Allianz, Santander CIB and Two partner for corporate BNPL solution
Trade credit insurance provider Allianz Trade, B2B e-commerce payments platform Two and Santander Corporate & Investment Banking (CIB) have teamed up to offer the first global B2B buy now, pay later (BNPL) solution for corporates.
Santander CIB partners Allianz and Two for corporate BNPL solution
Thanks to the partnership, sellers will have “global multi-currency support”, the firms say, “dramatically reducing” the need for complex operating models with multiple providers.
The solution means corporates can now offer business buyers deferred payments at checkout through a single Application Programming Interface (API).
Assessing credit requests through an API, Allianz will leverage its “large and deep” database, which contains commercial, financial and strategic information about more than 80 million corporates worldwide. This information in turn will help Santander CIB make financing decisions “on the spot” and the whole process works through Two’s BNPL technology.
Two will power the API integration with its payments technology, Santander CIB will finance the upfront payments to sellers and credit terms to buyers, while Allianz intends to secure the entire value chain against the risk of non-payment.
François Burtin, global head of e-commerce at Allianz Trade, says the solution will allow large corporates to develop their online sales by offering deferred payments to existing and new customers, without being exposed to non-payment risks and benefiting from “immediate and guaranteed” payments.
Ignacio Frutos Lopez, global head receivables at Banco Santander CIB, says: “Enabling businesses to maintain their payment habits within 30 or 60 days of their invoices, in an e-commerce environment will be a big differentiator for sellers.”
But the “major game changer”, Lopez adds, is that concerns over non-payment risk are now removed, and business’ cash flow is preserved at all times.
