This article was originally published in the Spring 2019 issue of The Record. Subscribe for FREE here to get the next issue delivered directly to your inbox.
It’s true that business payments today are more complex. They are often international, higher in value, subject to ever-changing regulation and carry risk. Some of the biggest challenges stem from the legacy systems that underpin the way payments are processed. Older technology is struggling to meet the demands of today’s fast-paced, digital, often regulated and increasingly global environments.
The payments landscape is evolving. It is faster, more customer centric in its functionality and highly innovative. A payments infrastructure that lacks robustness, is difficult to change or becomes highly customised can become uncompetitive and fall prey to exploitation by external or internal fraudsters.
As an innovator in business payment automation technology, Bottomline Technologies’ primary focus is to simplify complex business payments so organisations can focus on their customers. By going beyond the core capabilities of accessing payment clearing and settlement systems, Bottomline’s value-added offerings help organisations remain compliant with new and changing industry regulation, mitigate risks around potential payment fraud, help with faster and more accurate reconciliation, and increase real time visibility of their cash.
In the current payments environment, the banks, non-bank financial institutions and new payment service providers are faced with the opportunity and the challenge of delivering new and compelling services that will meet the increasing digital, 24x7 demands of their customers. The secret lies in how quickly, easily and cost effectively they’ll be able to achieve it.
Using a cloud-based aggregation approach, organisations can remain competitive by gaining secure access to the latest range of payment networks and transferring much of this risk to a partner like Bottomline. The subscription model now available for a range of services protects profitability, growth potential and long-term reputation. Those who can position themselves to deliver new real-time offerings to market without adding complexity and significant costs will be seen as market leaders.
Bottomline is at the forefront of the business payments evolution, providing compelling solutions that forward-thinking institutions can use to secure and manage their financial messages and payments, and ultimately better serve their customers.
Ed Adshead-Grant is general manager of Payments and Cash Management at Bottomline Technologies
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