Businesses today face five major payment challenges: outdated technology, reputational and operational risk from late payments, rising fraud threats, pressure on AP/AR teams, and stalled transformation efforts. Legacy systems and siloed processes limit efficiency, while new regulations—like “Duty to Report” and “Failure to Prevent Fraud”—raise compliance stakes. Meanwhile, modernisation often overlooks the payments process entirely.
To overcome these obstacles, organisations should streamline fragmented tech, improve cash visibility and forecasting, strengthen fraud controls with tools like Confirmation of Payee, elevate AP/AR through dedicated “Payment Champions,” and prioritise payment workflows within broader transformation programmes. Taking a strategic, organisation-wide approach turns these challenges into opportunities for growth, resilience, and long-term operational success.
