Allianz Trade, trade credit insurer, Two, a business-to-business (B2B) eCommerce payments platform, and Santander Corporate & Investment Banking (CIB), have partnered to provide the first global B2B Buy Now Pay Later (BNPL) solution for large multinational corporates.
Corporates now have a one-stop solution to offer business buyers instant deferred payments at checkout. With a single API integration powered by Two, Santander CIB finances upfront payments to sellers and credit terms to buyers globally while Allianz Trade protects the whole value chain against non-payment risk (e.g. including credit risk). Sellers will have global multi-currency support to dramatically reduce the need for complex operating models with multiple providers across technology, trade insurance, and trade credit.
“We’re very proud to join forces with Two and Santander CIB to provide a complete deferred payment solution for B2B e-commerce. Our solution will be distributed worldwide and aims to allow large corporates to develop their online sales by offering deferred payments to existing and new customers, without being exposed to non-payment risks, while benefiting from immediate and guaranteed payments. It is a turnkey solution combining the very best of our three firms, easy to set up and improving both seller revenue and user experience”, explains François Burtin, global head of eCommerce at Allianz Trade.
Each member of the partnership contributes to the solution with its own expertise: Two is taking care of the payment technology, Santander CIB is financing upfront payment to seller and credit to buyers and Allianz Trade is protecting the whole value chain against non-payment risk.
As part of this partnership, Allianz Trade assesses credit requests instantly through its API using its large and deep database, which contains commercial, financial and strategic information about more than 80 million corporates worldwide. This will help Santander CIB make financing decisions on the spot. All this process is streamlined and set up through Two’s BNPL technology. Everything happens in a fraction of a second, without the end user even realising it.
Allianz Trade and Two had partnered earlier this year to offer a B2B BNPL solution for SMEs in the UK, while at the same time, Allianz Trade and Santander were working on large BNPL projects. The large corporate segment is currently undertaking major online projects to grow B2B eCommerce sales and improve margins. However, they lack the instant and seamless payments technology to facilitate B2B sales at a global level. Naturally, Santander, Two, and Allianz Trade decided to extend their partnership to provide a unique product that can serve large global corporates.
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