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There are three new features — Intelligent Collections, Intelligent Vendor Management and Intelligent Planning — which are intended to remove time-wasting steps and friction and improve cash flow for corporatefinance teams, the release stated.
The competition is heating up between payment technologies in accountspayable, with ACH and virtual cards seeing significant pushes in the B2B payments space to combat the dreaded paper check. There are a lot of treasury management issues out there that need to be addressed,” he told PYMNTS in a recent interview.
This challenge often emerges with small businesses (SMBs) that are not large enough to fit into a bank’s corporate and treasury services unit, and are, therefore, forced into being serviced with consumer-targeted products. The financial services space often encounters the conundrum of trying to fit a square peg in a round hole.
This week's B2B Data Digest looks at the latest figures behind such fraud targeting corporatefinance teams. 21 percent of business leaders say payment authorization and authentication are requirements when choosing a treasury management platform , a report by Citizens Commercial Banking found. Barrenechea in a statement.
As the corporate treasurer takes on a more strategic role in the enterprise, treasury and cash management technologies can often be stuck in the past, failing to keep up with financial execs’ needs. financial services space, data security will also come into focus for corporatefinance executives even more than today.
Financial technology innovation has opened the doors to massive transformation of corporatefinance departments. While flashy corporate FinTech is exciting, innovation efforts have rarely focused on a mainstay of corporatefinance teams: the financial close process, a crucial, but continually outdated function.
There are a lot of moving parts in B2B payments that are keeping corporatefinance executives busy as they work to modernize and optimize their operations. As Thakur noted, the opportunity to consolidate complex systems through treasury and banking integrations is vast.
11), Cred revealed the rollout of its developer platform CredX (not to be confused with the new credit card accountspayable solution recently launched by Finexio ). Its set of application program interfaces (APIs) enable businesses to use crypto as collateral to access corporatefinancing products.
Corporatetreasury technology company HighRadius is rolling out a new cash flow forecasting solution developed using artificial intelligence (AI) technology.
Corporates may not be adopting faster and real-time payments technologies as fast as consumers, but that doesn’t mean the acceleration of payments isn’t impacting corporatefinance. For the corporate treasurer, this could mean real-time FX exposure management and the need for faster action to mitigate FX volatility risk.
88% of finance professionals anticipate a rise in payments fraud , said TD Bank in its latest analysis. TD Bank Head of Corporate Products and Services Rick Burke said corporate treasurers need to begin a dialogue with their banks and financial services partners to integrate adequate security controls within their corporations.
The potential cannot be ignored, however – particularly in the finance department, where information from accountspayable, accounts receivable, treasury and accounting hold the keys to insight into cash flow, predictable payment behavior and new opportunities to boost the bottom line.
Bank’s head of receivables solutions for treasury management. So, when a consumer deposits a physical check via mobile device, the funds arrive in the account, and the transaction is complete. The B2B payments space, on the other hand, not so much.
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