Efficiency for All: The Need for Global Payments Fintech
Today, it’s par for the course for large firms to operate in multiple countries*. But as we all know, global payments presents a number of challenges – and the more banking channels, different currencies, and number of countries involved, the higher the risk and the more cumbersome and time-consuming the processes.
Common Goals: Visibility, Control, and Efficiency
Treasurers need visibility into cash management and potential fraudulent activity. They want to lower costs, both externally and internally, and also reduce the number of errors made across all points of the payments process. The top two payments priorities identified by treasurers in the 2016 Global Payments survey by consulting firm, Strategic Treasurer, were fraud prevention and the need to increase efficiency. This sounds like common sense, so why is it so difficult to achieve?
Barriers to Entry
It all comes down to complexity. Expanding into new regions requires creating relationships with business partners who are already established within that region, and understanding and dealing with different regulations (or to complicate matters even more, a lack of regulations). Once established, the higher volume of payments and wider range of channels result in a higher number of exposure points.
Lag time in processing, often due to the used of outdated technology, also complicates matters: payments that would take minutes locally may take weeks to clear. No matter how hard treasury staff tries, they simply do not have the bandwidth to stay on top of everything in real time.
Why adopt new payments technology?
The ability to quickly and accurately exchange information between parties is a necessity in today’s business world. But the complexity of the global payments landscape makes it extremely difficult to do efficiently – and that’s not going to change anytime in the near future. The more your payments volume and channels grow, the harder it is to scale your processes commensurately. It’s impossible for treasury to keep up without the aid of automation.
More and more organizations are adopting technology solutions to streamline processes and reduce operational risk. Treasurers, today’s payments fintech can provide the visibility, control, and efficiency that you’ve always wanted – and give you the time to get even more accomplished. These solutions are no longer “nice to have” – they’re “need to have”, and will soon become essential within all large firms. Start taking the necessary steps to update your technology infrastructure now, so you aren’t left behind!
Download our eBook, With Greater Payments Complexity Comes the Need for Efficiency, to find out more about the global payments landscape, including more stats from the 2016 Global Payments Survey.
*According to the 2016 Global Payments survey, 83% of firms were operating in more than one country, and 39% were operating in more than 20 countries.