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Driven by technological advancements, companies are increasingly focused on becoming efficient in their cash management, payment process and supply chain management. Historically, business-to-business (B2B) payments were dominated by checks, which started to move towards simplistic check to ACH conversion through initial digitization initiatives. These were largely driven by internal treasury and accounts payables functions as simple cost reduction and efficiency projects. Other internal stakeholders, such as procurement, were often not an active part of the process.

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