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The rise of the gig economy and new business-to-consumer (B2C) models have expanded corporates’ global disbursement needs, which come with their own unique set of challenges. ” Examples of B2C payments are vast: Magats pointed to Citi working with clients in the airline industry, which must issue baggage vouchers.
If at that time, someone would have asked Citi Managing Director and Global Head of Domestic Payments and Receivables Anupam Sinha how long it would take for corporate treasury organizations to fully embrace digital , he said his answer would likely have been something along the lines of, “Don’t hold your breath.”.
In its “ The road to real-time treasury ,” Deutsche Bank urges treasurers to get ready for a world of real-time transacting. Deutsche Bank noted that this can have multiple positive impacts on corporate treasury, including faster cross-currency payments, faster FX exposure management, and faster actions taken to address FX volatility.
The question for any number of treasury professionals is what lies ahead? Financial institutions and treasury operations would do well to get ready for it all, sooner rather than later. With ongoing shifts in payments, commerce, security and transparency, corporate cash managers have a lot on their plates. In the U.S.,
Paper-based payment methods such as checks and cash are awkward and cumbersome in either business-to-business (B2B) or business-to-consumer (B2C) transactions. Such legacy payment methods are usually tied to paper-based invoices and manual tracking and reconciliation procedures, which impede payments from being processed in a timely manner.
In particular, a heavy volume of both B2C payments (consumers paying premiums to insurance companies, as well as insurance companies sending claim payouts to individuals) and B2B payments (insurance companies paying service providers) pave the way to a complex mix of payment rails. “We see really high adoption of virtual cards.”
to fully embrace real-time payments for both B2B and B2C activity,” Bottomline Technologies Vice President of Product Management and Strategic Solutions Jessica Cheney told PYMNTS in a recent interview , pointing to the previous rollout of Same-Day ACH and an acceleration of FinTech innovation in the country. . Further Adoption Ahead.
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