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?
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.
Our seven minutes of fame! Industry Editor Erin Oswalt chats with Sibos’s Steven Chia and payment expert Ed Adshead-Grant about the complexity of the payment industry, cybersecurity, regulatory changes and more.
Open Banking will change the way payments are managed, not just in the UK but around the world. The objective is to improve competition and innovation in the payment industry, which reinforces the UK’s position at the forefront of payments. This is great news for consumers and businesses of all sizes for whom payments will become easier, more secure, and with an improved user experience.
You’ve got enough on your plate making sure your environment is adequately protected against further attacks, so here is a brief, common sense explanation of the most important things you need to know about the CSP and what you need to do to prepare.
Ring-fencing is a new regulation that requires the largest UK banks to separate their core retail banking services from their investment banking and international banking activities.
The changes this shift will require, impacting many customers whether they are businesses, consumers or indeed other banks, are numerous and complex to say the least.
Phase two of same day ACH is upon us, which means that Receiving Depository Financial Institutions (RDFIs) now need to allow for debit transactions designated as Same Day ACH to be processed and funds made available by the end of the RDFI’s business day.
While this new functionality allows for access to funds much more quickly than ever before, it also introduces a whole host of potential security concerns that need to be addressed.
“You build your future. It isn’t handed to you.”
That’s what Francis J. Underwood, the ferocious political titan from House of Cards, would say about devising an effective payment strategy that promotes your business’s success.
He’s right. Success doesn’t just materialize. It takes hard work, dedication, and most importantly, a certainty that every single aspect of your business is working as effectively as possible.