Welcome to the Enterprise Digital Asset Summit (EDAS) Highlight Series, where we dive into one of the highest-rated sessions from this year’s conference.
Want to watch the full video? All session recordings are available for on-demand viewing and CPE credit at Bitwave University.
EDAS 2024: "Enterprise B2B Crypto Payments" (Feat. Coinbase, Google)
Reinventing payment infrastructure is one of the most exciting applications for blockchain technology – and there are many positive signs of momentum in this space today. Coinbase and Google are two powerhouse forces that know more than a thing or two about driving this industry, and we were thrilled to have their expertise on the EDAS 2024 panel.
This session featured Cindy Yan, (VP, Source-to-Pay, Vendor Management and Real Estate Strategy at Coinbase), Roselle Lagunzad (Director of Procure-to-Pay at Coinbase), and Rich Widmann (Head of Strategy, Web3 at Google). Bitwave VP of Sales and Partnerships, Jim Thompson, moderated the discussion.
Key Panel Insights
Our expert panel largely focused on the idea of integrating stablecoin payments across a number of business sectors. They discussed growth strategies, regulatory challenges, and macro opportunities to drive stronger enterprise adoption for on-chain payments.
🔍 B2B Payment Landscape: Today, enterprises heavily rely on traditional payment methods, like wire transfers – and even paper checks. These instruments have a great deal of inefficiency, creating strong opportunities for disruption through faster, more secure, and cheaper money movement and settlement technologies.
💡 Vendor Adoption: Larger players (like Coinbase) are leading the adoption effort by focusing on their existing vendor network. These organizations have enabled their vendor ecosystem to receive on-chain payments through a concerted educational effort. The success of these programs highlights the growing interest and necessity for businesses to adopt on-chain payment systems.
🌍 B2B Payments vs Consumer: Consumer payments (B2C) have long been an attractive play for on-chain protocol and crypto fintech players. But enterprise payments can potentially be the key to unlocking mass utility first. A successful B2B crypto payment operation requires champions across various departments, ensuring comprehensive organizational buy-in and operational readiness – which can be a challenge for large teams.
⚖️ Regulatory Environment: There’s a crucial need for clearer crypto regulations to facilitate broader adoption in B2B transactions, ensuring companies feel secure in their payments. Once these are in place, more innovative legal and corporate structures can emerge to support these products for businesses.
📈 Stablecoins Will Lead: The anticipated rise of US dollar-denominated stablecoins will likely transform the payments landscape, enabling better efficiency and broader acceptance in the market. Many of the on-chain payment processes that enterprises are adopting are token-agnostic – meaning they can accept (with minimal fanfare) USDC, PYUSD, or a similar stablecoin.
Best Practices to Get Started
For finance teams looking to start accepting or sending crypto payments, communication is key.
Organizations are encouraged to seek out executive support for successful integration and to build a network of vendor partners who are willing to explore the initiative. It’s not just about promoting the benefits or the technology (like fast, secure cross-border remittances). It’s about making these payments more feasible and attractive for organizations to adopt.
Having a champion within an organization is also vital for driving adoption, as it helps to push for necessary changes and ensures executive support for implementing novel payment approaches.
Organizations can start by experimenting with a few crypto payment transactions while continuing to accept fiat, helping them become comfortable with the technology and its benefits.
How Bitwave Empowers On-Chain AP
At Bitwave, we’re transforming the way businesses handle payments by bridging traditional accounts payable workflows with the efficiency and transparency of blockchain technology.
“At Bitwave, we see digital assets as a powerful way to transform the unit economics around payments. Traditional payment models are generally based on two dimensions – volume and size. With crypto, those dimensions are no longer a factor, enabling businesses to move money, instantly, for a fraction of the cost” - Bitwave CEO & Co-Founder, Pat White.
With our platform, finance teams can seamlessly manage crypto invoices and execute payments, simplifying on-chain payment activities. Bitwave integrates with leading ERP systems like NetSuite, QuickBooks, and Sage, while also supporting custodial accounts and digital wallets, ensuring a smooth and compliant process for enterprise teams.
How Bitwave Enterprise A/P Works
1. Payment Request: When a vendor sends an invoice, it’s automatically recorded in the payer’s ERP system. Bitwave recognizes this action and enables the enterprise to queue an on-chain payment, all while adhering to the company’s existing compliance processes.
2. Customizable Payment Options: The payer can select from their available digital asset wallets, ensuring flexibility and control. Bitwave supports a fully customizable RBAC approval workflow, offering added control and transparency throughout the payment process.
3. Payment Facilitation & Automation: Once the payment is approved, Bitwave securely integrates with custodial accounts (like Coinbase Prime) to process the transaction on-chain. This automation cuts down on time and operational costs.
4. Closing the Invoice: After the payment is delivered, Bitwave automatically syncs the transaction details back into the ERP system, ensuring audit readiness and full business compliance. Crypto payments are now as seamless as traditional transactions.
Key Features of Bitwave Enterprise Payments
Powerful Pricing & Categorization Engine:
Our dynamic pricing engine calculates optimal prices for products and services, handling any invoice denomination with ease. The flexible categorization system and automated pricing rules can significantly reduce customer manual workloads.
Token-Based Invoicing Support:
Bitwave provides comprehensive support for token-based invoices, addressing complex tax treatments, including marking-to-market, over-the-top derivatives, and embedded derivatives. These features allow confident and accurate reporting.
Purpose-Built for Enterprise: Originally co-created with Coinbase Prime, our Payments capability is designed to meet the needs of high-volume, enterprise finance teams. Now available to all Coinbase Prime customers, Bitwave is transforming crypto payments by delivering unmatched functionality.
Bitwave enables your finance team to manage crypto payments with the same ease as any traditional transaction—bringing together the benefits of blockchain with the processes your teams already rely on.
Explore how Bitwave can help your organization streamline payments and reduce costs with ease. Book a demo today!
Disclaimer: The information provided in this blog post is for general informational purposes only and should not be construed as tax, accounting, or financial advice. The content is not intended to address the specific needs of any individual or organization, and readers are encouraged to consult with a qualified tax, accounting, or financial professional before making any decisions based on the information provided. The author and the publisher of this blog post disclaim any liability, loss, or risk incurred as a consequence, directly or indirectly, of the use or application of any of the contents herein.
