Both consumer and commercial payments are enjoying a renaissance. New products, services, and partnerships are being launched, forming the next generation of leaders in the space. Meanwhile, existing players are growing their product portfolios and expanding their geographic reach.
Tearsheet’s Power of Payments Awards are the industry’s top awards programs, recognizing and celebrating the top products and brands in the payments space defining the face of a rapidly changing landscape.
This years winners are:
Best Corporate Spend Product: Teampay
Teampay is an all-in-one platform for managing company spend. Teamplay's platform simplifies the entire business spend management process. Its automated workflows empower employees to buy what they need while staying in policy, and its platform issues secure payment methods with built-in controls while simultaneously reconciling transactions into a customer’s accounting system.
Teampay’s smart-matching technology can match invoices to existing purchase orders and create a new purchase order to obtain approval.
Best Payments App: EarnIn
EarnIn addresses the way money moves by streaming access to earnings, allowing community members to spend and save on their own terms.
Many Americans’ expenses lie outside of a bi-weekly pay cycle, but through earned wage access, EarnIn can ease that financial burden. Its core product, Cash Out, offers community members faster access to earned wages. EarnIn’s service allows community members to save $75 a month instead of using short term, high interest loans and about $1.3 billion have been saved on fees, allowing them to avoid debt and build savings.
Best Cross Border Payments Offering: Goldman Sachs
Goldman Sachs Transaction Banking (TxB) is a digital-first, cloud-based business that offers a suite of products to help clients manage day-to-day global treasury operations and optimize working capital through API-driven technology. Backed by more than 150 years of financial services expertise and technology capabilities, TxB provides a global transaction a nimble and secure banking platform.
TxB’s API-native platform offers domestic and international payment services with real-time payment tracking, detailed reporting and data-driven insights, prioritizing cross-currency payment solutions that are transparent and scale with client needs.
Payment Technology Provider of the Year: VizyPay
VizyPay is a payments processer for small businesses across the rural United States.
VizyPay Cash Discount Program is a month-to-month subscription service that allows small businesses to build the cost of processing transactions into their pricing. With the technology, businesses can eliminate processing fees and maintain the same profit margin on sales for any payment type. VizyPOS provides the functionality of a traditional POS System in the palm of the hand. It's supplemented with a backend web portal, which allows merchants to manage inventory and analyze real-time transaction and batch reporting.
Most Innovative Payments: TabaPay
TabaPay is a money movement platform, transforming the payments landscape for fintechs and banks.
The firm is at the forefront of the shift towards real-time payments and growth in fintech business models. Its unified API provides clients with access to 14 networks and 15 banking partners to maximize flexibility and reach. The firm solves complex use cases and has become a leader in early/earned wage access, optimizing payments for speed, cost, and performance. Its flexible, open payments infrastructure allows it to add new use cases, like digital tipping and PayFac services.
Best Virtual Card Provider: Extend
Extend helps banks innovate, so their SMB clients get a simple way to access virtual cards and streamline spend management while keeping the financial partners they know and trust.
In 2022, Extend doubled the number of active users on its platform and tripled its charge volume. Extend also signed partnerships with Bank of the West, BMO, and HSBC, in addition to existing partnerships with Amex, City National Bank, and more. Thanks to these bank partnerships, 55% of US SMB cards work with Extend. Extend also launched an open API that enables customers to integrate payments into their core business applications from their existing card account.