Published On:Thursday, February 13, 2014
Posted by Zainab Amin
Streamlining the Management of Corporate Payments By Groshan Fabiola
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In today's global business environment, being up to date with the latest payment systems is essential for productivity and growth. Although a common misconception says that only large enterprises need business-class payment solutions, reality is different: choosing a fast, stable and intuitive automated payment and transfer system is essential from the very beginning. Perhaps one of the most important reasons why companies need computer-based solutions is that the manual handling of payments is very costly and time consuming. The average company needs to deal with multiple payments each month, which means that you will have to create an entire department to conduct intensive manual labor. Needless to say, this manual labor can also lead to inaccuracies and data entry mistakes that can cost your company money. To prevent this from happening, you can use an integrated liquidity control solution that provides much better security than manual processing. Initiatives such as SEPA credit transfers are highly beneficial for companies operating in the finance field and not only. Every business, regardless of its profile, can invest in automated systems to streamline money management and handle liquidity effectively.
Corporate payment systems send payment messages to beneficiary banks via SWIFT network, secure FTP or web service. At a European level, SEPA is a system that aims to extend the integration process by creating a unique market for payment tools. Implementing SEPA ensures a high level of efficiency and stimulates economic activity. To increase flexibility and transparency, SEPA has several guidelines. However, implementing payment systems does not require a lot of effort. Professional companies that develop this type of software make sure to conduct training for the staff that uses the software. In addition, you can opt for additional technical support, as well as regular updates.
Interacting with banks is a task that every company has to deal with. However, more and more financial institutions prefer automated money transfers, which is why you should consider switching from manual processing to computer-based operations. If you already use an automated system, it's advisable to check if it is up to date and if it complies with the latest regulations and quality standards. If not, you can discuss your requirements with professionals and implement newer software that provide better features. It should be pointed out that switching from an old system to a new one is a gradual process and rather difficult. It needs to be well planned. Payment HUBs offer organizations better liquidity, transparency, security and streamlined operations.
Want to find out about SEPA payment? For more resources about SEPA credit transfers please review these links.
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