Over half of corporate treasurers are responsible for managing 100 or more corporate bank accounts. With payment volumes hitting new levels, corporate treasurers managing complex payment systems naturally face increased occurrences of formatting errors and other tricky issues that cause payment delays.
Fremont, CA: The corporate payments landscape has reached a definitive moment. It faces radical changes, new challenges, and unprecedented opportunities for those corporate treasurers who are willing to capitalize on several significant industry trends. Well established payment processes are facing the heat of increasing payment volumes and fast-paced organizational expansions. This has made businesses more incentivized than ever to pursue investments in reducing payment friction, introducing real-time payments, and implementing error-proof, straight-through processes.[vendor_logo_first]
Frictionless Payment Solutions
Corporations are turning into international organizations at an unprecedented rate. This has also increased the pressure on payment systems to offer efficient and seamless operations while interfacing with a tremendous breadth of global portals, formats, accounts, and clearing systems. A study among corporate treasurers revealed that 37 percent of corporations now operate across at least 11 countries, 34 percent utilize six or more banks, and 39 percent generate payments in six or more currencies. Corporations are also frequently expanding by acquiring firms with their own unfamiliar IT systems.
Rising Payment Volumes
Studies have shown that 45 percent of corporations are generating at least 10,000 global payments every month. Over half of corporate treasurers are responsible for managing 100 or more corporate bank accounts. With payment volumes hitting new levels, corporate treasurers managing complex payment systems naturally face increased occurrences of formatting errors and other tricky issues that cause payment delays. At current rates, the payment volumes managed by corporate treasurers is set to surpass all previous records. Corporate treasurers are now eager to introduce straight-through processes and other error-reducing payment solutions.
Real-time Banking
Real-time banking offers instant availability of funds, instant payment confirmation, settlement finality, and more rapid communications all within a B2C-style user experience. This has led to the demand for real-time banking among corporate treasurers skyrocket as the need for streamlined payments increases. Corporate treasurers are looking to accelerate the adoption of real-time banking and similar strategies that make the work of overseeing payments, faster and less cumbersome.
Security Breaches and Fraud
The increasing volumes of corporate payments have also raised concerns for security breaches. Surveys show that 60 percent of corporate treasurers are now more concerned about payment security than before. Attackers now practice highly-effective spearphishing, account takeovers, and other tactics that rightfully keep corporate treasurers up at night and drive them to pursue newer security strategies.
