Effect of AI on B2B Payments

September 20, 2023

AI's Effect on B2B Payments

The market for B2B payments is expected to grow to a value of $1,618.15 billion by 2028 from an estimated $903.50 billion in 2021. Since the start of the pandemic, digital contactless B2C payments have increased dramatically, as we have all seen. The revolutionary changes brought about by a new generation of purchasers in a digital-first society are also being dealt with by B2B enterprises.

Due to COVID-19’s long-lasting innovations, B2B buyers who want a choice of payment methods now anticipate the same simplicity and comfort that they have grown accustomed to in the B2C arena.

Buyers of all ages have recognized that B2B interactions that focus on digital first might resemble the B2C purchases that they are now all too accustomed to. B2B buyers are increasingly looking for more self-service alternatives and finance control.

Due to the various levels of complexity in authorizations and the numerous payment terms involved, B2B payments still have a lot to catch up on. However, by adopting robotic process automation (RPA), B2B organizations are now accelerating this process, saving costs, and eliminating errors.

AI Development and B2B Payments

Payments up until a few years ago featured manual processes and outdated technology, which put a great deal of strain on firms. As opposed to now, when AI is fully integrated into the payment ecosystem. Artificial intelligence has becoming more actively invested in by traditional banking, lending, and financial organizations, who have also integrated it into their technological infrastructure. In actuality, with a CAGR of 23.37%, global FinTech market investment in AI would reach $22.60 billion by 2025 at the present development pace.

Accounting efficiency can be improved with RPA powered by AI by utilizing information management. AI has developed to the point that just bare-bones system infrastructure convergence is necessary. By removing the need for additional human effort to raise labor-intensive processes, this essentially increases efficiency.

A purchase order must be sent, invoices must be managed, and pricing and payment terms must be negotiated in a B2B transaction. This calls for a great deal of communication across numerous departments, including billing, accounts receivable, and accounts payable.

It’s a laborious process that is made more time-consuming by monolithic, solitary old systems. The B2B payment procedure requires the completion of numerous repetitive actions. AI-powered B2B payment solutions can be used to precisely automate these operations.

Numerous B2B payment solution providers with AI support also include value-added services in their offerings. In addition to payment solutions, this also comprises working capital, letters of credit, export insurance, credit protection, and logistics, giving businesses the services they would require.

How AI is Revolutionizing the Payments Industry

  1. B2B Payments
  2. Streamlined Payment Processing
  3. Faster Transactions
  4. Merchant and Consumer Experiences
  5. Fraud Detection
  6. Mobile Payments
  7. Predictive Analytics
  8. eCommerce

How might AI make B2B payments simpler?

Businesses must improve B2B payment processes to better serve their clients in an increasingly digital world. To reduce time and remove human mistakes, AI in B2B payments can help automate payment operations. accelerating the procedure and ensuring the satisfaction of all parties.

Here are some of the main ways that utilizing AI might assist businesses in streamlining B2B payments:

Automating the payment process

Due to the elimination of various pointless components made possible by automation, processing and handling payments now takes much less time and money. Using automation software to standardize financial transactions lowers the possibility of human error and keeps costs under control.

Improving access to credit

AI-enabled credit scoring makes it possible to evaluate enterprises for a lot less money than it would have otherwise cost. Additionally, when traditional financial information is missing, AI systems may remove prejudice and use both current and historical data to make credit choices.

Identifying and preventing fraud

Now, fraud prevention in addition to fraud detection is made possible by AI and machine learning. Artificial intelligence is already widely used in fraud prevention technologies to encrypt or protect customer and supplier data. Machine learning is currently being used by more sophisticated systems to help with the identification and evaluation of potential risk factors as well as the detection of any suspicious behavior or vulnerabilities that people might miss.


Key stakeholders in the FinTech and payments ecosystems are now able to easily avoid the dangers associated with B2B payment procedures thanks to AI. It can get rid of routine tasks that hinder corporate growth and free up money and resources so businesses can concentrate on more crucial problems.

Investor confidence in B2B FinTech companies will rise as the B2B payment market develops and expands. One thing is certain for the time being: artificial intelligence in payments has a bright future.