True Integrated Receivables for Banking Institutions
Innovating and evolving bank offerings to please corporate customers and meet their ever-growing needs means offering a comprehensive range of services, from lockbox to RDC, credit card and ACH payments, online, and mobile payments — and assuredly more is yet to come.
Banks’ internal operations and customer tools become more and more fragmented. Unrelated systems and platforms gradually become a burden on how banks operate and serve customers. It’s a problem that costs U.S. businesses $1B each year, according to a recent study by ACI Worldwide and Wiese Research Associates.
Because most companies—banks included—adopted services piecemeal, they now struggle to manage multiple platforms along with legacy software. As new technology comes along, it gets harder and harder for both banks and their corporate customers to improve or even maintain systems—let alone integrate new payment types and channels with back-office accounting systems.
The answer is a truly integrated receivables system—modular in nature and easily implemented for corporate customers and banks. Unfortunately, only one percent of banks have implemented integrated receivables solutions with corporate customers, according to Treasury Strategies, Inc.
The good news, a growing number of savvy FinTech companies have taken notice of the challenges you face and are eliminating payment silos and putting all those different payment methods and channels into a single solution. By using what we call a ‘true’ integrated receivables solution, banks can enable their corporate customers handle any payment type from any payment channel. A true integrated receivables solution supports the initiation, acceptance, processing and posting of all transactions from a single, unified platform. It gives you oversight, reconciliation, reporting, and an agnostic connection with your back-end accounting or CRM solution—all on one platform.
If you are a bank looking to reap the rewards of 'integration' for your corporate customers' accounts receivable platforms—or for your own internal banking operations—this book will help you conduct your due diligence in seeking companies and solutions that best meet your needs. By choosing a proven, reliable, secure and truly integrated system, you can streamlined accounts receivable systems for you and your corporate banking customers.