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Innovative payment technology can help your business liquidity when you need it most




Financial health has always been a top priority for companies, but concerns about liquidity, cash flow, financial management practices, business resilience and operational risk have been central to last year, even for the healthiest companies. I did.

This was clear from the experience of small businesses. SMEs suffering from both access problems and significant cash flow implications focus on long-term thinking about their resilience.

The banking companies with which we do business are also more aware of our clients’ risk profiles due to the current economic conditions and the possible adverse effects they may have.

The increasing focus is on providing SMEs with solutions that enhance resiliency in terms of payment and cash lifecycles.

Liquidity sensitivities allow businesses to procure tools to reduce the number of days on their balance (or DSO) and determine and implement the right strategy to get paid faster. That’s why it’s becoming increasingly important to offer quick billing and the “pay now” option for invoices. “Pay with Card” as a liquidity tool is also totally important. When solutions for small businesses are involved, we should expect to see more potential in terms of payment and cash management.

Opportunities for SMEs will prosper as the value chain turmoil continues, the services that SMEs need become more widely available, and more. This includes services such as easy credit access, alternative payment options, and quick access to funds. The resulting reduction in merchant fees will encourage SMEs to become more urgent and explore these paths.

Finally, the success of the Paycheck Protection Program has proven that credit application, approval, and financing can be achieved in a dramatically faster way. This rapid turnaround sets new operating standards and introduces frictionless access to credit to support the resilience of the business.

Recognizing the many opportunities from 2020, knowledgeable banks will meet changing expectations, become true partners and have a real stake in the success of SME customers.

All of this that drives the success of your business by creating easier and faster experiences and managing your payment and cash lifecycle needs is shaped from the footsteps of another trend. The trend is to strengthen collaboration and orchestration between financial and fintech players, along with businesses.

Fintech and financial institutions working with businesses will benefit from the benefits of integration, just as APIs that seamlessly integrate with third-party solutions have opened up a new world of interoperability. This will enable us to drive innovation and expand services that benefit end customers everywhere.

Successful financial services providers and fintechs adopt a digital ecosystem rather than occupying a siled platform. Customer-centric experiences result from organized partnerships and tighter data integration. Collaboration ends the era of protected trade principles and introduces seamless interaction between multiple apps to extend without the need for multiple logins.

As these trends increase, so does the risk of fraud and financial crime. For example, contactless technology presents obvious vulnerabilities to authentication, but an increasingly frictionless and fast approach to transactions reveals areas of exploitation and really worries insider fraud. You need to implement multi-factor biometrics and automatic AI fraud detection, as removing friction can compromise security.

This is just one example of how new ideas about collaboration can be used to combat fraud and financial crime. Chaotic times and growing technological dependence have proven to be fertile lands for villains. Business email breaches, approved push payments, and other types of financial fraud have shown significant gains between pandemics and talent, showing signs of slowing down.

Collaborative partnerships between banks, businesses and fintech can facilitate knowledge sharing and more hub thinking among all. Understanding the latest advances in tactics and preventative technology adopted by financial criminals can present a united front to them.

These partnerships prove that we are no longer competing for customers, but working together to find ways to bring greater benefits and security to all our customers.

As we get out of the long pandemic winter, many are worried about what the rest of 2021 will be. And there is a good reason. We saw 2020 unfold with uncertainty as the only constant. One mess stumbles on another.

But whatever this year, the resilience of last year’s people and processes has been proven. Given the interesting trends in automation and personalization features, the new focus on SMEs, and the focus on well-tuned collaboration, there are plenty of optimistic signs.

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