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Accelerating B2B Payment Solutions Through Fintech Partnerships

Connecting the World Through Payments

Discover® Global Network accelerates commercial payments

Despite the enormous growth of digital payments and remote commerce in recent years, many businesses are still using slow and inefficient payments methods, hampering their ability to grow and attract new customers.

In fact, as surprising as it might seem, 62% of companies in the world today still use cash to pay many of their business expenses, according to a study commissioned by Discover Global Network.1 Perhaps unsurprisingly, companies are eager to improve their business operations by implementing modern payments solutions, as 67% of large businesses reported an intent to invest in commercial payments solutions within the next 12-24 months.1

To deliver these solutions, partnerships between fintechs and payment networks, including Discover Global Network, have been instrumental in the modernization of B2B payments, providing businesses with real-time transactions and the expertise needed to drive a seamless payment experience.

“We are integrating with different types of partners within Travel, Expense Management and B2B verticals, enabling our network partners better access to ready-made ‘ecosystems,’” said Marcos Gelfi, Head of Global Commercial Products at Discover Global Network. “This enables speed to market and expanded distribution channels—a ‘win-win’ for all parties involved.”

These capabilities are seen as increasingly vital. Businesses cite a lack of reliability, transparency and security as major pain points that come from using antiquated payment methods, according to the study.

Companies need real-time, on-time and multi-currency payment capabilities that can reduce settlement times and improve cashflow management. Further, a payment system with robust data for tracking spend and expenses while managing the receipt and initiation of payments can allow businesses to gain important insights to facilitate growth.

New growth opportunities for fintech partnerships with payments networks

Traditional payments companies often leverage new programs from fintech players to develop many of today’s payments solutions. As such, the benefits between existing payments networks and these younger companies flow both ways.

Fintechs often have insights into new technology that can be valuable to traditional payments players. But as emerging companies, fintechs often look to payments networks like Discover® Global Network to scale their solutions and achieve global reach. Partnerships give fintechs the ability to leverage payments networks’ existing relationships and connect to more customers.

Indeed, 98% of senior executives with fintech vendors believe there are areas within their businesses where the support of a partner can add value, according to 451 Research.2 Eighty-nine percent of fintechs say they are highly or somewhat reliant on payments networks as part of their strategy and/or operations.2

In addition, with a rapidly changing payments environment, which can differ greatly among various global regions, the fintech industry also benefits from payments networks’ marketplace and regulatory knowledge regarding the complex ecosystem. This is particularly true regarding providers of data security. Nine out of 10 fintechs surveyed by 451 Research said that data security was crucial to their business plan.2

Statistics on How Fintechs View Partnerships

Commercial payments solutions are powered by partnerships

Over the past several years, a growing number of B2B solutions have been bolstered by well-developed partnerships between fintechs and more traditional payments companies. Among these are:

B2B Travel

With a continuing rise in post-pandemic travel, Singapore-based Mystifly provides a solution that came at just the right moment.3 The company, which unifies distribution, fulfillment and payments in the global travel industry, has been instrumental in ending the slow and complex process of back-end settlement between airlines and travel agencies.

Mystifly partnered with Discover to replace cash and bank transfers by using a payments and settlement solution the two companies developed together. Because Mystifly is not licensed as a card issuer, Discover Global Network connected the company with PSI-Pay, an e-money issuer to accept funds on Mystifly’s behalf.

“Payments was a completely new space for us,” explained Rajeev Kumar, founder and CEO of Mystifly. “The aspiration of bringing payments into an integrated ecosystem was enabled with Discover Global Networks’ expertise and their ability to solve our problem at scale in a very short span of time.”4

Prepaid / Debit SME Cards

Malta-based Fyorin enables fintech issuers to offer virtual cards to small and medium-size businesses with a unified, one-time onboarding process across a curated network of international financial institutions. The company’s founders identified the opportunity as they witnessed the friction around business banking due to financial hurdles that result in missed business opportunities.

“With the use of Discover Global Network virtual cards, Fyorin’s automated payables and expense management products deliver an efficient automated solution,” according to Christian Joseph Agius, COO and co-founder of Fyorin, “that simplifies the way a business manages company spend while empowering employees and speeding up the approval process.”

Virtual Card Solutions

AP Payments

As a leader in AP Payments as a Service, Finexio has been instrumental in simplifying the way businesses make payments. In particular, the virtual card solution provided by Discover Global Network lets Finexio issue virtual card numbers, bringing greater security to digital payments. The program reduces the administrative time and costs associated with payroll, while increasing employee satisfaction by offering them instant access to their funds.

“It’s great to take our AP-as-a-service and add that to Discover’s many services that they offer their clientele. Having that collaboration, that true partnership, has been unique,” Bill Fox, Finexio’s Chief Commercial Officer, said in a recent conversation.

Cross-Border Payments

London-based Guavapay helps broaden payments methods and increases acceptance of cards for cross-border transactions. Thanks to its partnership with Discover Global Network, the company has further extended its solution for businesses by providing customers with debit and prepaid cards that are accepted throughout the global merchant footprint of Discover, Diners Club International® and more than 25 network affiliates. With consumer behavior requiring even greater digital payments, the partnership gives Guavapay’s customers expanded growth opportunities while also ensuring data security.

“The card landscape has become more competitive, dynamic and complex, with a greater emphasis on security, speed, and convenience,” said Grant Wyatt, CEO of Guavapay. “The strategic partnership with Discover Global Network reinforces Guavapay’s continuous efforts to expand customer choice and grant a compelling card payments acceptance experience.”5

AirlinePay / Merchant Pay

This turnkey solution, available through Discover Global Network and Diners Club International, allows airlines to provide virtual prepaid accounts under their own brand and greatly simplify their payments process. This capability can be expanded to any industry or vertical. With this service, airlines can trim costs, reduce fraud and strengthen their cash flow, efficiency and working capital.


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  1. B2B Payments Survey for Businesses: Commissioned by Discover Global Network and Euromonitor International, completed March 2023.
  2. 451 Research, part of S&P Global Market Intelligence. “The Future of Payments: A View into Emerging Global Trends.”
  3. Economist Intelligence Unit, 2022. “Tourism Outlook 2023.” 
  4. Discover Global Network, 2023. “Fintech Partnerships and Reviews from Industry Leaders.” 
  5. Guavapay, 2023. “Discover® Global Network and Guavapay partnership announcement.” Viewed 27 September 2023

The information provided herein is sponsored by Discover® Global Network. It is intended for informational purposes, and is not intended as a substitute for professional advice.