Just about everyone in the business payments space can agree that this is an exciting time to be in the industry. This is the first post in a three-part series that presents perspectives from industry experts across various B2B payments functions: global marketing, corporate products and services, and global business payments - in a Q&A format.
First up is Cara O’Nions, Global Marketing Director, Bottomline Technologies, who brings a broad perspective and wealth of experience to the conversation.
How do you see business payments evolving over the next five years?
We’re going to see real-time payments reach maturity, not just in the U.S., but globally. What’s interesting is that right now you see some less economically developed countries like Nigeria, Mexico, and Thailand actually further ahead in terms of real-time payments than countries like the U.S. From a B2B perspective, some of these countries have been able to almost bypass Internet-based digital banking and jump straight into mobile, which has been absolutely transformational in terms of how businesses pay and get paid.
What trends will define the future of B2B payments?
We’re going to see AI and machine learning moving through all parts of the payments ecosystem. For example, with real-time payments comes real-time fraud, with money able to move exceptionally quickly between multiple accounts. AI and machine learning will be necessary for things like predictive modeling for fraud — recognizing fraudulent payment behavior and putting a stop to it in real time. However, this will require an open and holistic approach, with participation from all members of the payments ecosystem.
How will Open Banking impact business payments?
PSD2 and Open Banking are just starting to take off in the UK, opening up a real dialogue between multiple parties to determine not only how to take advantage of it, but to also make sure the customer experience is the best it can be. You’re not just seeing collaboration between two parties; you’re seeing collaboration between four, five, six parties. At the same time, ensuring a high-quality and seamless customer journey will be crucial as there will be less distinction between a consumer payments experience and a business one. Financial institutions are going to have to think a lot more carefully about their user interfaces and the customer experience that will wrap around business payments.
To access the full discussion and see what payment experts believe the future holds, check out the ebook - "The Future of Business Payments".
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