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Tuesday August 03, 02:54
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Banks Have An Opportunity In Data-Rich Payments
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(by Geck Finn)
Corporations optimizing their use of the data accompanying payments benefit from the automation and streamlining of processes for cash management, receivables allocations and bank reconciliations, according to GT News.com. If payments are scheduled against cleared receipts, for instance, no major payment outflows will occur unless funds are available. Demand for such solutions exists, with almost half of 165 US corporations surveyed by LogicaCMG open to paying more for a banking service that offered the scheduling of payments against cleared receipts on an intraday basis.
Twenty per cent of survey respondents would implement a payment scheduling service immediately, while another 26 per cent indicated that a service of this kind is not a priority. In this context, banks have an opportunity to increase their payments revenues by delivering customer-facing services, according to GTNews. Banks with automated exceptions processing will find it easiest to attract corporate clients, but within two years, LogicaCMG predicts corporates to be using new, tailored payment services once revenue and competitive issues galvanize banks into action.
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