

by Rohit Gupta, Forbes Councils Member
Feb 9, 2022, 07:00am EST

The pandemic has been the single most significant business disruptor in decades.

Enterprises scrambled as long-established business processes were rendered obsolete seemingly overnight. Social distancing rules were enacted, and offices closed, forcing employees into remote work. To adapt, organizations deployed digital technologies in unprecedented numbers and at historic speeds. Companies accelerated the digitization of their customer exchanges, supply-chain interactions and internal operations by three to four years. As a result, their deployments of digital products accelerated by an incredible seven years.

The ripple effects from this dramatic transformation continue to reverberate within organizations. As a result, the payments landscape is finally experiencing some long-overdue changes. Business-to-business (B2B) payment processes were in dire need of an upgrade, and the pandemic only served as a magnifier.

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