Business-to-business payments have long been stuck in the past, with a heavy emphasis on paper checks. The need for modernization has attracted a flurry of technology developers.
The bank's purchase of Digital Payments Torana has become a key element of a newly combined payments business run by Amit Dhingra, enterprise payments director. The fintech's capabilities allow the bank to better serve government agencies, health care providers and other business categories.
Firms such as Mesh Payments and TripActions are anticipating that the trend for flexible and remote work will make it harder to distinguish personal and business purchases on the road.