The benefits of payment digitization: Pushing for simplicity

June 19, 2019

What’s driving the push toward digital payment platforms, and what challenges are still slowing any transitions?

 

The goal of any digital banking platform should be simplicity across the entire experience. This process of simplicity starts at the beginning, when you’re researching which new solutions might work best for your needs. While digitization affects all aspects of banking strategy, a subset of this discussion involves new innovations on the payment side of transactions.

Here’s how a digital banking system, and specifically its payment capabilities, can make the banking strategy simpler for you and your customers.

 

Taking advantage of smartphone capabilities

More business executives are mobile, especially as cloud computing becomes more prevalent. Digital payments systems can adapt to this new reality, utilizing responsive design and centralized organization to improve the overall user experience. Customers expect mobile systems to be fully responsive, so they don’t need to scroll through desktop-designed pages.

Ultimately, a modern, digital payments system provides access to your data in whatever environment you choose – and then get back to your work without needless delay.

 

Better data to make better decisions

Too much data can paralyze an organization, and as payments becoming increasingly digital, you’ll need a format to analyze and predict future actions. Many digital payments systems come with dashboards to track transactions and results, but you’ll want to seek options that also alert you if you spend too much or have an excess of cash flow. This helps prevent unwanted shortages or severe fraud attacks.

An integrated payments dashboard, which brings payments data into one easy view, will help identify any actionable steps to be taken. A modern payment system is a fluid, evolving entity. It will incorporate new data every day to further refine, automate and identify new recommendations, while helping to help direct future actions.

 

Simpler onboarding

When an organization is ready to set up their digital payments platform, the last thing they expect is a mound of paperwork. The onboarding process should be simple, fast, and within customer expectations.

Modern payment systems use paperless communications and digital e-signature systems to obtain necessary documentation. Additional communications are housed in an integrated onboarding system, connected with your ERP and include self-service options to automate certain processes. The entire onboarding experience is thus shortened and simplified.

 

Smarter, simpler and secure transactions

The act of sending and receiving payments itself benefits from digitization. The RTP® system, which offers a brand-new payment rail that supports payments and remittance information on the same track, can process settlement of funds in seconds. This helps both you and your customer avoid any elongated turnaround times like those from paper-based payments.

A unified digital payments system can also help address security concerns, especially if customers are relying on mobile devices for accessing systems. With features like multi-level approvals, multi-factor authentication, biometric access, and automated payment reviews for suspect transactions, a modern system helps to combat rising payments fraud risks.

 

How to get to “easy”

The first step in the journey towards faster and simpler banking is determining where this approach might fit into your broader strategy.

 

If you’re interested in discussing that first step, contact your treasury management relationship manager.

Related content

High-yield bond issuance: 5 traits lawyers should look for in a service provider

Empowering managers with data automation and integration

Administrator accountability: 5 questions to evaluate outsourcing risks

Hybridization driving demand

Supply chain analysis: Merging technology and commerce

Easier onboarding: What to look for in an administrator

Common pitfalls to avoid in the equipment financing process

In a digital world, Liberty Puzzles embraces true connection

Luxembourg's thriving private debt market

The secret to successful service provider integration

3 tips to maintain flexibility in supply chain management

Complying with changes in fund regulations

Colleges respond to student needs by offering digital payments

Want AP automation to pay both businesses and consumers?

Zelle® for business makes faster payments to realtors at Sunriver Resort

Automate accounts payable to optimize revenue and payments

Artificial intelligence in finance: Defining the terms

The cyber insurance question: Additional protection beyond prevention

Evaluating interest rate risk creating risk management strategy

Adjust collections to limit impact of USPS delivery changes

How running a business that aligns with core values is paying off

Meet the Milwaukee businessman behind Funky Fresh Spring Rolls

How electronic billing platforms improve government payments

High-cost housing and down payment options in relocation

How to identify what technology is needed for your small business

How to get started creating your business plan

How to test new business ideas

Key considerations for online ordering systems

Planning for restaurant startup costs and when to expect them

Staying organized when taking payments

How does an electronic point of sale help your business keep track of every dime?

How iPads can help increase efficiency in your salon

Tools that can streamline staffing and employee management

Opening a business on a budget during COVID-19

How to redefine challenges with business collaboration

Empowering team members

10 tips on how to run a successful family business

5 steps for creating an employee recognition program

How to reward employees and teams who perform well

The role of ethics in the hiring process

8 ways to increase employee engagement

How to hire employees: Employee referral vs. external hiring

Give a prepaid rewards card for employee recognition

How small businesses are growing sales with online ordering

Gift cards can extend ROI into 2022

What you should know about licensing agreements

3 simple brand awareness tips for your business

How a small business owner is making the workplace work for women

The growing importance of a strong corporate culture

Rethinking common time management tips

Meet your business credit card support team

Business credit card 101

5 tips for managing your business cash flow

How Everyday Funding can improve cash flow

How to apply for a business credit card

How jumbo loans can help home buyers and your builder business

How a small business is moving forward during COVID-19

Prioritizing payroll during the COVID-19 pandemic

How to accept credit cards online

Break free from cash flow management constraints

Improve online presence your business

Use this one simple email marketing tip to increase your reach

How a travel clothing retailer is staying true to its brand values

How community gave life to lifestyle boutique Les Sol

How Shampoo’ed is transforming hair and inspiring entrepreneurs

The San Francisco bridal shop that’s been making memories for 30 years

How Al’s Breakfast is bringing people together

Celebrity Cake Studio’s two decades of growth and success

How a group fitness studio made the most of online workouts

How Wenonah Canoe is making a boom in business last

How a bar trivia company went digital during COVID-19

How to build a content team

3 ways to gain loyalty with your customers

How (and why) to get your business supplier diversity certification

Drivers for changing accounts receivable in 2021

Digitizing receivables to transform B2B rent payments

Finance or operating lease? Deciphering the legalese of equipment finance

Buying or leasing? Questions to ask before signing a contract

4 questions you should ask about your custodian

Tactical Treasury: Fraud prevention is a never-ending task

Time is money: Intelligent Payment Routing saves businesses both

Increase working capital with Commercial Card Optimization

How AR technology is helping advance payment processing at Avera Health

Digital trends poised to reshape hotel payments

Addressing financial uncertainty in international business

Three healthcare payment trends that will continue to matter in 2022

Managing the rising costs of payment acceptance with service fees

Digital banking for business: How connectivity improves customer experience

Safeguarding the payment experience through contactless

4 benefits to paying foreign suppliers in their own currency

3 ways to adapt to the new payments landscape

How AI in treasury management is transforming finance

Automate escheatment for accounts payable to save time and money

The benefits of payment digitization: Pushing for simplicity

Understanding and preparing for the new payment experience

ABCs of APIs: Drive treasury efficiency with real-time connectivity

White Castle optimizes payment transactions

Improve government payments with electronic billing platforms

Collect utility and telecom bill payments faster

Choosing your M&A escrow partner

Employee benefit plan management: Trustee vs. custodian

What corporate treasurers need to know about Virtual Account Management

Treasury management innovations earn Model Bank awards

Flexibility remains essential for public sector workforces

Webinar: Reviving mobility, what to expect

Tailor Ridge eBill case study

Webinar: DEI tips for transforming your mobility program

ABCs of ARP: Answers to American Rescue Plan questions for counties

Overcoming the 3 key challenges of a lump sum relocation program

Why retail merchandise returns will be a differentiator in 2022

New technology streamlines M&A transactions

Omnichannel retail: 4 best practices for navigating the new normal

Integrated receivables management solution supports customer focus at MSC Industrial Supply

The client-focused mindset: How to network effectively

Is your restaurant Google-friendly?

The AI journey in finance: How to make it part of your strategy

5 Ways to protect your government agency from payment fraud

Government agency credit card programs and PCI compliance

Business risk management for owners of small companies

Refining your search for an insurance custodian

Preparing for your custodian conversion

The benefits of a full-service warehouse custodian

3 questions to ask your equity, quant and CTA fund administrator

Business tips and advice for Black entrepreneurs

3 benefits of integrated payments in healthcare

How RIAs can embrace technology to enhance personal touch

How emerging banking solutions enable better decisions

Banking connectivity: Helping businesses deliver the easier, faster, more secure customer experience of the future

Real-time payments: the next major treasury disruptor

Unexpected cost savings may be hiding in your payment strategy

Webinar: AP automation for commercial real estate

Webinar: CSM corporation re-thinks AP

Top tips for card payments optimization

The future of financial leadership: More strategy, fewer spreadsheets

Tech tools to keep your restaurant operations running smoothly

COVID-19 safety recommendations: Are you ready to reopen?

How to improve digital payments security for your health system

Higher education and the cashless society: Latest trends

Government billing survey: The digital transformation of the payment experience

Enhancing liquidity management: 4 benefits of visibility

Top 3 ways digital payments can transform the patient experience

Webinar: Fraud prevention and mitigation for government agencies

CFO report: Driving growth via new business models and technology

CFO insights: Leading the recovery for sustainable growth

The client-focused mindset: Adapting to differing personality types

CFO survey: A shifting focus on ESG in business

Digital receivables to meet changing demand

The client-focused mindset: What do clients expect?

Automated escheatment – learn how to prevent and resolve unclaimed property

Webinar: CRE Digital Transformation – Balancing Digitization with cybersecurity risk

Delivering powerful results with SWIFT messaging and services

Webinar: CRE technology trends

Webinar: AP automation—solve payment challenges with an invoice-to-pay solution

Webinar: Robotic process automation

Webinar: CRE treasury leader roundtable

Authenticating cardholder data reduce eCommerce fraud

Webinar: Building digital bridges for treasury optimization

Emerging A/R solutions use artificial intelligence to target efficiency

Start of disclosure content
XX-011 Equal Housing Lender
XX-014 Loan programs: credit + home
WI-031 Bank + USBI disclaimer