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“Native ERP reporting typically isn’t optimized to handle the structure of financial data, or many of the complex requirements like granular data, drill-downs, automated reconciliation and comparative reporting,” he said. Disruption Ahead.
“To be competitive in the P2P space today, especially at the mid- to high-end of the market, the investment would be millions of dollars and a number of years of development,” he said. “By By the time the solution was commercially available, it may not be competitive or cost effective.”. Unlocking Data to Unlock Value.
The streamlined release of funds through online application and instant payments offers value across any number of use cases, said Ramamurthi, such as insurance companies paying out claims (issuing funds immediately on approval) and outside of normal business hours.
The virtual card has gained attention in recent years for its ability to not only digitize corporate payments but to safeguard them, often coming in the form of a one-time-use card number designated for a specific purchase category and value. Finally, the fourth major benefit of virtual cards is better cash management, stated Vendor Centric.
This is, unfortunately, is just a point-to-point system, there is no reconciliation on this basic platform. What the offering must include, he noted, is an entire toolbox of services that automate the entire end-to-end lifecycle of the B2B payment from procurement to reconciliation. And the payment, he noted, is just that — a payment.
Most people know the expression “truth is stranger than fiction,” though a smaller number know that it comes via American quote factory Mark Twain. An even small number than that know the quote has a second half: “but it is because Fiction is obliged to stick to possibilities; Truth isn’t.”.
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