The big innovation trend we’re seeing at the moment is service integration moving beyond technologies that are fragmented in terms of their payment capabilities and additional services. Pietro Candela, European Head of Business Development, Alipay+ In its wake are emerging solutions like variable recurring payments (VRPs), which are an evolution of the current direct debit scheme that allow a business to make a series of payments ahead of time to better forecast spend and facilitate more informed decisions. Leveraging APIs to enable flexibility means that businesses will have more choice of payment types, terms and processes than ever before.Īnother interesting development in payments will be the continued growth of Open Banking in 2023. While companies previously needed to monitor multiple portals and manually track their payments, technologies like straight-through-processing (STP) are gaining traction as a way of automating such processes. The focus in 2023 will be very much on optimising payment options. Integrating payments solutions within a back-office system removes unnecessary processes and ensures accounts payable and receivable align with other areas of a business. In the years to come, we can expect to see an increasingly close relationship between banks, fintechs and back-office system providers.
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