The Payments Newsletter: March 2023
Welcome to The Payments Newsletter. Your destination for the latest trends and practices within the payments and fintech industry. It's powered by some of the industry's top subject matter experts from Bottomline and beyond. Every month is packed with new content, from cashflow concerns to payment optimization and fraud prevention. Subscribe to never miss out.?
Payments expert, Mike Chambers, joins us to chat about the impact of the UK's NPA on corporates. Listen to hear how it's likely to influence Bacs and ISO 20022, faster payments, direct debits, account-to-account payments, and the new overlay services.
CoP for consumers has already established itself as an effective defense against push payments fraud in the UK. Now it is being extended to businesses that will not only prove their mettle as fraud fighters but will also increase the efficiency of employees from the AP department to the contact center. Bottomline’s Mark Bish counsels businesses to adopt it with urgency.??
The user experience (UX) is not just for designers anymore. It is essential that companies and their senior executives focus on “look and feel” as well as “click and conversion.” UX is the path customers travel toward a positive or negative experience. In this post, Bottomline’s Sandhya Pillalamarri details the testing and data generation necessary to optimize the user experience and, in turn, the customer experience.??
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As Bottomline’s Gunita Bindra writes, three issues form the intersection of the current state of the business payments workforce and its future: automation, data and fraud prevention. There was a time before the pandemic when automation would be a job killer, but it is now clear that process improvements like Accounts Payable (AP) automation, customer relationship management, inventory planning and operational management have become a welcome development instead of a trend to fear.??
Technology and process improvements require a new vision for your business. Based on the book “Digital Darwinism”, Bottomline’s Paul McMeekin recommends an exercise in which businesses can take a blank paper approach to focus on that new vision and reset the attitudes that see technology as a quick fix for efficiency and data analytics.??
Following on from our 2023 Payment Trends podcast last month, we focused on the UX outlook for the year ahead. We talked to Bottomline's Kellie White and Jonathan Grassis about how consumer experiences blend into?their?expectations in a business environment.
Two months into 2023, the economic picture is still a mix of caution and optimism. As Bottomline’s Tom Dolan writes, that unease should not lead to postponing payment automation projects. Digitization must continue. The value of the network needs to be measured by its scale and connectivity to both payers and receivers, alignment with banking partners and a strategy for growth that aligns with the AP journey. The results will be greater efficiency, fewer paper checks and increased accuracy.??
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