Payment hubs are an increasingly popular way to address the complex global and cash management issues that organizations face today. With increased security, improved control over funds, and real-time visibility into cash flow, adopting a payment hub seems like a no-brainer. But if your treasury team is unfamiliar with the concept, how do you make the case? By starting with the basics, like these five key benefits:
- Security and Standardization A successful payment hub provides a platform for strengthening you organization’s internal controls and processes, including a powerful but flexible approval workflow and increased automation for greater visibility.
- Streamlined Global Payments Payment hubs are able to manage global transactions accurately and efficiently, whether disbursing electronic payments or managing on-premise or out-sourced check production. This approach allows maximum flexibility and lowest cost routing.
- Multi-bank Connections Most mid to large organizations have multi-bank relationships. A payment hub offers secure connectivity between banks and solves for multiple ERP platforms.
- Effective Liquidity Management and Cash flow Forecasting A payment hub can provide visibility across all bank accounts enterprise-wide. Access to up-to-date financial data gives an accurate glimpse into you organization’s true cash position at any point in time.
- Preventing Fraud and Financial Crime Creating a payment hub with the ability to monitor user behavior and track payments gives your organization a big advantage in the fight against crime and can prevent internal fraud issues.
Marcus Hughes, Director of Business Development for Bottomline Technologies, is a senior transaction banker with a successful history of product innovation, thought leadership and business development in a major European bank, a UK clearing bank and prominent technology firms.Browse all posts