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Tuesday July 13, 05:56
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Payment Gateways Smooth Cash Management
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Payment gateways can help bridge the disconnect between large corporations and cash management banks as STP (straight-through processing) gains traction in the cash management market, accordingly to GT News.com. At a time when corporates with annual revenues of over USD 250 million face pressure to integrate their operations and cut costs without investing in new systems, payment gateways can smooth this process. Enterprise-wide ERP systems are beyond the budgets of many corporates, who may opt to build interfaces for their pipe solutions, or hire systems integrators to link internal ERP systems with their banks’ pipe solutions.
Since payment data output from some major ERP systems does not necessarily match the requirements of major cash management banks, these payment files may need to be manually imported into software packages, which both exposes the files to fraud and requires error-prone re-keying. Conversely, a web-based payment gateway installed between a corporate ERP system and a bank’s payment pipe solution provides a secure front-end platform for a corporation to initiate multi-currency payments. By this means, regardless of in what format a corporate sends payment instructions to its bank, the data is readable at both ends.
With SwiftNet now opening up to corporations, despite banks’ reluctance to promote this access due to fears of disintermediation, payment gateways provide a flexible front-end connection to SwiftNet. In this context, corporations using a payment gateway as a conduit to SwiftNet can reduce processing costs by streamlining the preparatory workflow, improving operational risk and qualifying for STP rates at their bank. In short, corporates installing a payment gateway at the center of their payments operations gain value-added services such as secure enterprise-wide access to banks’ payment pipes and SwiftNet.
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