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Company Review

B4B Payments Detailed Review

Introduction

B4B Payments is an established player in the financial technology sector, offering a wide range of corporate payment solutions and card services. The firm, which was founded in the United Kingdom and is now part of the Banking Circle group, has grown to satisfy the ever-changing needs of the fintech sector. They are regulated by the Financial Conduct Authority in the UK and the Bank of Lithuania in Europe, demonstrating their dedication to compliance and security.

The company provides a wide range of services, including physical and virtual card issuance and advanced payment processing solutions, to a variety of industries, such as corporate, government, and education. The firms' concept is centred on security and innovation, ensuring data protection and constantly improving the user experience with cutting-edge technology. This approach establishes B4B Payments as a trustworthy and forward-thinking partner in the financial technology world.

Regulatory Compliance

B4B Payments follows strict regulatory compliance standards to ensure that its financial services operations are secure and lawful. The following are the key elements of their regulatory compliance:

  • Authorisation and Regulation: B4B Payments is authorised by the Financial Conduct Authority (FCA) in the United Kingdom to provide electronic money services. This license is granted under the Electronic Money Regulations 2011 (Ref: 930619), which ensures that financial operations correspond to the FCA's strict criteria.

  • Electronic Money Institution: In Europe, B4B Payments is an Electronic Money Institution (EMI) licensed by the Bank of Lithuania. This authorisation enables them to issue electronic money and perform related financial services in accordance with the Law on Electronic Money and Electronic Money Institutions 2011.

  • Card Issuance Compliance: For card services, B4B Payments has obtained primary membership with Mastercard International Inc. In the United States, Visa® prepaid cards are issued by Metropolitan Commercial Bank, Member FDIC, under license from Visa U.S.A. Inc. This assures that their card services meet the requirements and regulations of the main card networks.

  • Data Security and Privacy: B4B Payments places a strong emphasis on data security and client privacy. Their systems are protected by many levels of encryption and strict firewalls, and when clients access their services online or through their app, they use a combination of biometrics and two-factor authentication. This approach adheres to global data protection rules, protecting the security and confidentiality of customer information.

  • Compliance with Local Laws: B4B Payments commits to following local laws and regulations in the jurisdictions where they operate. This includes adhering to anti-money laundering (AML) and counter-terrorist financing (CTF) standards, which ensure legal compliance and ethical corporate practices.

These regulatory compliances indicate the firms' dedication to operating within the legal frameworks of the territories they serve, providing the highest standards of financial security and integrity for their clients​​.

Services Offered by B4B Payment

B4B Payments
B4B Payments - BaaS Ecosystem

Card Issuing Services

B4B Payments specialises in providing full card issuance services, including both contactless physical and virtual cards. These cards are designed for corporate use and may be fully customised to match the company's identity. Furthermore, B4B provides white-label solutions and bin sponsorship services, letting businesses to provide payment cards under their own brand, thereby improving their corporate identity and client involvement.

Payment Processing Solutions

The organisation offers robust solutions for both domestic and international payments. This solution is especially useful for organisations operating on a global scale because it allows for transactions in up to 25 different currencies. This functionality facilitates foreign transactions while also providing a cost-effective solution for managing global financial operations.

Business Account Services

B4B Payments enables businesses to set up and manage accounts for collecting and maintaining funds. The issuing of several Virtual IBANs is an important feature that helps firms organise their funds more effectively and streamline their financial processes.

Financial Technology Integration

Integration with existing corporate software is a critical component of B4B's products, allowing smooth accounting and financial reconciliation. Their mobile app and the web platform improve the user experience by offering extensive management capabilities for cards and accounts, making financial administration more accessible and efficient.

Security and Compliance

Security are a primary focus at B4B Payments. They use cutting-edge encryption, biometrics, and two-factor authentication to safeguard client information and privacy. Their adherence to regulations established by financial authorities such as the Financial Conduct Authority and the Bank of Lithuania demonstrates their dedication to offering a secure and trustworthy service environment.

Customised Solutions for Various Sectors

B4B Payments proves its adaptability by providing specialised solutions for a variety of industries, including education, government, and charities. This approach demonstrates their awareness of varied market requirements and commitment to fulfilling each sector's distinct financial needs.

Card Features of B4B Payments

Variety of Card Options

B4B Payments provides a varied choice of card solutions to meet a variety of business needs. This applies to both actual contactless cards and virtual cards. Physical cards use contactless technology for the convenience of use, whereas virtual cards provide a safe and versatile online payment solution. These alternatives give businesses the flexibility to select the card type that best meets their operational needs.

Custom Branding

One of the most notable aspects of B4B's card services is the opportunity for full branding. Businesses can modify their card designs to fit their business identity. This function is very useful for increasing brand visibility and projecting a consistent corporate image across all financial activities.

Usage Across Multiple Sectors

B4B cards are intended to be adaptable and suited for a variety of uses. They can be used to pay wages, manage travel and fuel bills, handle insurance claim pay-outs, process gambling payments, and shop online. This adaptability makes them an excellent alternative for businesses ranging from corporations to non-profit groups.

Global Acceptance

B4B Payments' cards are accepted worldwide, wherever Mastercard® and Visa® are accepted. This global acceptance allows cardholders to make purchases in a wide range of locations throughout the world, making them ideal for organisations with foreign operations or travel needs.

Security Measures

B4B Payments emphasises the security of their card services. They use various levels of protection, including biometrics and two-factor authentication, to prevent illegal access and protect cardholder information. These advanced security measures give both businesses and cardholders peace of mind by ensuring that their financial transactions are secure.

Real-Time Transaction Management

The B4B account online and mobile app allow cardholders to examine a complete history of their transactions. This real-time transaction management enables the rapid tracking of expenses and balances, providing firms with an efficient way to monitor and control financial activity.

Corporate Solutions Offered by B4B Payments

B4B Payments
Business Payments and Cards

B4B Payments provides a comprehensive suite of corporate payment and spending management systems that aim to improve control, supervision, and efficiency while lowering costs and time spent. Here are the main solutions offered:

Global Payments and FX

B4B Payments allows businesses to send and receive payments in 25 currencies. This function is especially useful for organizations with a global footprint, as it simplifies cross-border transactions and reduces foreign exchange difficulties.

Expense Management

The company provides corporate expense cards, which simplify the entire expenditure management process. These cards make it easier to track and control business spending, which reduces administrative effort and increases transparency in expense reporting.

Payroll and Payout

B4B Payments offers customisable payout cards that enable large-scale global fund disbursement. This solution is essential for firms that manage payroll for contractors, freelancers, seasonal, or overseas employees, as well as manage remote staff expenses.

Incentives and Rewards

The platform enables organisations to create compelling staff engagement and customer loyalty programs. This feature can be customised to meet the unique needs of employees, customers, and partners, increasing overall engagement and loyalty.

Sector-Specific Solutions

B4B Payments provides unique solutions for a variety of industries, including government, charity, travel, logistics and transportation, pharmaceuticals, education, and insurance. Each sector benefits from unique functions such as managing school lunch money, funding volunteer expenses, paying travel salespeople or guides, and processing insurance claims.

Application Across Various Business Needs

The platform's adaptability suits a variety of corporate needs, including replacing petty cash drawers, controlling group travel spend, issuing food, daycare, or heating vouchers, and distributing pharmaceutical trial participant expenses.

Embedded Financial Services by B4B Payments

Platform Features

B4B Payments provides a variety of services to improve the user experience and efficiency. These include real-time alerts, compatibility with Apple Pay and Google Pay, and features such as balance checking, viewing PIN numbers, transaction history, receipt recording, expense classification, card blocking and unblocking, ATM access control, and online spending management. They also offer immediate reporting alternatives for lost or stolen cards.

Robust APIs

Their platform is powered by sophisticated and extensive JSON APIs that handle a wide range of tasks, such as card ordering, issuance, loading and unloading, statements, status changes, and support for both virtual and actual cards. They also accept bank payments using SEPA, Faster Payments, and SWIFT.

Their real-time webhooks send forth notifications for card spend events, loads, status changes, card registration, and bank receipts and payments. B4B Payments offers JSON-format transaction and reconciliation files for easy import into accounting systems.

Security and Compliance

B4B Payments is an FCA and Bank of Lithuania-authorised e-money institution and an approved Mastercard and Visa Principal Member in the EU/UK. They are also a VISA Inc. partner for card issuance in the United States. The organisation safeguards customer funds with partner banks and holds PCI-DSS level 1 accreditation, demonstrating its dedication to security and regulatory compliance.

Card Issuing – Bin Sponsorship

B4B Payments provides BIN sponsorship as part of its card-issuing services. This enables businesses to offer payment cards under their own brand, improving service offerings and the customer experience.

Reconciliation for Open Banking

The platform allows for a high degree of customisation to meet the specific needs of each organisation. This capability helps organisations integrate and reconcile financial activities seamlessly with open banking systems.

Card Issuance and Regulatory Compliance

In Europe, B4B Payments issues cards under a Mastercard International Inc. license. In the United States, the B4B Payments Visa® prepaid card is issued by Metropolitan Commercial Bank. The global reach assures compliance with regional legislation and norms.

B4B Payments Resources

B4B Payments' website has a variety of resources that provide users with current information, insights, and learning materials regarding their services and the payment industry as a whole. The resources are divided into the following sections:

  • Newsroom: This section includes the most recent news, announcements, and updates from B4B Payments. It's an excellent resource for learning about the company's latest advancements, product releases, and market insights.

  • Case Studies: B4B Payments provides real-world examples and success stories of how their services have been deployed in various industries. These case studies provide information about the applications and advantages of B4B Payments' solutions.

  • Media Library: This site contains a variety of media-related resources, such as photographs, videos, and other multimedia materials linked to B4B Payments. It can be an effective technique for acquiring a visual grasp of their offerings and operations.

  • Events: In this section, B4B Payments announces forthcoming events, webinars, conferences, and other gatherings that they will participate in or host. It's an excellent method to discover possibilities to meet with B4B Payments in person or digitally and learn more about their services.

Each of these tools is a useful tool for current and future clients, industry professionals, and anybody interested in learning more about B4B Payments and the payment solutions market.

B4B Payments Customer Support

B4B Payments provides numerous ways for customer support to help their clients effectively:

  • FAQ Section: Their website includes a detailed FAQ section that answers frequent questions about their services, such as card usage, integration with accounting systems, and basic product information.

  • Dedicated Phone Support: B4B Payments provides customer support contact numbers for Mastercard and Visa cards, serving clients in Europe and the Americas.

  • Online Resources: B4B Payments maintains an online knowledge base and support centre, which are excellent tools for troubleshooting and self-help.

B4B Payments' customer support system aims to deliver a safe, informative, and efficient service experience for its clients and their users, covering operational guidance and issue resolution.

Integration and Accessibility of B4B Payments

Seamless Software Integration

B4B Payments places a high priority on integrating their payment system with existing corporate applications. This connectivity is critical for firms that need to streamline accounting and financial reconciliation operations.

B4B's strong API enables seamless integration with a wide range of accounting platforms, allowing businesses to integrate B4B's financial services into their existing systems effortlessly. This integration not only improves operational efficiency but also ensures accurate financial reporting.

Mobile App and Online Platform

Accessibility is important to B4B Payments' service offerings. They have a comprehensive mobile app available for both iOS and Android users. This software enables cardholders to manage accounts, monitor balances, and track transactions easily.

It also permits uploading photo receipts for spending, which is very important for firms that manage travel and entertainment expenses. The app's strong security features, such as biometric login, provide users with high levels of security.

B4B Payments' internet platform is an important part of their service offering. It functions as a management platform, allowing businesses to issue, activate, and manage cards, load cash, and access detailed reporting tools.

This portal's secure nature, which can only be accessed through a company's fixed IP address or a secure VPN, offers an added layer of security, guaranteeing that critical financial information is secured.

User-Friendly Experience

The mobile app and the web platform are designed with the user in mind, providing intuitive navigation and quick access to key functions. This technique shortens the learning curve for new users while increasing the overall efficiency of financial management for businesses.

Customised Accessibility Options

B4B Payments knows that financial management requirements vary for every business. As a result, they provide customised accessibility choices to meet these specific needs. Businesses can specify the level of control and access required, ensuring that their financial activities are consistent with their corporate structure and rules.

Global Payment and Currency Support

In addition to software integration and user accessibility, B4B Payments accepts global payments in many currencies. This functionality is critical for international firms since it simplifies and reduces the expense of managing overseas transactions and currency conversions.

Conclusion

To summarise, B4B Payments stands out as a strong and dependable firm in the financial technology area. Their broad portfolio of services, which includes card issuance, payment processing, and specialised corporate solutions, meets a wide range of business demands. The company's dedication to the user experience is reflected in its numerous customer service choices, online tools, and secure communication techniques.

Significantly, B4B Payments runs under strict regulatory compliance, having been authorised by both the Financial Conduct Authority in the United Kingdom and the Bank of Lithuania in Europe. Their adherence to worldwide data protection rules, as well as their participation in major card networks such as MasterCard and Visa, demonstrate their commitment to security and legal compliance.

These aspects combine to position B4B Payments as a reliable and effective option for businesses looking for creative, secure, and adaptable financial services. Whether controlling corporate spending, optimising payroll, or facilitating global transactions, B4B Payments provides solutions that are not only regulatory compliant but also customised to the changing needs of modern enterprises.

FAQs

What are B4B Payments?

B4B Payments are a fintech company that primarily provides card issuance, payment processing, and financial management services to businesses.

Who can benefit from using B4B Payments?

B4B Payments can help businesses of all sizes find efficient payment solutions, particularly for expenditure management and payroll.

How does B4B Payments differ from traditional banking?

In contrast to traditional banking, B4B Payments offer specialised, digital-first payment solutions that prioritise flexibility and integration with corporate processes.

What are the security features of B4B Payments?

To maintain transaction and data security, they employ advanced security measures such as encryption, biometrics, and two-factor authentication, as well as adhere to financial regulations.

How do I set up a B4B Payments account?

Sign up on their website, enter your business information, and proceed through the setup procedure, which differs depending on the services you select.

Are there any fees with B4B Payments?

There are no hidden or monthly card fees, although certain service fees may apply. For further information on fees, see their terms or contact them directly.

Can B4B Payments integrate with financial software?

Yes, B4B Payments integrates with popular accounting systems such as Xero, QuickBooks, and Sage.

What customer support does B4B Payments offer?

They provide a detailed FAQ, phone support and an online support centre for consumer inquiries and assistance.

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  • A cross section of some B4B Payments at the clients session day in the London office.

    A cross section of some B4B Payments at the clients session day in the London office.
    B4B Payments

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