(30 October 2024 – Global) As demand for seamless, real-time payment solutions grows, treasury teams have new opportunities to optimise cash management and improve working capital efficiency.
Significant transformation in the payments landscape driven by advancements in technology, the adoption of new digital business models and upgrades in payment infrastructure and enabling companies to achieve their strategic objectives, streamline business processes and enhance customer experience.
“In a perfect world we’re going to be working with more vendors and selling more products and AP Automation is going to make us be able to manage those relationships without having to incur that time stuck that goes into it of managing different bank accounts and platforms and free handing all that information back and forth” commented Veckridge Chemical Company Head of Finance and Technology, David Veca.
Five major trends reshaping the global payments landscape and poised to impact global commerce highlighted in the latest edition of HSBC’s Global Payment Trends include:
- Real-time payment infrastructure driving growth of digital wallets and account-to-account (A2A) payments
- Intensifying uptake of virtual cards in B2B payment spaces
- Globalisation continuing to drive demand for optimising cross-border payment processes
- ISO20022 as an enabler for greater cross-border interoperability and data flows
- Real-time cross-border payments as the next frontier
“The convergence of advances in treasury technology, the digitalisation of business models, and the constant stream of innovation in payments infrastructure is offering companies new opportunities to improve overall cash management and working capital efficiency” commented HSBC Director, Treasury Solutions Group and Receivables Product, Asia Pacific, Global Payments Solutions, Kaiwan Turel.
“The ability to embed payment processing seamlessly into ERP systems is just one example of how these technologies are bringing enduring value to day-to-day operations for companies, while the new options in payments infrastructure are also providing a wider range of choices for organisations to make sales to their customers” said HSBC Head of Propositions and Commercialisation & Treasury Solutions Group, Europe, Global Payments Solutions, Michèle Zaquine.
“In the bigger picture, these changes are genuinely international in scale, with the promise of interoperability between global payment platforms already looming large on the horizon” stated HSBC Head of Treasury Solutions Group, North America, Global Payments Solutions, Kevin McKeever.