Optimise AND integrate your payments and collections by:

1. Overall:

• Accepting that a payment or collection is only part of a business transaction, the objective should be to optimise the whole business transaction, not just the payment/collection part, see how at:
  • This is the future of all payment services: automation of whole business process | C&TM File
  • Tipalti adds AI to AP, see: https://ctmfile.com/story/tipalti-adds-ai-to-ap
• Using connectivity hubs to manage all your payment and transaction types across the group, see:
  • transaction banking: “What an advantage starting from scratch is”, see: https://ctmfile.com/story/goldman-transaction-banking-what-an-advantage-starting-from-scratch-is
    • Volante Technologies VolPay Hub: centralized digital payments orchestration hub | C&TM File
  • making payment and collection factories effective, see:
    • Making payment factories effective - the vital stages | C&TM File
    • A complete POBO & ROBO payment factory making subsidiaries ‘bank-free’ is possible | C&TM File

• Using ISO 20022 for all payments, see: https://ctmfile.com/story/iso-20022-in-focus-with-standard-chartered 

2. Bill collection:

• Using the most effective payment terms, see: Do you have the ‘right’, the most effective payment terms? | C&TM File
• promoting e-invoicing where you can and then link it to supplier financing, see:
  •  Is e-invoicing / e-billing entering a new era? | C&TM File
  • Basware launches Basware Discount as part their Commerce Network | C&TM File
• Using e-invoicing combined with SCF for your suppliers who need it and then spend analytics to understand your expenditure, see: PrimeRevenue Dynamic Discounting service integrated with SCF & Spend Analytics | C&TM File
• Aiming for straight-through reconciliation, see: Straight-through reconciliation of remittances with SunGard’s GETPAID | C&TM File
• Using pan-European collection systems, see: 
  • Pan-European smart collection via Sentenial’s Nuapay opens up new efficiencies | C&TM File
  • MyBank pan-European system processed 100+ million EUR of payments in 2015 | C&TM File
• Not forgetting lockboxes, they still make sense, see: 
  • Bank of America Merrill Lynch introduces digital processing for Wholesale Lockbox | C&TM File
  • TransCentra enhances remote lockbox offering with multi-document scanning | C&TM File

3. Payments at point-of-sale:

• Recognising that credit card usage is declining, and debit cards will dominate card usage, see:  UK consumer payments in 2024 dominated by debit cards & demise of credit cards | C&TM File
• Remembering that collecting payments is about unified commerce, not just payments, see:https://ctmfile.com/story/collecting-payments-is-really-about-unified-commerce-not-just-payments
• Remember that mobile is not just for low-value payments, see:  Mobile is not just for low value: Homeowner uses Barclays Pingit to make £23k deposit | C&TM File

4. Making payments:

• Making all payments locally, see: Don’t make international payments cross-border, make them locally in real-time | C&TM File
• Big boys: paying your suppliers, particularly SMEs, on time, to keep economies healthy, see: 
  • Late payments by large companies are a cancer, costing jobs & inhibiting recovery | C&TM File
  • UK SMEs stretched further by late payments, see: https://ctmfile.com/story/uk-smes-stretched-further-by-late-payments
• Taking care of WHO YOU PAY as it is the number one anti-bribery and corruption challenge for corporates, see: https://ctmfile.com/story/cybersecurity-and-fraud-detection-in-the-covid-19-age
• Trying the new efficient cloud-based payment services, see:  
  • Volante Technologies launches SEPA instant payments processing, see: https://ctmfile.com/story/volante-technologies-launches-sepa-instant-payments-processing
• Real-time payment infrastructures advance in Europe, see: https://ctmfile.com/story/real-time-payment-infrastructures-advance-in-europe