Payments are often synonymous with complexity, particularly when your team relies on manual, decentralized processes and lacks visibility over your company’s payments, bank accounts and cash flows. But payments don’t need to be complex. A sophisticated payments solution can help you overcome your challenges by standardizing, automating and centralizing your payments.
What could your day look like with a modern payment solution?
Navigating Payments:
A Day in the Life of
a Treasurer
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Your team begins manually logging into multiple e-banking platforms to gather information on the status of payments and account balances. Some statements aren’t available, so you miss an investment opportunity.
Without a centralized payments solution
MODERNIZE YOUR PAYMENTS TECHNOLOGY
Payments can be simpler. With the right solution, you can reduce risk, achieve new efficiencies and rely on robust controls to protect your organization from fraud. You can also be confident that your payments will run like clockwork – whether you’re in the office or not.
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Your team logs into one system to see all the activity that took place while they were asleep. They check the dashboard that summarizes the status of all payments and bank account balances in your payments solution.
With a centralized payments solution
Your solution swiftly validates payments, routing them for approval by the authorized signers, and then securely sends them to the appropriate banks through a mixture of e-banking channels, the SWIFT network, EBICS and APIs.
With a centralized payments solution
Your treasury ops team begins approving payments. They start by logging into various banking systems using a variety of tokens and security mechanisms. It’s very time-consuming and makes you nervous given the security breach last year.
Without a centralized payments solution
You check the company’s current liquidity position. Your payments solution has translated payments into aggregated cash flows and integrated them into your treasury management system, so you’re confident about your cash management decisions.
With a centralized payments solution
You start making cash management decisions – but you don’t have visibility over cash flows, an accurate view of your current cash position and whether there will be a surplus at the end of the day. You grit your teeth and make some guesses.
Without a centralized payments solution
Your intraday account statement update arrives as scheduled. You take a quick look to see which payments you’ve received for your core accounts.
With a centralized payments solution
Your team logs into multiple banking systems again to find out which payments have been received in your core accounts.
Without a centralized payments solution
Your solution flags two late wire requests as suspicious. It puts them into a queue for further investigation.
With a centralized payments solution
Your team approves two late wire requests. However, no one notices that the beneficiary’s bank account details have changed.
Without a centralized payments solution
Your bank sends a real-time credit notification for an incoming payment to your payments solution. It immediately alerts your team that the money is available and instantly posts the transaction in the business unit’s GL.
With a centralized payments solution
You’re anxiously awaiting an important payment from a customer. By mid-afternoon, your team has contacted both the bank and your customer to ask for a status update – forcing them to deal with long hold times and annoying the customer.
Without a centralized payments solution
You have the day off – and you can spend the day offline, confident that your payments solution is handling everything, your team will spend the day focusing on important tasks – rather than manual payment interventions – and any decisions will be made based on accurate, real-time information.
With a centralized payments solution
You have the day off, but you get an urgent phone call – the team has discovered that the two payments processed yesterday afternoon were suspicious. You spend the morning on the laptop helping the team investigate.
Without a centralized payments solution
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