On Monday evening we hosted a discussion with Silicon Valley Bank on the always-changing payments space. Dan Allred and Smith Anderson from SVB did an incredible job of pulling together an all-star panel which included:
- BC Krishna, Founder, CEO, Mineral Tree
- Bruce Wallace, COO, Silicon Valley Bank
- Garen Staglin, Investor, Winemaker, NvoicePay(BOD), Silicon Valley Bank(BOD), Staglin Family Vineyards(BOD)
- Jay Singer, Head of US Commerical Products, MasterCard
- Bryan Derman, Partner, Glenbrook Partners
As a development shop that builds payment technologies as well as applications integrating technology produced by the payments industry, we are always looking to learn more about the state of the payments industry.
From Monday’s discussion, it’s clear that the payments space, especially B2B payments, is ripe for disruption but startups face some very big obstacles. The biggest obstacle being the behavioral evolution of the accounts payable and accounts receivable departments at corporations. There has yet to be a technology that’s 10x better than the current billing/invoice and remittance processes. Until a common standard is adopted by all industries (or even within specific verticals) the ability for mass innovation in the B2B payments space will be slow.
If you’re interested in coming out to a future Terrible Labs event, reach out to us at firstname.lastname@example.org.