Payments are a part of the day-to-day life of a corporate treasurer or finance professional. They are on an everchanging journey dealing with challenges such as payment fraud and trends like real-time payments and open application programming interfaces (APIs). FIS’ Head of Corporate Liquidity and Bank Treasury discusses how corporations are navigating that journey and how it is key to the success of their corporations.Watch Video
In this market study, FIS surveyed 120 treasury and finance professionals and revealed that 59 percent state that reducing fraud risk is a key driver for a payments modernization project followed by improving control and reducing costs.
Eighty percent of treasury and finance professionals have at least partially centralized payments according to a new FIS market study. Check out how they are tackling their payments challenges including lack of controls and cash visibility as well as payment fraud risks. Also discover how they are leveraging payment trends such as real-time payments and open APIs.
Although standardizing and centralizing payment workflow is a key practice in the prevention of fraud, most large corporations have not adopted an automated process. Further, they are bypassing significant cost savings and lack cash visibility. By centralizing and standardizing payments with FIS’ payment factory solution, Trax, corporations can increase controls, reduce fraud, lower costs and increase cash visibility.
Visibility over cash flows, balances and exposures, and strong, systematic controls within key functions and processes is fundamental to corporate treasury. In the 2017 annual FIS Global Payments and Bank Connectivity Study: Simplifying the Global Payments Journey, 55 percent revealed that increasing controls was a key challenge and top driver for a payment project. Payment fraud and cash visibility were close behind with 54 percent and 48 percent respectively.