The trend for digitalisation across financial services has impacted treasurers and banks alike and, as such, has affected what is possible in corporate payments and collections. Embracing tools such as open banking and embedded finance means treasurers can offer new ways to pay, and even financial services, to customers while enhancing transparency over cash flow and delivering process efficiencies through automation.
Treasurers have to keep the ways in which their businesses are being paid top of mind. With the plethora of digital payment types and innovations that have emerged in the past decade, treasurers should strive to understand how to ensure as many of their likely ‘end customers’ as possible will settle their invoices. The pressure is on to keep acceptance rates high while delivering a smooth user experience (UX) and frictionless customer journeys.
The good news is that, while this all requires work, the benefits of delivering a seamless digital payments experience for customers also provides several benefits for treasurers and their organisations.
Open to innovation
Much of the innovation in the payments space can be traced back to the jolt provided by the regulatory sphere in the form of open banking, alongside PSD 2. While the advent of open banking may not have delivered the big bang that some were hoping for, it has enabled a new payments channel to emerge.