Business-to-business payments have become a complex and interconnected ecosystem of vendors, suppliers and third parties. Each brings different technologies, currencies, processes and payment methods, including wire transfers, ACH payments, credit cards and digital wallets. Overlayed on top of this are ever-changing regulatory requirements and industry standards that vary by state, country and international jurisdictions.
Today’s finance staff is responsible for an ever-expanding supply chain, managing hundreds, thousands and tens of thousands of invoices each month. The data associated with each transaction can vary greatly, including payment amounts, currencies, dates and involved parties.Get Up To 50 Off During The Hoka Memorial Day Sale
One way to combat this is to develop and implement standard operating procedures for all payment-related activities. This ensures consistency and reduces the likelihood of errors. If any area of an organization can benefit from automation and AI, it is business payment processes. Secure payment software uses automation AI/Machine Learning to prevent, detect and predict issues while enhancing the speed and ease of the payment flow in B2B transactions. Modern secure payment platforms leverage fraud detection algorithms and ML techniques to detect anomalies and suspicious activities in real time.
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Source: ForbesTech - 🏆 318. / 59 Read more »