With new technologies and digital currencies, innovation is driving change in the corporate payments space.
As the world races towards an increasingly cashless world, the corporate payments space is transforming. There are ever-more innovative ways to carry out transactions and companies are demanding ever-faster, more friction-free solutions.
An expert says that the biggest change in the corporate payments space over the past two years has been motivated by Covid. The pandemic dramatically accelerated payment trends that were already starting to develop. Most notably, the transition to online commerce and the move away from cash. But something more significant developed as a result.”
He also gives his opinion that the line between the physical store and online blurred for even those most resistant to technology in the shopping experience. “This mass shift required organisations to create seamless links between their stores, websites, and apps, which need a much more sophisticated payments solution.”
A professional from IBM Consulting points out that the single most impactful change in the corporate payments space over the past decade has been the dramatic shift in emphasis toward Real-Time: the instantaneous movement and settlement of cash and data.
For those disruptions to finance, fintechs have embraced them, to a point where innovations created by market newcomers, are dramatically altering the global financial marketplace.
For business holders, when working with traditional banks, opening an international account is a long, difficult, high-cost and painful process. Especially with cross-border payments, many banks don’t just charge the exchange rate and the FX margin, they also inflate the overall price.
However, fintechs are enabling businesses to set up their own international account with a multi-currency IBAN in their organisation’s name. They can manage corporate cash flows and view trading history, market data and statistics, all in one place. Virtual cards then ease the process for making payments without taking a physical card everywhere.
As increasing the speed and agility of transactions is good for business, more companies than ever before are recognising the need to shift from traditional service.
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