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Instant Payments from a Corporate Treasury Perspective

 

 

It's a given that instant payments are no longer a fad, but a requirement, driven by consumers being anchored more and more in "real-time" everything. As such, it comes as no surprise that this trend will also shape corporate treasuries, steadily becoming the new norm in the very near future.

 

 

Where Allevo Stands

 

Last year, we started looking into new customer types, further extending our attention from banks to financial institutions and companies of various types and sizes.


We also started working on an EU-funded project which includes developing a software suite dedicated to SMEs and corporate treasuries, marketed as FinOps Suite – Making financial operations easy*.


As a bonus, we're stepping up the game with an Instant Payments solution for banks, FinTP-Instant, that you’ll definitely hear more and more about in the coming months.


These three magic ingredients make up the perfect recipe to now tackle the subject of instant payments from a corporate treasury perspective.



Instant Payments Benefits for Companies

 

In brief, businesses will benefit from:

  • Improved payment reconciliation process
  • Increased efficiency of e-invoicing
  • Optimized working capital and minimized external financing
  • Predictability
  • Fewer late payments
  • Fast invoice payments
  • Improved liquidity and cash management capabilities
  • Enhanced e-commerce
  • Reduced financial risk


Opportunity alert: benefiting from improved cash flow and immediate payment status update, companies can also achieve discounts for the early settlement of commitments.


Moreover, as instant payments are widely made available throughout Europe, they will become the #1 replacement for more expensive payment methods, such as credit cards, both online and at the point of sale.

 


Consumers want their orders processed un-intrusively and instantaneously, therefore merchants could implement an instant payments solution, passing the demand to suppliers immediately, extending the B2C real-time need towards B2B. Banks play the role of providing a relevant service to their corporate customers, gaining new business, while corporates address the current needs of modern people.

 

The sooner, the better, no doubt about that, so... keen to find out more about FinTP-Instant?

Book an appointment now with one of our consultants and get a head start over the competition! We are open to a quick conversation to help explore business opportunities in the light of options offered by this very interesting market initiative.

 

 


*FinOps Suite is the business name of the software solution being developed within our Treasure Open Source Software (TOSS) project. This project is co-financed by the European Regional Development Fund under the Competitiveness Operational Programme 2014-2020, Priority Axis 2 "Information and Communications Technology (ICT) for a competitive digital economy".

 

 


SWIFT gpi - A New Standard in International Payments

 

 

Cross-border payments are significantly improved

in terms of speed, transparency and end-to-end tracking.

 

Live since January last year, the first phase of SWIFT gpi addresses business-to-business cross-border payments; the second phase, planned for 2018, will enable the digital transformation of cross-border payments, while the third phase, focused on collaborative innovation, might even tackle the distributed ledger technology.

 

To date, thanks to SWIFT gpi, corporates benefit from international business growth, supplier relationships improvement, as well as more efficient treasuries, by means of faster, same-day use of funds, transparent fees, and end-to-end payments tracking.

 

It also enables a more accurate reconciliation of payments and invoices, reduces exposure to FX risks, and optimizes liquidity with improved cash forecasts.

 

 

The main features SWIFT gpi brings to the table are:

 

  • The Tracker, which gives end-to-end visibility on the status of a payment transaction from the moment it is sent until it is confirmed. It can be updated by FIN messages or via API.
  • The Observer, a central service which monitors adherence to the new SLA for all members. The global view it gives enables gpi banks to quickly identify potential areas for improvement and collaborative work.
  • The Directory: a complete list of all gpi members, available in a wide variety of formats, which enables comprehensive end-to-end path finding for gpi payments. This list is accessible via automated delivery channels and it includes details such as: banks by BIC, currencies, channels, cut-off times, etc.

 

As of now, over 140 banks have joined the service, channeling payments into more than 200 countries, and success stories keep showing up all over the world, proof that SWIFT’s initiative is a win for all parties involved.

 

 

*Allevo is SWIFT Business Partner and Registered Vendor. As part of this partnership Allevo promotes SWIFT product and service portfolio in Romania.

**The content of this blog post belongs to its author and does not reflect the official position of SWIFT.

***Should you wish to contact us, you may do so via e-mail / website form.

 

 

 

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