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Payments: more partnerships, alternatives, Swift translator, disputes

The revolution in payment systems continues with new developments and concepts worldwide.

New payment company link ups

Fintechs are coming up with new combinations around the world. One of the latest is: Deluxe Corporation, a leader in payment processing solutions with nearly 4.4 million small business customers and some 4,900 financial institution customers, announcing that it has signed an agreement with Transactis, a leading provider of electronic billing and payment solutions to enhance their receivables processing services.

Gary Cawthorne, vice president of Deluxe Treasury Management Services, explained, “Being able to aggregate all payment types into our integrated receivables services is a significant benefit for banks to offer their corporate clients.”

While Transactis’s founder Joe Proto, describes their reasoning, “This relationship with Deluxe makes great sense for both companies. Deluxe’s well-established roots in the financial services industry will help introduce Transactis’ technology deeper into the banking industry while opening up new channels with commercial customers.”

Payment cards dominate in West while alternative payments dominate in East

GlobalData’s 2018 Consumer Payments Insight Survey showed that alternative payments account for 51% of total e-commerce sales in APAC, while in Americas and Europe payment cards dominate with a share of 53% and 49%, respectively.

Standardised intra-company payment dispute procedure

Christoph Kettner, senior treasury consultant, BELLIN wrote about ‘How a standardized dispute management process transforms internal trade relationships’. He believes that companies need a comprehensive intercompany reconciliation and netting process which involves several, pre-defined steps:

1) Reporting a dispute procedures

2) Explain the context

3) How to escalate a conflict

4) How to resolve a conflict. 

SWIFT Translator maps, validates and transitions any message fluently

SWIFT have released Translator, a message translation offering that allows you to define, map and validate messages from any format to ISO 20022 or MT.

This solution combines My Standards expertise with state-of-the-art technology.

After defining and testing the mapping, banks and corporates can deploy it in a flexible standalone runtime to perform the translation on the fly.

Real-time payments and liquidity management 

In an excellent article by Suraj Kalati, Global Head of Liquidity & Investments Product Management, Global Liquidity & Cash Management, HSBC on ’The data driven treasury - a virtual cycle of value’ summarised in the figure below:

Source & Copyright©2019 - HSBC

Kalati then makes the important point that corporate treasury departments need real-time data for a dynamic approach to liquidity and risk as Faster Payments and real-time payments are used more and more, e.g. Slovenian ACH Bankart has just won approval from the country's central bank to switch over to an instant payments platform provided by Nordic processor Nets.

March of Ant Financial continues

Ant Financial is dedicated to bringing the world more equal opportunities by building a technology-driven open ecosystem and working with other financial institutions to support the future financial needs of society. Latest developments include:

  • Ant Financial, an affiliate company of the Alibaba group and which operates Alipay, the world's largest online and mobile payment platform, set up in Luxembourg in September
  • Chinese tech titan Ant Financial in £500m bid for WorldFirst the UK currency exchange start-up February 2019.

CTMfile take: New partnerships and payment solutions offer huge potential for new markets and cutting costs. Corporates need to offer alternative payment methods in the APAC region. Will you ever be able to have real-time liquidity management? When will you accept payments via Alipay?

This item appears in the following sections:
Payments - Bill Collection
Payments - Collecting at POS
Payments - Making

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