What will banks focus on in 2016 – Prediction 3June 23, 2016
We blinked, and we’re already halfway into 2016! Before any more time passes, let’s see what one senior vice president forecasted U.S. financial institutions will focus on this year. If you missed prediction 1 and prediction 2, click here and here, than read on for the final one…
Prediction 3 – It is time to define integrated receivables
It is time to define integrated receivables. To date, FI’s and their fintech providers have addressed the introduction of new electronic methods for consumers and companies to receive bills and make payments in a somewhat piece-meal fashion. In 2016, banks will continue their focus on the management of these new and emerging payment channels to create cohesion, standardization and clear processing advantages, as well as new revenue streams for the banks and expense reductions for their clients. We call this concept payment consolidation.
In addition, banks have started to consider, or even offer, technology that helps their corporate clients auto-post complex payments received into their receivables systems, reducing both cycle times and the reliance on costly and time-consuming labor. We call this concept intelligent automation.
So, what is integrated receivables? The term is widely used after a few years of use in the industry, but an exact definition is elusive. TransCentra’s definition includes payment consolidation, intelligent automation, and data analytics. Nevertheless, it is my belief, 2016 is the year when the term finally gets some definition, which will help providers focus and corporates to realize the opportunities that these technologies deliver.
We hope you’ve found the predictions enlightening. These were originally published in the Predictions 2016 edition of Transaction News on page 15. To view the full series of predictions published by Transaction Directory, including viewpoints from other industry experts, click here.
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