Allianz Trade in Asia Pacific and Bueno.money have partnered on B2B buy now, pay later (BNPL).
This collaboration brings together Allianz Trade’s credit and risk management experience and Bueno.money’s B2B BNPL solution that integrates into merchants’ websites, the companies said in a Tuesday (April 4) press release.
“Together, we aim to address the challenges of private credit terms and provide businesses with the tools they need to confidently manage the ever-growing demand for flexibility in B2B commerce,” Bueno.money CEO Iman Aqas said in the release. “Our partnership is essential in building Bueno’s vision of developing a holistic invoicing ecosystem, allowing businesses to finance and insure their invoices, outsource payment chasing and collections, and make informed decisions based on aggregated data.”
As PYMNTS reported Jan. 12, digital technologies are driving innovation in trade finance, enabling faster decision-making and more streamlined processes.
In the past, accessing credit could take days or weeks, especially if it was a business’ first time doing so, because trade finance was bogged down by lengthy risk assessment and underwriting processes.
Today, the lending process is increasingly accelerated. Many trade finance loans can now be approved and paid on the same day because of the growing digital toolkit that has been deployed by banks and their partners.
With the new partnership, Bueno.money will use Allianz Trade’s E-commerce Credit Insurance to offer its deferred payment solution to eCommerce merchants in real time with credit risks protected, according to the press release.
In practice, when shoppers visit the merchant’s website, they will be offered an application for a 60-day interest-free credit line and an approval process that takes no more than 30 seconds. Once approved, the shopper can use the credit line, the merchant will receive upfront payment from Bueno.money and the credit risks will be underwritten by Allianz Trade, the release said.
“With BNPL payment option becoming a must for eMerchants, they will benefit even more from our E-commerce Credit Insurance through attracting more customers from different markets,” Paul Flanagan, regional CEO of Allianz Trade in Asia Pacific, said in the release.
This announcement comes about three months after Allianz Trade partnered with Santander and Two to launch a new BNPL solution for large multinational corporations, and about seven months after the firm teamed up with Pledg to develop a BNPL solution for B2B eCommerce sites and marketplaces.
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