JACCS International Vietnam Finance Company Ltd. (JIVF), a prominent Japanese name in Vietnam’s credit finance sector listed among the Top 20 of “Vietnam’s Leading Famous Brands”, has announced a strategic fintech transformation in partnership with OpenWay.  JIVF completed the transition of its credit portfolio, migrating to OpenWay’s Way4 digital payment software platform. This step solidifies the company’s quest for leadership in the market and emphasizes its firm commitment to quickly launching unique payment services and ensuring a digital-first customer experience.

Mr Taniguchi Noboru, General Director of JIVF, shared, “Our partnership with OpenWay has transformed our business. The new JIVF payment system built on the highly configurable Way4 platform with its integrated online back- and front-office operations, ensures a digital-first customer experience. We’re now equipped to offer more options faster for our customers.“

Rudy Gunawan, Managing Director of OpenWay Asia, added, “At OpenWay, our clients’ needs always come first. We truly appreciate our collaboration with the JIVF team and are proud of the work we achieved together, especially during the challenging migration of three billing credit card cycles and the handling of unstructured data within a tight timeframe. Our commitment goes beyond providing advanced technology; we ensure local support backed by global expertise through our hubs in Vietnam, Asia, and all over the world.“

JIVF’s migration to the modern Way4-based payment platform represents a significant milestone, facilitating the rapid launch of customized credit products and seamless cross-border payment solutions. This transformation opens up new avenues for innovation, adaptation, and scalability, allowing JIVF to swiftly introduce a range of distinctive services around payment cards, digital wallets, and Buy Now, Pay Later (BNPL) options. 

OpenWay is renowned for its exceptional software solutions in card issuing, merchant acquiring, and payment switching, scalable across any geography. It stands as a trusted global partner for tier 1/2 financial institutions and ambitious startups. Companies who have transitioned to Way4 find themselves at the forefront of innovative digital payments with accelerated product launches and a substantial surge in transaction volumes. Way4, functioning as a genuine online payment platform, delivers a fully end-to-end, digital-first customer experience. Its unique payment core ensures seamless online accounting and the high availability of JIVF’s systems.

Sathapana Bank has migrated from several disparate CMS and switch systems into a single infrastructure powered by Way4, OpenWay’s best-in-class digital payment software platform. This platform has simplified operations and technical support for the bank’s payments business. The Way4 technology stack, featuring end-to-end online payment processing functionality and a rule-driven, digital-first approach, has enhanced the bank’s flexibility and enabled a faster rollout of Mastercard credit cards.

Sathapana Bank, a leading commercial bank in Cambodia, is celebrating the launch of its new Sathapana Mastercard credit cards. These cards bring to customers the convenience and flexibility of the Mastercard priceless™ experience, with 1,000 unique benefits at over 90 million merchants worldwide. Besides global accessibility, Cambodian consumers gain a range of cashback rewards and special offers from hundreds of e-commerce and in-store merchants within their country. 

This milestone was reached after successfully migrating the bank’s fragmented payment infrastructure, inherited from two financial institutions, to OpenWay’s best-in-class Way4 digital payments software platform. Way4 functions as a genuine online payment solution with complete functional coverage, and it is rule-driven, ensuring a digital-first, fast-to-market approach that is proven by the global and local experience of the OpenWay team. The complete migration of Sathapana’s card issuing and merchant acquiring portfolio was accomplished in a record time of 6 months. 

The new top-rated, innovative platform allows Sathapana Bank to optimize its operations and double its card issuing business while expanding its acquiring processing capabilities. Sathapana Bank is now serving 25% of all Cambodian businesses, encompassing MSMES, SMEs and corporates, which testifies to the reliability and usability of its Way4-based offerings.

Mr. Fung Kai Jin, CEO of Sathapana Bank, stated: “We selected OpenWay because we need a reliable and secure payment technology partner with strong experience and customer support. This is essential to pursue our digital payment ambitions and deliver on our promise to deliver everyday banking convenience to our customers.”

Rudy Gunawan, Managing Director of OpenWay Asia, commented: “We are grateful to Sathapana Bank for their trust and proud to partner with them in delivering the best payment products to their customers. We are committed to continually providing the highest standards of financial services to our clients.” 

From 07th to 08th November 2023, the Technology Days (EHI) took place at the World Conference Center, Bonn. With the VAS Cloud, SHC Group has developed a cloud-based, vendor-independent and highly innovative POS solution, which the SHC team presented with live demos at booth 39. 

At the Technology Days at booth 39: Information about the VAS Cloud

At this year’s Technology Days in Bonn, topics such as artificial intelligence, POS and checkout processes and cybersecurity were the focus of discussions for around 550 participants. In addition to presentations and discussion panels, visitors had the opportunity to find out about new trends and products at numerous booths.

At EHI, the SHC team was available at booth 39 with the VAS Cloud for questions and discussions. The latest innovation for the point of sale – the SHC VAS Cloud – was presented here with live demos on its versatile applications.

Do you want to:

• Be at the forefront of innovative, digital offerings at the point of sale?
• Attract additional customers and develop new revenue streams from digital services?
• Avoid lengthy, expensive implementations & certifications of new services and features in your payment infrastructure? 
• A fast and lean introduction or upgrade of existing value-added services?
• Vendor-independent, cloud-based solutions that can be operated on all devices at the point of sale? 

Become part of the POS revolution! 

About the Technology Days (EHI)

The Technology Days will take place on 07 and 08 November 2023 at the World Conference Center in Bonn and are the technology highlight for decision-makers from the retail industry.

Here, experts will report and discuss on-site about the latest developments around artificial intelligence, process automation, seamless checkout, cybersecurity and sustainability. There will also be numerous opportunities for networking at the booths. 

Gender note:

For better readability, we often use generic masculine for personal names and personal nouns in press releases. Corresponding terms generally apply to all genders. The abbreviated form of language does not imply any valuation.

Since the beginning of October this year, Migros Bank customers have been receiving telephone service around the clock thanks to an innovative voice bot. As a first step, a voice biometrics solution was introduced in 2019 for telephone calls in the customer center. This offers the possibility of recognizing and authenticating callers by voice. On this basis, further automated services were added in 2022. Since the system proved to be reliable and secure in daily practice, Migros Bank now also operates the voice bot outside of its business hours. The bank thus meets the customer needs to have issues resolved quickly, reliably, and at all times.

The voice biometrics and virtual assistant solutions come from the leading Swiss and international conversational AI platform provider – Spitch. The basis for the newly offered services in the system was the analysis and direct implementation of optimization potential by NTT DATA, a leading global company for digital business and IT services. The innovative solution won a podest place at the “Best Bot Award 2023” on 26 October.

Manuel Kunzelmann, CEO Migros Bank, comments: “With the innovative voice bot, Migros Bank is expanding its level of customer service, which is now available around the clock. The technology behind it increases accessibility and offers additional convenience for callers. The fact that this advanced solution achieved a podium place in the Best Bot Award encourages us to consistently develop our services in line with the wishes of our customers. Many thanks to the teams involved”!

Services without waiting time

The 190 customer advisors in the Migros Bank customer center received 650,000 calls in 2022 alone. Without the use of technical aids, this enormous number could only be handled with waiting times for the callers. To ensure that customers always receive help with their concerns as quickly as possible, the voice bot has been increasingly taking on additional standard tasks since 2022.

The bot can now answer questions about the account balance or accurately identify customer concerns and refer them to the responsible service point. It can also address various concerns automatically and send links to the Migros Bank website with the relevant content via SMS. The bot also offers numerous self-services, such as unlocking e-banking access devices and automatically sending new activation codes for these devices. Support is provided in multiple languages: in German, Swiss German dialects, Italian and French.

Uncompromising security through voice biometrics

Voice biometrics ensures the highest level of security to authenticate callers based on their individual voice profile. Before voiceprints are created, customers are expressly asked for their consent. Using the voice profile also improves customer experience because authentication takes place without additional steps such as further security questions. The fact that customers can now arrange a callback appointment with a service employee on the next working day via the voice bot ensures additional convenience if their query cannot be resolved immediately. One can be forwarded directly to a customer advisor at any time during operating hours.

Christian Seider, General Manager Switzerland at NTT DATA DACH, comments: “The heart of customer service is people and their need for a simple and quick solution to a concern. With the 24/7 voice bot project, we have shown together how digitalization makes life easier for employees and customers alike. We are pleased that our experience in pioneering digitalization solutions has contributed to further project success at Migros Bank”.

Stephan Fehlmann, Country Manager DACH region at Spitch, adds: “We are proud that our market-leading expertise in natural language processing and conversational AI solutions helps Migros Bank customers have an optimal banking experience”.

SurePay, inventor of the IBAN-Name Check, is thrilled to introduce the SurePay Developer Portal. This innovative platform serves as a comprehensive resource for developers and partners seeking to harness the full potential of SurePay’s API products.

SurePay launched the developer portal to make implementations even more easy and fast.
Companies, Governmental Organisations and Banks can connect to the Surepay API autonomously.  

Exploring the SurePay Developer Portal

The SurePay Developer Portal provides a gateway to explore and utilise SurePay’s product suite effectively. Here’s what you can expect to find:

• Up-to-Date API Documentation: Access the latest SurePay API specification, Postman collections and Yaml files, ensuring you have all the information you need for seamless integration.
• Code Examples: Find code examples that illustrate how to connect and leverage SurePay’s capabilities within your applications.
• Integration Guidance: Detailed explanations on how to connect to SurePay’s offerings, making it easier than ever to incorporate them into your solutions.
• In addition users of the developer portal can also view the status of our API’s and answers to the most Frequently Asked Questions

Whether you’re a financial institution looking to enhance your payment processes or an organisation seeking to optimise your business operations, the SurePay Developer Portal is here to provide you with the tools and resources you need for success.

– David-Jan Janse, CEO SurePay

Who can use it?

The SurePay Developer Portal is designed to help a wide range of users, including:

• Banks: make payments safer and improve the customer experience by implementing SurePay directly in the payment environment of your bank
• Organisations: improve several business processes such as: onboarding, KYC and KYS with SurePay’s API’s

Get Started Today

To access the SurePay Developer Portal and embark on your journey toward innovation and efficiency, visit https://developer.surepay.nl/ and have a look.

Want to know more?

Visit our Developer Portal > Developer Portal

From August 2024, large banks in Switzerland shall be able to process Instant Payments. The European Commission even goes one step further and wants to make Instant Payments the “new normal” in the SEPA system. In addition to high availability, “Instants” are to become cheaper, more trustworthy, and easier to process. Additional services, such as the IBAN-name-check, to show discrepancies between the name of the payee and the IBAN, should ensure fewer errors in transfers. The introduction of Instant Payment is not trivial for banks and has far-reaching effects on their IT infrastructure.

Instant Payment is also one of the main topics at this year’s Swiss Payment Forum. While Christian Fink (van den Berg) will focus on the developments in the EU and Switzerland, Daniele Astarita (ACI Worldwide) will give insights into worldwide Instant Payment projects and Patrick Juffern (INFORM) will look at the security risks and risk assessment of financial service providers in the EU.

Moreover, the two-day conference will cover topics such as the latest payment technologies, including Embedded Payments and digital wallets, security standards in payments and Sustainable Finance. Furthermore, regulatory changes as well as trends in Cryptocurrencies, digital payment options such as the digital Swiss Franc and the role of payments in the Metaverse will be highlighted.

In over 10 years, the Swiss Payment Forum has established itself as an industry meeting place. As a central information and networking event, the conference offers excellent opportunities to learn from top-class presentations and to make valuable contacts. More information: www.swisspaymentforum.ch/en

Nuvei Corporation (“Nuvei” or the “Company”) (Nasdaq: NVEI) (TSX: NVEI), and Esenda, a leader in school fee management in the independent school market, announce today that they have partnered to launch an online Tuition Fee Collection and Income Management Platform.

Integrating Nuvei’s sophisticated payment technology with Esenda’s comprehensive fee management platform offers education providers a groundbreaking solution that not only increases efficiency but also significantly enhances security.

Payments can be made online for tuition fees, corporate debentures, extra-curricular activities, and additional student-related fees. In addition to card payments, an education provider’s single integration with Nuvei and Esenda enables it to offer every relevant global alternative payment method to its students and their families, no matter where they are located.

Nuvei’s fully customizable, modular technology stack also includes additional services to optimize payments performance. These include superior risk management, enhanced reconciliation, customer authentication compliance tools, and payment orchestration with unified reporting and data visibility to maximize operational efficiency and enhance control.

Esenda’s system enhances fee collection by integrating with a school’s financial systems. It offers features such as real-time invoice tracking, automated reconciliation, reminders for late payments, and easy report generation, significantly improving fee management efficiency.

Nuvei Chair and CEO Philip Fayer commented on the announcement: “Consumer expectations have changed when it comes to the convenience of making payments online in all areas of their lives, and education providers cannot afford to fall behind. Enabling education providers to upgrade their student experience by making tuition and day-to-day payments simple and convenient is a great example of the role payments can play in building customer relationships in any sector.”

Bertie Simpson, Esenda’s CEO quoted: “Partnering with Nuvei transforms how schools manage payments, making it seamless and secure. Gone are the days of parents having to drive to schools and line up to pay tuition. Now, everything can be handled online, bringing convenience to schools and families.”

The partnership is already live with one of the largest educational providers in Dubai, enabling the school to accept global payments, including card payments from all major issuers in the region, online for the first time.

The Brainy Insights estimates that the USD 1,548.36 Billion in 2022 B2B payments market will reach USD 3,795.34 Billion by 2032. Rapid automation and digitalization increased international trade, and corporate sector expansion strategies have all contributed to the growth of the global B2B payments market. The increase in cross-border transactions involving more suppliers, retailers, and businesses also contributed to market growth. Market expansion, however, is limited by payment theft in the corporation and the liquidation of other businesses. However, technical advancements in automation and increasing collaborations among market players will create new opportunities in the future.

Request Sample Copy of B2B Payments Market Research Report: https://www.thebrainyinsights.com/enquiry/sample-request/13730

Key Insight of the B2B Payments Market

Asia-Pacific is anticipated to expand at the highest CAGR of 11.76% over the projection period.

Asia-Pacific is expected to grow at the highest CAGR of 11.76% over the forecast period. Asia Pacific has witnessed notable economic growth in recent decades, leading to the emergence of a robust and dynamic commercial landscape. The region also has some of the world’s fastest-growing economies. The developing economies and increased trade operations in these countries have contributed to Asia Pacific’s B2B payment market.

The cross-border payments segment is expected to register the highest CAGR of 11.63% over the projected period in the B2B payments market.

The cross-border payments segment is anticipated to grow at the highest CAGR of 11.63% in the B2B payments market. A cross-border payment is a monetary transaction that allows consumers, corporations, banks, or other settlement organizations to make payments in at least two countries. It enables business owners to make international payments using various techniques, including bank transfers, credit card payments, and alternative payment methods. The growing financial security of international payments, the availability of multicurrency conversion technologies, and the lack of severe rules for cross-border goods sales are driving market expansion.

Over the projected period, the digital segment is expected to register the highest CAGR of 12.41% in the B2B payments market.

Over the forecasted period, the digital segment is anticipated to grow at the highest CAGR of 12.41% in the B2B payments market. Digital payment is an innovative money transfer technology that allows business owners and individuals to pay online. Mobile payment, digital wallets, debit cards, and credit cards are widely recognized digital payment technologies among corporate owners of B2B cash transfer procedures, supporting this market segment’s growth. The acceptance of digital payment technology among business owners is increasing, as are several benefits, such as financial data security and convenience of access to payment information, which are propelling market growth.

The manufacturing segment is expected to register the highest CAGR of 11.46% over the projected period in the B2B payments market.

The manufacturing segment is anticipated to grow at the highest CAGR of 11.46% in the B2B payments market. The global B2B payment market for the manufacturing sector is expected to grow due to various factors, including a gradual increase in income and an increase in raw material expenditures by manufacturers. Furthermore, manufacturers have increased their use of B2B payment technology since it provides various benefits, such as the flexibility to accept multiple payment methods, such as checks, a fully customizable payment procedure, and the opportunity to pay every invoice online. Furthermore, the capacity to approve payments for all suppliers, regardless of location, and to pay suppliers online without handling sensitive financial information are important factors driving the manufacturing industry to adopt B2B payment technology.

Get a Complete TOC of Global B2B Payments Market Report 2023-2032 at: https://www.thebrainyinsights.com/report/b2b-payments-market-13730

Market Dynamics

Driver: Increasing demand from various industries

Several industries, including healthcare and retail, experienced a surge in demand during the pandemic, driving up demand for goods and services and increasing B2B payments. The transition from cash payments to digital transactions during the pandemic raised demand for B2B payments. As a result, the global health crisis has had only a minor impact on the B2B payment market. Nonetheless, industries such as healthcare and others have greatly contributed to expanding B2B payments, benefiting the B2B payments market. B2B payment providers have developed new solutions and implemented new technology to solve challenges. Automating accounts payable, e-invoicing and digitizing payments are some of the B2B payments market improvements.

Restraint: Effects of the COVID pandemic

As a result of the COVID-19 pandemic, many industries ended up in lockdown, and firms were forced to make many operational modifications. As a result of government limitations on the flow of goods, transportation, import and export bans, travel restrictions, event cancellations, and other restrictions, many businesses have suffered losses and disruptions. Furthermore, due to these deviations in corporate operations, B2B payments have been hampered by low demand for goods and services, an inconsistency in the supply chain, and the business’s failure. Furthermore, due to government-imposed restrictions, the number of business-to-business (B2B) transactions decreased, resulting in a decrease in B2B payments.

Opportunity: The popularity of electronic payments

Following the COVID-19 outbreak, business owners expanded their use of digital payments, resulting in a 10-year increase in just four months. The practice has expanded to B2B payment systems. B2B payments have seen a tremendous surge in digital retail transactions. Due to restrictions on cash transactions during the outbreak, most B2B payments are still made with paper checks and invoices, reducing B2B payments. Some businesses that did not have digital payment capabilities before the pandemic have begun to gradually adopt B2B payments, a critical economic transformation. Digitalizing the B2B payment space has made cross-border commercial transactions easier for enterprises, increasing international trade and economic growth. This also helps the business in critical scenarios.

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Some of the major players operating in the B2B payments market are:

• TransferWise Ltd.
• JPMorgan & Chase
• American Express
• Stripe
• Paystand Inc.
• Payoneer Inc.
• Square, Inc.
• PayPal Holdings, Inc.
• Visa Inc.
• Mastercard

Key Segments cover in the market:

By Transaction Type:

• Cross-Border Payments
• Domestic Payments

By Payment Method:

• Digital
• Traditional

By Industry Vertical:

• IT and Telecom
• Energy and Utilities
• Manufacturing
• BFSI
• Metals and Mining

By Region

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Purchase this report (Price 4700 USD for a single-user license) at: https://www.thebrainyinsights.com/buy-now/13730/single

BNPL (Buy Now, Pay Later) wallets are no longer positioned as an invincible challenge to international card schemes. Even the most successful BNPL app providers have opted to collaborate with supposed rivals. Afterpay, for instance, has introduced the Afterpay Plus card, a contactless Mastercard product, and Klarna extended its popular “Pay in 4” service into a physical Visa card format.

An emerging trend is to launch BNPL products on card rails, mostly for greater cost efficiency in onboarding retail partners. Visa and Mastercard have already enabled the acceptance of BNPL cards as a standard feature. Besides, card payments offer the advantage of predictable compliance, unlike non-card BNPL offerings, which have raised regulatory concerns. According to Deloitte, legislators in Singapore, Malaysia, Hong Kong, and Australia are taking actions to impose stricter regulations on BNPL providers, with similar developments expected in the US and UK.

To leverage the reliability of card industry standards and the latest innovations in embedded lending, several major BNPL providers have implemented diverse BNPL business models on OpenWay’s top-rated Way4 software platform. They include JACCS (Japan), LOTTE (South Korea), Nets (European payment processor within Nexi Group), and Procco Financial Services (Bahrain).

OpenWay’s recent case study summarizes the best practices followed by these and other payment industry players, while highlighting key technology that helps companies avoid the pitfalls encountered in implementing BNPL solutions. Read our in-depth article for insights on:

• Why real-time front-to-back processing matters for BNPL customer conversion
• The 10-second BNPL plan approval – why it’s a problem
• The optimal form factor to expand your BNPL acceptance network – cards or wallets?
• Exploring technology solutions to prevent instalment delinquency
• How to identify BNPL user segments and personalize repayment options for each 

Link to the case study:https://www.openwaygroup.com/new-blog/2023/9/26/bnpl-technology-connecting-the-dots

Today, three of the world’s largest financial market infrastructures (FMIs) – DTCC, Clearstream, and Euroclear – released a paper on the state of the industry’s digital asset evolution. The paper calls for increased collaboration to progress an ecosystem that currently includes fragmented standards, varying regulatory treatment, limited integrations with institutional-grade payment rails and siloed liquidity – all limiting factors to the further digitalization of global financial markets.

While the last several years have seen a growing number of initiatives seeking to establish digital asset-based solutions, the paper suggests that industry-wide transformation will likely slow, unless these challenges are addressed. The paper highlights that two constraints in particular – scale and interoperability – must be addressed as priorities. 

Years of smaller deployments have resulted in sub-scale, isolated pools of liquidity on proprietary DLTs, creating obstacles to growth. In 2023, 74% of DLT projects across the capital markets involved fewer than 6 participants. Today’s digital asset initiatives are also highly disparate, with varying standards and propositions related to settlement and custody processes and inconsistent approaches to the supervision and governance of smart contracts and related DLT protocols. These challenges, if unaddressed, will perpetuate a fragmented landscape, and run counter to the very efficiencies of DLT that the industry set out to capture initially.

As FMIs, DTCC, Clearstream and Euroclear bring their expertise in innovation and driving industry transformation to address these challenges. To advance adoption and scale, DTCC, Clearstream and Euroclear pledge to collaborate with the industry, ultimately reducing the costs of connectivity and enabling consistent operating standards across processes, platforms, and digital assets themselves. 

Jennifer Peve, Managing Director, Global Head of Strategy & Innovation at DTCC, stated: “We are at an inflection point as an industry when it comes to DLT and digital assets. With digital assets forecasted to grow in value to around $16 trillion over the next 15 years, now is the time to assess what is needed to propel advancement. While we have all accelerated our learnings and identified the benefits of and constraints related to DLT on a smaller scale in recent years, there is broad recognition of the growing need for well-regulated, neutral players to provide trust, resilience and standardized connectivity in their respective ecosystems – the role FMIs like DTCC have played for decades – to drive digital asset adoption.”

Jens Hachmeister, Managing Director, Head of Issuer Services & New Digital Markets at Clearstream, said: “New technologies and digital assets will transform the financial industry. As a neutral financial market infrastructure, we are uniquely placed to help the industry’s transition efforts by modernising infrastructure and driving the adoption of standards across DLT protocols and smart contract language that will lead to better and faster interoperability between ecosystems.”

Philippe Laurensy, Head of Group Strategy, Product Management and Innovation at Euroclear Group, commented: “Financial market infrastructures (FMIs) have a long legacy of supporting technological innovation. Today, the pace of change is consistently accelerating and alongside our partners, we wholeheartedly embrace the promising potential of blockchain and digital assets. FMIs play a pivotal role in helping to unlock the true business value of digital assets through our robust, resilient ecosystem. By providing leading edge analysis with our peers, we can continue to pave the way for further advancements and bring ground-breaking solutions to the market which is aligned to Euroclear’s purpose to innovate to bring safety, efficiency, and connections to financial markets for sustainable economic growth.”

By engaging with traditional and new market participants, DTCC, Clearstream and Euroclear’s unique collaboration will help to advance the digital asset ecosystem by driving and encouraging market dialogue on the required characteristics of DLT networks, data access, privacy and smart contracts, and ultimately enabling greater interoperability, broad adoption of standards, enhanced operational resilience, and a more robust case for change across the industry.

Further information: www.deutsche-boerse.com

The Capgemini Research Institute’s 2023 World Payments Report, published today, reveals non-cash transaction volumes will reach 1.3 trillion by 2023 globally. As consumers and businesses adopt new digital payment schemes, the report suggests this growth will accelerate to 2.3 trillion by 2027 growing at a rate of 15% annually. At a regional level, digital payments will grow by 19.8% across the Asia Pacific, 10.7% in Europe, and 6.5% in North America by 2027.

The expanding digital payment infrastructure, regulations, and open banking are swiftly changing how customers and businesses pay for goods and services. According to the report, by 2027, new payment methods (instant payments, e-money, digital wallets, account-to-account, and QR code payments) will make up approximately 30% of total volume, with traditional non-cash payments (checks, direct debits, cards, and credit transfers) dropping to around 70% of overall non-cash transaction volumes.

Corporate treasurers express dissatisfaction with current cash management services
The report reveals over half of corporate treasurers believe the rising globalization of trade and ongoing supply chain disruptions have driven demand for effective and efficient cash management services (CMS). Another third said evolving risks (geopolitics, and cybersecurity) made CMS critical, while nearly 30% call out rising inflation causing their growing need for better cash management.

As corporations navigate economic headwinds, current CMS offerings largely underwhelm multinational corporates, despite having more than 27 banking relationships on average to meet treasury needs. Over 70% of enterprise executives said they face issues in dispute negligence, poor credit risk assessment, and delayed or duplicate payment processing. However, the solution is clear with around two in three (63%) payment executives citing legacy infrastructure barriers as the biggest hinderance to providing efficient CMS.

“The current model of tackling cash management services needs an overhaul. Corporate executives are feeling the pressure from mounting inefficiencies across lengthy cash conversion cycles,” said Jeroen Hölscher, Global Head of Payments Services at Capgemini. “What’s clear from our report is that a robust digital foundation is the path forward to optimize the value chain. By simplifying the inherent complexity of their own operating and IT models, banks and payment firms can boost productivity and performance to manage client treasury needs.”

Corporate clients are demanding a retail-like payment experience from banks
New payment solutions and key industry initiatives are fueling the growth of digital payments among enterprises. Expectations are also changing, with 63% of corporate clients are demanding a retail-like payment experience from their banks in 2023.

The payments sector has been at the forefront of digitization, however, it’s coming at a cost with compliance to local, regional and international regulations (including ISO20022 and SWIFT global payments initiatives) leaving limited room for investments in future innovation. Payment executives cite nearly 80% of traditional payment revenue sources are stressed and service providers must rebalance their focus between retail and commercial payments. Globally, more than 50% of payment executives believe commercial payments offer a better profit potential than retail payments.

Nurturing strategic corporate relationships requires efficient cash management services
End-to-end digital transformation in transaction banking requires top-down commitment, cohesive planning, and a unified purpose for structural reforms. Sixty-seven percent of bank executives acknowledged that strategically partnering with corporate clients reduces the threat of disintermediation by FinTechs and PayTechs; and 57% of payments executives said strategic banking partners enjoy increased cross- and up-selling opportunities because of these relationships. To nurture strategic cash management relationships with corporate clients, the report offers banks and payment firms a three-layered strategy:

• Simplify the back office to enable innovation and agility
• Perform with platforms to boost cash management efficiency
• Engage with corporate clients as strategic partners, not service providers
  

Report Methodology
The World Payments Report 2023 draws on insights from two primary sources – the Global Large Businesses Survey 2023 and the Global Banking and Payments Executive Surveys and Interviews 2023. These primary research sources cover insights from 17 markets: Australia, Brazil, Canada, China, France, Germany, Hong Kong, India, Italy, the Netherlands, the Kingdom of Saudi Arabia, Singapore, Spain, Sweden, Switzerland, the UAE, the UK, and the US. The survey questioned 355 senior executives of corporate treasury departments of large corporates on factors driving payments disruption, expectations from banks, satisfaction levels, factors driving relationships with their banks, non-banking services currently used, emerging payment services such as real-time payments, distributed ledger technology, and more. Participants were also asked about the current challenges they face in cash management and their expectations from partner banks on value-added services in cash management. The report includes insights from focused interviews and surveys of over 130 senior executives of leading banks, financial service organizations, payment service providers, industry associations, and central banks representing all three regions: the Americas, Europe, and Asia-Pacific & Middle East.

Quadient (Euronext Paris: QDT), a leader in helping businesses create meaningful customer connections through digital and physical channels, announces a technology partnership with Atlanta-based Repay Holdings Corporation (NASDAQ: RPAY)(“REPAY”), a leading provider of vertically-integrated payment solutions, to enhance the payment experience within Quadient’s cloud-based accounts payable (AP) automation solution. REPAY serves multiple Business Payments verticals in North America, including retail automotive, education, field services, governments and municipalities, healthcare, media, homeowner association management and hospitality.

With the new REPAY integration, Quadient AP enables frictionless payments to vendors and suppliers using their preferred method and channel of payment. Quadient AP with REPAY optimizes and automates the AP process, saving time, reducing costs and increasing visibility and control. Quadient AP instantly generates a payments batch that can be submitted to signing authorities for approval in seconds, and it eliminates manual processes that can lead to errors and duplicate payments.

“We are delighted to partner with REPAY, which shares our passion for intelligent automation and helping organizations streamline and digitize their workflows,” said Chris Hartigan, chief solution officer, Intelligent Communication Automation at Quadient. “This strategic partnership will simplify payment workflows and optimize financial operations for businesses of all sizes, so their accounting teams can spend less time on manual processes and focus more on adding strategic value.”

“REPAY and Quadient are committed to enhancing customer and vendor experiences through automated accounts payable processes,” said Darin Horrocks, EVP, Business Payments at REPAY. “Integrating payment capabilities within the Quadient AP solution further optimizes accounts payable, improving cash flow and increasing efficiencies for AP teams. We look forward to working together to drive additional innovative experiences in the future.”

Quadient AP is part of the Quadient Hub, a comprehensive and unified software-as-a-service platform for Quadient’s Intelligent Communication Automation (ICA) cloud solutions. To learn more about Quadient AP, visit www.quadient.com/en/ap-automation.