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.