ORLANDO, Fla.--(BUSINESS WIRE)--Viewpost, the secure B2B network for electronic invoicing, payments and real-time cash management, today announced that its founder and CEO, Max Eliscu, will join Capital One’s Senior Product Director in Treasury Management, Adam Hoffman on stage October 25 at the Money20/20 conference in Las Vegas. Billed as “The World’s Largest Payments & Financial Services Innovation Event,” Money20/20 hosts more than 10,000 attendees, including key influencers, executives, and speakers from across the industry and representing 75 countries.
Eliscu and Hoffman will discuss the plain truth about the state of B2B payments during their session entitled, “Taking the Friction out of B2B Payments.” According to a 2015 The Pulse of FinTech report by CB Insights and KPMG, there were 1,476 VC-backed FinTech deals in North America alone, attracting $17 billion in funds, from 2011 to 2015. In a similar report for Q1 of 2016, 128 deals were made in North America totaling $1.8 billion in funding. With so much attention and financial support for FinTech solutions, why are paper, friction and inefficiency still so prevalent in business-to-business transactions? In a Viewpost survey sent to more than 3,000 U.S. businesses, over 80 percent of small-business respondents indicated that securely connecting their bank account with electronic invoicing and payment processes would enhance their control of cash flow. More than 80 percent indicated it was very important or important to know at all times when invoices are received, approved and paid. Eliscu and Hoffman will offer their expert perspectives—from the nimble space of FinTech startups to the highly-regulated world of financial institutions—on how to go beyond treating multiple symptoms and instead focus on a collaborative cure.
“In the last five years, billions of venture dollars have poured into FinTech companies that are trying to improve access to capital, speed of payment and transactional efficiency,” said Max Eliscu, CEO of Viewpost. “And yet access to capital is still constrained, and transactional friction is still costing U.S. businesses and financial institutions hundreds of billions annually.”
“Financial institutions spend hundreds of millions of dollars a year building, buying and maintaining technology solutions to help their business clients cope with the pain of both billing and paying,” said Patrick Moore, EVP, Head of Treasury Product Management at Capital One. “We have each designed solutions that treat the symptoms of the B2B invoicing and payment problem while failing to address the underlying causes. By tackling the problem independently from one another and often focusing on one industry vertical or another, we have not compelled B2B payments to evolve as rapidly as possible. There is a better way, and Capital One is working to make it happen.”
Eliscu has been building and scaling FinTech businesses in the B2B space for two decades, first as the founder of LSQ Funding Group and more recently as the founder of Viewpost. Moore and Hoffman each have extensive experience with financial institutions, including the cross-functional knowledge and global expertise they bring to their product and treasury management roles at Capital One. Attendees of the session can expect to come away with a clearer picture of the challenges facing the B2B ecosystem and how innovative technology and collaboration are poised to reinvent the way businesses do business.
Viewpost North America is revolutionizing the way businesses transact with each other. Viewpost built the most trusted open business network to empower businesses of all sizes with real-time cash management for anytime operating decisions. On the secure Viewpost network, companies connect and exchange electronic invoices and payments with unprecedented ease and visibility, accessing working capital on demand. Enterprise clients are using Viewpost to cut costs, increase efficiency and improve cash management, including Accenture, Florida Hospital Medical Center, Georgetown University, the Orlando Magic, and Whole Foods Market. With enterprise-grade security including ISO 27001 and SSAE16 Audited certifications and the TRUSTe Privacy Seal, Viewpost is partnering with financial institutions to bring cash management tools to business customers at U.S. Bank, Bank of America, and Fifth Third Bank. Viewpost innovation has been awarded Best in Show by Barlow Research, Best CISO/CSO by FireEye Cyber Defense Summit, CSO50 Award (three-time honoree) by IDG’s CSO, and the BIG Innovation Awards. Since Viewpost was opened to the public in early 2015, more than $2.5 billion in payments have been processed, and more than 25 million invoices valued at more than $45 billion have been shared across the network. Founded in 2011, Viewpost is headquartered in the Orlando area, with additional teams in Boston, Minneapolis and San Francisco. For more information, visit: www.Viewpost.com, viewpost.com/blog and @Viewpost.