Published: October 14, 2019
For the sixth year running, FIS has surveyed corporate treasury and finance professionals globally – and once again, many departments are battling the same challenges as they faced in 2014. So, what will finally prompt them to modernise their operations for the future?
Of the corporations surveyed, 84% have already centralised their payments. However, most companies are still working in extremely complex payments and bank connectivity environments. Almost half (48%) are managing more than 100 bank accounts and 19% work with at least 11 banks. This explains why so many corporations are still dealing with fraud risk, high costs, little control and a lack of visibility into cash.
Notably, not many have taken the next step towards making their payments future-ready by implementing a payment factory solution. According to the report, only 10% rely on a payment factory to originate and deliver payments to banks.
Corporations are missing out on leveraging transformative technology, such as a payment factory or bank integration solution that can help them centralise and standardise their payments processes.
Of the respondents, the 79% which have implemented a payment factory have achieved payback within or under two years, and 67% achieved a return on investment (ROI) of more than $100,000, with 15% achieving an ROI of more than $1m.
A payment factory performs these functions:
Innovative corporate treasury or finance professionals can become champions of a global payments and bank connectivity project within their company. And, as a result, gain all the rewards of dramatically improving processes, reducing fraud and cost, and delivering an ROI.
Prepare for a payment factory project by taking these steps:
What will it take for corporate treasury and finance departments to finally work towards a transformation? It won’t happen overnight and it isn’t going to be easy. But it should be rewarding.
Luc Belpaire
Director of Product – Payments, FIS
As FIS’ Director of Product – Payments, Luc Belpaire heads up the development team of Trax, the corporate payment hub. Luc, who has been with FIS for a decade, is responsible for product strategy, product management and sales support. Prior to joining FIS, Luc spent 11 years at Oracle working in various roles and geographies. One post, Director of Product Strategy Financial Services in the applications division, saw him defining a strategy around cash management and payments. Luc holds a Master’s degree in Economics from the University of Ghent, Belgium and an MBA from the Vlerick Management School, also in Belgium.
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