South by Southwest, iconic mecca of culture and creativity, is now in full swing in Austin, Texas. But what does that have to do with B2B payments?
Headlined by speakers and musical acts that range from former House speaker John Boehner and Instagram founders Mike Krieger and Kevin Systrom to Abshi the Nomad and Ben Aqua, SXSW is the very embodiment of the big ideas that are on track to change the world.
B2B payments might not seem nearly as exciting, but that doesn’t mean the industry doesn’t have some of its own thought-provoking ideas to share. In fact, if B2B payments was to hold a 10-day festival, here are some of the big ideas that would be found on the center stage…..
To predict the future of B2B payments, look to its past
According to Fintech influencer Neira Jones, customer expectations (along with some gentle nudging from regulatory changes and technological advances), will ultimately drive the streamlining of business payments. Other big developments will also play a part, including big data and machine learning. To read Neira’s full thoughts on the subject, check out her post, “Exploring the Trends Driving the Future of B2B Payments.”
360-degree fraud protection requires a single-minded focus
Nearly 50% of organizations have been the victims of fraud in the past year, a statistic that’s supported by both the “Revealing the True Cost of Financial Crime” report by Thomson Reuters as well as PwC’s “2018 Global Economic Crime and Fraud Survey.” Those realities are backed by organizations who participated in Strategic Treasurer’s recent “Treasury Fraud & Controls Survey Report,” 73% of whom agreed that the threat level of fraud has at the very least increased, if not significantly.
The threat of fraud is getting worse. It’s a fact that simply has to be accepted as a part of doing business. As organizations work diligently and tirelessly to put together a comprehensive security plan that future proofs against the growing number of attack vectors they face, Ben Hobby, partner with BTVK Advisory, offers a simple, three-pronged approach that can help organizations evolve their fraud strategy.
Simply referred to as a “People, Process & Technology” approach, this methodology of evaluating an organization’s security preparedness is one of the easiest and best methods organizations can use to protect themselves against all of the most common and pervasive fraud threats. Because it ensures that the three most important aspects of security are always considered, businesses can rest easy knowing that that important security vulnerabilities aren’t falling victim to oversight.
To learn more about this approach and see how it could have impacted three high profile fraud cases, check out the whitepaper Ben co-authored, “Securing Payments Across the Digital Enterprise.”
Eliminating failed direct debit transactions comes down to simple common sense
The impact of failed transactions for businesses is serious and pervasive. Time wasted rectifying incorrect payments (those minutes add up to a lot of hours over the course of a month), damaged customer and employee relations and even higher business cost to secure revenues. It’s all waste flowing down the drain – and over easily-preventable human error.
Apply Financial’s founder (and former rugby player) Mark Bradbury offers guidance to help organizations overcome this challenge, simple advice steeped in the old English proverb “measure twice, cut once.”
Check out what Mark has to say on this subject in his post “Eliminating Failed Direct Debit Transactions with Bank Validation Technology.”