The emergence of COVID-19 and the ensuing global pandemic has affected nearly every aspect of business operations. Remote work models and border restrictions have forced organizations to rethink how they conduct daily communications and transactions, including the movement of funds. Adopting digital payments and automating processes where able will help maintain business continuity.
With growing concerns about manually processing paper checks and invoices, and in a world where walking into an office to obtain a written signatures no longer an option for most businesses, treasury, AP and AR functions are rethinking the way they handle transactions – with an ever-increasing number moving towards the digitization of processes. This goes for the fintechs and banks doing business with those businesses as well.
Why the focus on payments and receivables? Doing times of disruption, whatever the scale, maintaining liquidity is of utmost importance. If an organization can’t maintain its financial requirements, which don’t disappear in times of crisis, that dominos to affect debt management, payroll fulfillment and paying suppliers. The latter is of utmost concern when you consider the amount of effort that goes into building vendor relationships and strong supply chains.
Marcus Hughes, head of strategic business development for Bottomline, shares his thoughts on the effects of COVID-19 within the world of payments and the challenges that organizations are having to overcome to survive the disruption. Listen to the full podcast, “Payment Modernization: Are we nearly there yet?” as he touches on a wide variety of global payments topics including cross-border and real-time payments, Open banking and the upcoming ISO 20022 data format standardization.
For further insights into the payments and banking industries, subscribe now and stay up-to-date on the latest tips, trends, and topics. You can also check out The Payments Podcast, where experts engage each other on the real world factors impacting the payments and banking.