Allianz Trade, the world leader in trade credit insurance, Two, the pioneering business-to-business (B2B) e-commerce payments platform, and Santander Corporate & Investment Banking (CIB), one of the Top Trade Finance banks in the banking sector, have partnered to provide the first global B2B Buy Now Pay Later (BNPL) solution for large multinational corporates. This is the first partnership of its kind.
The companies have combined Allianz Trade’s more than 100 years of experience in trade credit insurance with Two’s cutting-edge B2B BNPL technology and Santander CIB’s capabilities and expertise in tailor-made Working Capital Solutions with more than EUR +300Bn of turnover.
The result is a game changer product for global online B2B commerce. Corporates now have a one-stop solution to offer business buyers instant deferred payments at checkout. With a single API integration powered by Two, Santander CIB finances upfront payments to sellers and credit terms to buyers globally while Allianz Trade protects the whole value chain against non-payment risk (e.g. including credit risk). Sellers will have global multi-currency support to dramatically reduce the need for complex operating models with multiple providers across technology, trade insurance, and trade credit.
“We’re very proud to join forces with Two and Santander CIB to provide a complete deferred payment solution for B2B e-commerce. 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. 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”, explains François Burtin, Global Head of e-commerce at Allianz Trade.
Marsh Spain acted as the trade credit insurance broker. “At Marsh Spain, we are very pleased to be at the forefront of this value proposition supporting our partners in their continuous development of innovative solutions” adds Ana Meca Diez, Head of Financial Risks and Specialties at Marsh Spain.
A partnership which will foster the development of online B2B trade
Allianz Trade and Two had partnered earlier this year to offer a B2B BNPL solution for SMEs’ in the UK, while at the same time Allianz Trade and Santander were working on large BNPL projects. The large corporate segment is currently undertaking major online projects to grow B2B e-commerce sales and improve margins. However, they lack the instant and seamless payments technology to facilitate B2B sales at a global level. Naturally, Santander, Two, and Allianz Trade decided to extend their partnership to provide a unique product that can serve large global corporates.
“At Two we are obsessed about delivering seamless ordering and buying for B2B buyers while removing and automating the operational processes for sellers.. 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”, ends Stavros Tamvakakis, Co-Founder of Two.
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