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The European Central Bank (ECB) is planning a special focus workshop on innovations in business-to-business (B2B) payments and the role digital central bank money could play on October 9, 2024. The potential of private undertakings such as e-money tokens (e.g., stablecoins), commercial bank money tokens (CBMT) and other, similar forms will also be discussed. The workshop would be an opportunity to gather input from stakeholders on the challenges and needs arising from new uses cases related to B2B payments. It would also provide a forum in which to assess these against the objectives of the ongoing initiatives both of the European payments industry and the Eurosystem's retail payments strategy and initiatives.

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"SWIFT will enable instant and frictionless payments from account-to-account anywhere in the world, with an end-to-end solution that combines international and domestic capabilities. This ambitious platform expansion means SWIFT will support financial institutions to strengthen their positions in B2B payments and capture new volume in SME and consumer segments."

"Due to the COVID-19 induced economic crisis, small and medium-sized businesses, as well as buyers, will benefit from the spread of digital payment systems based on QR codes. It is in these groups that the main costs of the cashless world are now born. Large retail chains always have lower commission costs than smaller stores around the corner. Buying terminals for a small business is also a greater financial burden than for huge corporations. Regarding the effect of COVID-19 crisis on SMEs, QR codes are able to solve all current issues at once. If we analyze the potential through the prism of B2B, then payments can be digitized, simplified, streamlined and secured. In addition, QR codes give unbanked people access to digital non-cash payments, increasing the inclusivity of the financial industry. It's not just for the inhabitants of countries with developing economies, either, with the Financial Conduct Authority estimating that there are 1.3m people without a bank account in the UK alone, with those numbers concentrated in big cities."

The unFederalReserve (eRSDL) is a web platform that aims to build a consortium of B2B lenders and commercial enterprises who, in turn, are seeking short-term liquidity and security.

Legacy wires (Swift) still dominate the cross-border landscape because it has the greatest reach. 68% of organizations' cross-border payments are done via Swift wire transfers. 80% of survey respondents report that some percentage of their organizations' B2B transactions made by cross-border payments are done via Swift.

Mastercard launched Fintech Express. Rapyd, a B2B Fintech-as-a-Service provider, is the first partner in the program. The Fintech Express program can quickly onboard partners and provides immediate access to a cross-functional team of experts to support multiple work streams.

Visa has launched a new network to help financial institutions process cross-border payments globally on behalf of corporate clients faster and at a lower operational cost. The Visa B2B Connect network launch covers 30 trade corridors globally and is expected to expand to 90 markets by year-end.

Visa is making transactions faster and more transparent with its newly launched DLT-based B2B Connect product that facilitates direct bank connections. Transactions settle quicker, in one to two days.

Business-to-business (B2B) fintechs, particularly those that support rapidly growing ecommerce, have performed well on the whole, and have been popular among investors. But for the big consumer fintech names, it has been rather different story. Some, such as Monzo, have seen valuations plummet. Both Monzo and Revolut have faced a barrage of complaints from customers who have had their accounts frozen. Challenger banks serving SMEs have also not had a great pandemic. And finally, the VC money that has so far kept them afloat is not as readily available in a global downturn.

The Central Bank of Iceland (CBI) has gone live with a new real-time gross settlement system (RTGS) and instant payment platform. Developed by Italy's SIA, the new payments infrastructure has been implemented as a single platform capable of processing bank-to-bank, P2P, P2B and B2B transactions in a consolidated operating model. https://www.cb.is/publications/news/news/2020/10/19/New-interbank-payment-system-launched-at-the-end-of-the-week/

The Capgemini World Payments Report 2021 found that, thanks to COVID-19 and the growing digital appetite of customers, demand for digital payment options is greater than ever before, along with the expectations for fast transaction settlements, instant payments, e-money, failsafe security, and wow-factor customer experience. The report found that nearly 45% of consumers frequently use mobile wallets to make payments (>20 transactions a year) up from 23% in the 2020 poll. Furthering this trend, global B2B non-cash transactions will increase to reach nearly 200 billion transactions by 2025, from 121.5 billion in 2020.

The Bank of Russia (BoR) revealed the logo for its digital ruble central bank digital currency (CBDC), and published the transaction fees. Person-to-person (P2P) transactions will be free of charge. However, starting from 2025, business-to-business (B2B) transactions will cost 15 rubles ($0.16) each, while person-to-business (P2B) transactions will be charged 0.3% of the total transaction sum up to a maximum of 1,500 rubles ($15.65). The P2B fee drops to 0.2% up to a maximum of 10 rubles ($10) when paying for housing and public services. https://cbr.ru/fintech/dr/doc_dr/tarif/dr_t-1/

"Bakkt is nixing its consumer app to focus on its business-to-business technology solutions. Bakkt, which offers a platform for commerce to link to cryptocurrency, said it will continue its core focus of providing businesses with crypto and loyalty experiences for their customers through SaaS and API solutions on a secure and compliant platform."

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The German Banking Industry Committee (GBIC) published the results of a proof of concept (POC) for its distributed ledger technology (DLT) based commercial bank money token (CBMT) project. CBMT is focused on serving large corporates, especially industrial companies, allowing them to hold tokens from multiple banks and to make P2P (B2B) transactions 24/7/365. Results confirmed that the CBMT is viable and offers considerable potential, enabling the realization of a variety of use cases across corporate functions. Results also showed that the CBMT works across a variety of DLT platforms, has the potential to scale and should present no barrier to integration into existing systems via application programming interfaces (APIs). https://die-dk.de/media/files/240716_DKBDI_position_CBMT_final.pdf

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The Laboratório de Inovações Financeiras e Tecnológicas (LIFT), a joint initiative of BCB and Federação Nacional de Associações dos Servidores do Banco Central (Fenasbac), will resume activities following a hiatus in 2023. Since its inception in 2018, the laboratory has been at the forefront of innovation within the Brazilian national financial system, focusing on developing technological prototypes. The 2023/2024 edition will feature seven projects to enhance the financial innovation ecosystem. The 2023/2024 edition will include seven projects, including technological solutions for anti-money laundering and compliance, B2B interoperability solutions between incompatible blockchain networks, and scores for Pix payments to identify fake accounts.

Visa launched its Tokenized Asset Platform ( VTAP), a business-to-business (B2B) solution designed to enable banks to bring fiat currencies on chain in a safe, seamless, and efficient manner. VTAP provides a platform for banks to mint, burn and transfer fiat-backed tokens, such as tokenized deposits and stablecoins, and experiment with use cases. VTAP is also designed to enable banks to use their fiat-backed tokens within smart contracts. In addition, Visa's vision is to enable interoperability across different blockchains for banks utilizing the VTAP platform.

The National Bank of Kazakhstan (NBK) in collaboration with the State Revenue Committee (Tax Authority) of the Ministry of Finance has launched a Digital Tenge pilot project focused on value-added tax (VAT) reimbursement for exporters. This initiative leverages the programmability of central bank digital currency (CBDC) to automatically mark VAT in business-to-business (B2B) transactions. By doing so, the need for manual checks by tax authorities, is eliminated, significantly streamlining the reimbursement process. It reduced the reimbursement time from 70-75 working days to 10-15 days, with the goal of achieving instant reimbursement in the near future. In total, approximately 40 billion worth of Digital Tenge is now in circulation in the various pilot projects.