Today in B2B payments, TD Bank forms the new Commercial Bank, FLEETCOR acquires Roger, and City National Bank pairs up on virtual corporate cards. Plus, OnPay strikes accounts payable partnership and an OECD digital tax deal looms.
Business payments firm FLEETCOR Technologies has acquired accounts payable (AP) platform provider Roger, Fleetcor announced in a press release. Terms of the transaction were not disclosed. The release stated, in part: “The acquisition provides FLEETCOR with a proven, modern automation platform for B2B online bill payment. The platform helps [small to medium-sized businesses (SMBs)] gather and scan invoices and receipts, eliminate manual data entry using machine learning technology, approve and execute payments, set up automated workflows and sync to accounting systems like QuickBooks Online, Sage Intacct, Xero and others in real time.
City National Bank has enlisted New York City FinTech Extend to enable the bank’s clients to offer virtual corporate cards to employees, vendors and other business partners, the companies announced in a press release. A key selling point for virtual cards is that users can easily control how they’re used, including canceling and replacing them with minimal effort if necessary, according to the release.
TD Bank is unifying its teams for commercial, corporate and specialty banking to forge TD Commercial Bank, a new entity, according to a press release. This will help in offering new levels of growth, a better client and colleague experience, and more streamlined procedures, the release stated. The corporate and specialty banking teams include divisions for asset-based lending, equipment finance, institutional healthcare and higher education, commercial real estate and global trade finance. All of those will be joining TD Bank’s Commercial organization, according to the release.
OnPay Solutions, which works in accounts payable (AP) automation, has struck a partnership with business innovation intelligence platform CapX to offer new supplier payment automation for clients, according to a press release. CapX allows clients to better adopt technology through a curated suite of products, holistic optimization strategies and workforce solutions that can help with savings, efficiency and revenue streams, the release stated.
Germany’s finance minister sees OECD member states reaching a deal by this summer on imposing a tax on major digital firms. OECD member states have until this summer to agree on a tax. If they fail to do so, some states may move to impose their own taxes. The OECD failed to reach an agreement last summer after the Trump administration pulled out of negotiations. The Biden administration, however, has signaled it is game to rejoin the talks.