Cross-border business-to-business (B2B) payments have always been troublesome for businesses involved in foreign trade. Core issues around timing, certainty, cost and visibility mean there should be a healthy market for alternatives to using your bank’s vanilla international payment service, but none have captured significant share of the market.
Recently a plethora of new initiatives and solutions have come to market, but how does a corporate choose? What factors are in play?
We’ve seen an interesting pattern developing among our advisory group members regarding Same Day ACH. Their initial tepid reaction to the product’s applicability within their company can turn much more favorable — but only when the discussion is kept alive. Successfully driving acceptance of same day ACH comes down to engaging customers.
There’s no question that fraud (especially business email compromise) is rising aggressively, with 75% of companies reporting they have fallen victim to a fraud incident within the past year. As new technologies emerge, fraudsters are redoubling their efforts to take advantage of every opportunity. They have mobilized, they’re organized, and they probably even have health plans. To defend yourself, it’s time to have a better plan than the criminals, one that comes down to being proactive, rather than reactive.
Sometimes, catching insider collusion comes down to plain old common sense…
What can financial institutions do to make their account opening solutions “easier to use”?
They need to know the secret. The same secret that fintechs have used to power their own success in winning the hearts, minds and wallets of SMBs and other organizations who are just looking for a little help managing the financial aspects of their business.
Business payment innovations provide many more choices for businesses and a significant opportunity to drive down costs, generate additional revenue streams and strengthen vendor relationship by enhancing end-to-end payment processes. Why then is the corporate payments landscape still dominated by payment instruments that were introduced many years ago? Complexity. With many choices comes much confusion — but it’s time for that to come to an end.