Why technology will continue to lead the way

As we build a trusted, inclusive and secure future identity ecosystem, what are some key considerations for secure B2B identity that businesses should keep in mind?

The B2B identity ecosystem remains similarly fragmented in tools and methodologies compared to B2C, with little innovation in the identifiers themselves. Just as businesses rely primarily on EINs and TINs, we as individuals rely on SSNs. But just like with the SSN, such a single identifier is easily accessible, creating a single point of failure.

Looking to the future, we need to learn Advances in the B2C sector:

• An EIN|TIN, business name, or website alone is not enough, so an expanded set of signals must be created and leveraged to verify a business’s viability. To validate a business in the context of what it needs to access or accomplish, data must be captured and monitored that is a signal fit for purpose.
• A proven network (or Trust(That’s what I call it). The benefits of joining a network that minimizes data sharing, maximizes speed by eliminating duplicate verifications, and fosters trusted business relationships by monitoring businesses on the network.Versapay is 5 million) will prove invaluable as fraud becomes increasingly sophisticated and real-time payments become the norm. Accounts receivable teams that can accept and efficiently process a wide range of digital payment options, in addition to traditional payments such as paper checks, are seeing significant benefits from our network, including a 50% reduction in accounts receivable management time, 30% fewer late invoices, and 25% faster payments.

Companies should think deeply about what it means to give individuals access to financing. In B2B, more money moves and more people are affected compared to B2C. Deepfakes are fake, but they are real. So in B2B, it matters even more what person, role, or title can make decisions. And with voluntary employee departures, Doubled in the past decadeTracking specific people with authorized positions and titles is crucial, and companies should work together to standardize identifiers to reduce the opportunities for fraudsters to intercept handovers or deceive unsuspecting employees.

Do you have any unique predictions about the outlook for your industry?

First, the rate of technological change is democratizing how far and how fast disruptive innovation can move, while threatening trust, and larger, battle-tested brands will lead the next wave of innovation — perhaps not on their own, but through the partnerships they forge and drive. Why? Because innovation today is based on winning strategies to leverage data. For example, big banks may not be experts in leveraging data, but they are experts at doing so. I’m excited to see how unexpected partnerships unleash the creativity of applying proven AI/ML and LLM to deliver dynamic financial experiences.

Moreover, I never thought we would end up in a world where either fintechs or traditional banks would be winners. I always thought both would be winners. Recent lawsuits against Evolve Confidence in fintechs is being shaken at a time when finding stability in a very volatile situation is crucial. As business leaders continue to navigate uncertain economic and geopolitical times, the CFO role will continue to elevate from the back office to the front line. Having confidence in your cash position will drive fundamental decisions about the long-term viability of your business.

Finally, looking back Works written in 2018 And I believe that what I predicted for B2C will also come true for B2B.

• Authentication for payments: With increased scrutiny to ensure safe and trustworthy business operations, the need for robust verification and authentication to transfer funds becomes crucial.
• Transactions become invisible: This started with set-it-and-forget-it B2B software, but payment rules that enable businesses to automate how and when to pay verified suppliers through trusted channels now require manual intervention by default.
• Rewards will be tailored: for consumers it will be loyalty points, but for businesses it will be payment terms, allowance for deferred payment, incentives for early payment.