BIRCHSTREET SYSTEMS and understand their preferences by buyer and by type of spend,” he explains.“ The goal is to put each transaction on the optimal rail for both parties.”
More broadly, Birchstreet recently shared data demonstrating the measurable impact of embedded payments in the industry. According to these case studies, one customer implemented the solution in early 2023 and witnessed notable improvements within 12 months.
“ Seeing the tangible bottom line impact hit the profit and loss statement is very rewarding,” Phil says.“ I’ ve been in software a long time. It’ s often hard to trace the impact on the bottom line. Payments are actually very easy to do.”
Continuing industry innovation With payment-focused fintechs innovating rapidly, particularly with regards to how supplier data is collated and analysed, Phil eyes two key opportunity areas: the application of machine learning and AI to further accelerate supplier digitisation and global expansion.
Partnerships, he says, will be key to exploiting both:“ The ecosystem partners that are focused on payments are some of the most innovative tech companies in the world. Our mission is to figure out which partners can deliver the best solutions for hospitality.
“ Industry specialisation is key to value delivery and partnerships bring rapid innovation from adjacent verticals and industries that unlock exponential value once integrated, seamlessly,
“Seeing the tangible bottom line impact hit the profit and loss statement is very rewarding”
Phil Beck, Executive VP & GM, BirchStreet Pay
into the BirchStreet application layer and powered by our robust 25 + years of industry data and insights.”
Global expansion presents a unique challenge. While the hospitality industry has a long history of international operations, the associated payment infrastructure has lagged.
For Birchstreet, this means creating solutions capable of serving the distinct requirements of markets including the UK and Europe, but also growth regions such as the Middle East and Asia, which bring diverse banking requirements and regulatory frameworks.
“ Hospitality remains a dynamic market with large amounts of innovation and continued global expansion by major brands, GPOs and operators,” Phil says.“ Our advantage lies in our industry focus, depth of expertise in hospitality and
fintechmagazine. com
127