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RIDE THE DIGITAL TRANSFORMATION WAVE TOWARD PAYMENTS OPTIMIZATION
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contents
Master fraud risk mitigation
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Optimize bank connectivity
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Unlock new income streams
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Fortify financial controls
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Unveil cash visibility
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Achieve peak performance
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Introduction
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Ride the Digital Transformation Wave
Harness the power of the cloud
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In the fast-paced, digital-first business environment of today, revolutionizing your payment processing and execution strategies is not just advantageous — it's imperative. Facing a landscape marked by burgeoning digital transactions and an intricate global marketplace, enterprises are challenged to elevate their payment infrastructure beyond the conventional norms. Discover the latest strategies companies can use to optimize their payments.
ACHIEVE PEAK PERFORMANCE
Source: The Consumer Experience Meets Business Payments Requirements," PYMNTS, 2024
With paper checks still tied to 40% of commercial transactions, and other legacy and manual B2B payment processes still prevalent, there is an opportunity for innovation using modern payment methods — digital wallets, real-time payments, artificial intelligence (AI) solutions and mobile payments.
As a finance professional, you understand the importance of streamlining payment processes to maximize operational efficiencies. In today's fast-paced business environment, time is money and any delays or errors in payments can have significant consequences for your organization. Traditional manual payment methods are no longer sufficient to keep up with the increasing demands of global commerce. They are prone to human error and lack the speed and accuracy that modern businesses require. By embracing payment innovations, you can automate and digitize your payments to achieve greater efficiency, cost savings and improved cash flow management.
UNVEIL CASH
Source: The Consumer Experience Meets Business Payments Requirements, 2024
DEME is confident that FIS solutions are future-proof and support business growth. They answer new needs arising from the ever-changing payment landscape, such as real-time payments, now and in the future.
In the age of instant gratification, real-time data has become a necessity for businesses to make informed decisions. This is especially true for finance professionals who need up-to-date information on payments, cash flow and liquidity to effectively manage their organization's financial health. This becomes a challenge if you have multiple payment processes and disparate payment systems. By centralizing payments with a payment hub, which integrates your payment systems across your legal entities, you can have that visibility across your payment processes.
- Geert Wouters, head of Structured Finance and Treasury, DEME
WHAT OUR CLIENTS THINK
CUT COSTS
Outsourcing your payment execution, migrating paper checks to electronic and centralizing and automating your payment processes helps you take advantage of low-cost payment channels and cost reductions. A payment hub can also reduce ongoing ERP maintenance and configuration costs, including the need for external consultants. Additionally, you can reduce labor costs across payroll, accounts payable and treasury, and eliminate the repair costs of data errors.
• Low-cost payment channels • ERP maintenance and configuration costs • Labor • Payment repair costs
WHERE CAN YOU SAVE?
UNLOCK NEW INCOME STREAMS
By migrating checks to virtual cards via Integrated Payables payments platform, we have been able to migrate 17% of the checks we targeted for conversion to virtual card. We have also been able to reduce our payment processing costs and are earning an average of $100,000 in annual rebates.
Transform your accounts payable from a cost center into a revenue generator with virtual cards. As virtual card (vCard) adoption increases, companies are looking to take advantage of this highly secure payment method to help reduce payment processing costs, streamline the AP process and generate revenue through vCard rebate programs.
- Jamie Dial, director, Business Service, Kings County Office of Education
OPTIMIZE BANK CONNECTIVITY
Smoother sailing is possible with a payment hub, which helps you consolidate individual host-to-host connections between your ERPs and your banking partners to centralize and optimize connectivity – for instance, through SWIFT and by using payment messaging standards. It also converts consolidated payment data into bank-specific formats and sends them to banks/PSP providers for execution, while supporting bank messaging, payment acknowledgment and bank statement reporting requirements. Solutions that offer a pre-built library of bank connection protocols and formats can further streamline the bank communication setup process.
- Axel Hauke, head of Corporate Treasury, CWS International GmbH
FIS Payment Hub – Standard Edition has helped us simplify our payment processes by streamlining bank connectivity and driving automation and workflow across our approval processes.
FORTIFY CONTROLS AND FRAUD RISK
65% of organizations say they were victims of either attempted or actual fraud activity in 2022.
Check fraud is one of the dominant forms of payment fraud. Companies that have migrated from checks to digital payments internally are also at risk. Maintaining a database of vendor bank routing and account numbers is a massive responsibility. The potential for a data breach is a real risk, and the loss of vendor data can lead to irreparable damage. Outsourcing to a provider offering a secure infrastructure and solution can help take the burden of risk and fraud off the AP department. Additionally, a payment hub solution provides companies with proper automation and workflows, helping them catch these payments against fraud in real time and reducing errors. Additionally, integrating payments systems with a real-time fraud detection service gives companies advanced tools to identify and prevent fraud in real time.
Source: 2023 AFP Payments Fraud and Control Survey Report
65%
HARNESS THE POWER OF THE CLOUD
Leverage the cloud to stay agile in a dynamic financial environment. FIS' cloud-enabled solutions provide the flexibility and scalability required for businesses to respond to changing market forces with agility and cost efficiencies.
45%
Source: 2023 FIS Global Innovation Report
and 45% are using as a service technology.
61% of organizations are currently using cloud computing
61%
23% plan to use cloud computing
23%
and 28% plan to use it within the next 12 months.
28%
Modernize Your Payment Processes Today
Insurance Risk Management without Compromise
Take the first step toward revolutionizing your payment infrastructure. FIS offers a comprehensive payment solution catered to your unique challenges — because your success is our priority.
RIDE THE DIGITAL TRANSFORMATION WAVE TODAY
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©2024 FIS FIS and the FIS logo are trademarks or registered trademarks of FIS or its subsidiaries in the U.S. and/or other countries. Other parties’ marks are the property of their respective owners.2883683
About FIS
FIS is a leading provider of technology solutions for financial institutions and businesses of all sizes and across any industry globally. We enable the movement of commerce by unlocking the financial technology that powers the world’s economy. Our employees are dedicated to advancing the way the world pays, banks and invests through our trusted innovation, absolute performance and flexible architecture. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS ranks #241 on the 2021 Fortune 500 and is a member of Standard & Poor’s 500® Index.
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