Corporate treasurers are experiencing more payments volume than ever before, with billions of transactions executed daily across a variety of channels, currencies, and countries. Enhanced formats are emerging at lightspeed, and organizational structures are shifting with buyouts/expansions and the adoption of multi-system environments.
The ultimate end-goal of corporate payments efficiency is real-time payments with straight-through processes and fewer errors along the way. Ideally, corporate payments would be executed in a similar way to many B2C transactions, providing a frictionless experience.
Take Uber for example, the rideshare app has become ubiquitous, at least in part, due to the ease of paying for a ride without ever having to get out cash or a credit card. Uber passengers expect everything to be completed for them beforehand: no muss, no fuss. Uber’s back end processes allow a payment method to be pre-loaded, and for the ride fare to be pre-agreed before the driver and rider ever meet. In essence, taking an Uber is a frictionless experience.