With this new strategic partnership, Priority -- which processes more than $45 billion on behalf of over 190,000 merchants annually -- further expands BPN's ability to serve merchants that wish to receive touchless electronic payments remitted through accounts payable (A/P) platforms. Merchants receiving payments through BPN via Priority will reduce costs and gain efficiencies by receiving automated payments that post straight through to their preferred ERP or accounting system.

"We've long admired Priority for the work they've done to enable merchants to benefit from the acceptance of new forms of payment, such as virtual card," said Nick Babinsky, Vice President & General Manager, Business Payments Network at Billtrust. "As like-minded FinTechs focused on converting paper check to digital forms of commerce, we are well-positioned to drive even greater value to merchants and banks as partners through BPN."

"As one of the fastest growing payments companies in the U.S., we are continuously innovating best-in-class solutions that meet the unique and evolving needs of businesses," said Cindy O'Neill, President, Priority Commercial Payments. "We are excited to partner with an industry leader like Billtrust, to offer new tools to the BPN customer base, further enabling seamless acceptance of digital payments for all merchants."

Launched late last year, BPN streamlines the delivery of electronic B2B payments to businesses in ways not possible until now by:

The strategic partnership with Priority further demonstrates Billtrust's leadership amongst major players across the B2B payments ecosystem helping to bridge the gap between A/P and A/R with BPN. 

With digital transactions in India surging, the startup claims to have hit upon a key market need - an independent third party reconciliation layer to ensure timely settlements among various interacting parties, eliminating time-consuming manual processes.

The Recko reconciliation layer promises to ensure that the businesses are receiving settlements in accordance with the agreed rate cards, payout cycles, and are able to track and report payment realisation, refunds and chargebacks.

Coming out of stealth, Recko says it has already reconciled transactions worth $2 billion and is looking to scale this by ten times in the next year.

Saurya Prakash Sinha, CEO, Recko, says: "We see the current settlements and reconciliation process as a massive inefficiency in the payment lifecycle across industries such as Banking, Lending, Insurance, Telecom, E-Commerce etc.

"We are humbled by the initial market response and are all geared up to scale 10x our current volumes by the end of this financial year."

Both its Today and Now services will become available during the weekend, between 10:00 and 18:00.

An industry first, the extended hours service will enable people to send money to Romania, Ukraine, Lithuania and Latvia upon launch, and it will soon open up to other markets including the UK and Poland.

TransferGo is favored by migrants working in the UK and sending money home to their families that don’t want to deal with the bureaucracy and fees imposed by banks for processing payments in other countries and currencies.

Daumantas Dvilinskas, CEO and Co-Founder, TransferGo commented: “We pride ourselves on offering a service that makes life easier, and more comfortable, for our customers and we’re always looking for ways to reduce the stress, anxiety and friction that waiting for money to arrive can bring. We were seeing an increase in the number of transactions being made over weekends – so the next logical step was to launch an extended hours service.”

In May, TransferGo announced that it had surpassed one million customers and continues to grow by more than 2,000 new users each day. The service is currently accessible in 47 countries.

Based in London, UK, TransferGo is the quickest, most reliable remittance company in Europe and with a Trustpilot score of 9.6 and an NPS score of 75, it has built a much-loved brand based on transparency, trust and user experience. Last year the company announced a fee-free offer – the first completely free international money transfer service.