Allianz Trade, Santander Corporate & Investment Banking (Santander CIB), and Two have partnered to launch a new B2B buy now, pay later (BNPL) tool.The new tool leverages Allianz Trade to protect against the risk of default, Santander CIB for financing, and Two for the BNPL technology.The launch comes one year after Santander’s digital consumer bank launched Zinia, a customer-facing BNPL solution.
A new three-way partnership is driving fresh innovation in the BNPL space this week. Trade credit insurance firm Allianz Trade, trade finance bank Santander Corporate & Investment Banking (Santander CIB), and B2B ecommerce payments platform Two have teamed up to create a BNPL tool for large multinational corporations.
Combining each firms’ expertise, the group has created a solution for corporations to offer a buy now, pay later (BNPL) tool for business buyers, enabling them to defer payments at checkout. Created by Two, the BNPL tool supports payments in multiple currencies and leverages Santander CIB for financing to offer sellers payment upfront while facilitating credit terms to buyers.
Allianz Trade protects against the risk of default. The firm will leverage its database that contains information on more than 80 million corporations to instantly assess credit requests via its API, helping Santander CIB make financing decisions instantly.
“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,” said Allianz Trade Global Head of e-commerce François Burtin. “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.”
Today’s launch comes one year after Santander’s digital consumer bank launched Zinia, a customer-facing BNPL solution for customers in Germany and the Netherlands.
Founded in 2020, Two seeks to fix the world of B2B ecommerce by offering a corporate BNPL tool. The Norway-based company has raised $3 million in seed funding. “At Two we are obsessed about delivering seamless ordering and buying for B2B buyers while removing and automating the operational processes for sellers,” said Two Cofounder Stavros Tamvakakis. “Business buying is not a one-size fits all and our product streamlines key steps in the journey (e.g. instant onboarding, ordering, underwriting, invoice distribution, payments, reconciliation) so that sellers do what they do best while we abstract the pain points of drop-offs, working capital tie up, risk, and manual work. Our ambitions are at a global scale, so we decided to take our partnership with Allianz Trade further by collaborating with Santander CIB, combining two powerhouses in insurance and banking to create a unique and innovative solution dedicated to large corporates.”
As the demand for direct-to-consumer BNPL tools increases, so will the demand for B2B BNPL tools. Other players in the B2B BNPL arena include Bespoke Financial, TreviPay, and Tranch. These tools rely on business credit and repayment data to mitigate risk, so partnerships with firms like Allianz Trade will prove to be essential in helping B2B BNPL newcomers ensure repayment.
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