Changing expectations, developing technology and new payment rails all add to the value proposition for engaging in payment transformation. Transformation is occurring separately in individual areas (AP, Treasury, Operating Areas) and on an organizational-wide basis. This session covers some of the key drivers of payment transformation: demands for improved process efficiency; a broader view that includes internal areas and counterparties; risk management and fraud prevention; timeliness. Making payments faster addresses a speed concern. Making payments better might streamline the communication of payment information between partners more efficiently. Making payments more secure has become an executive demand. Payment transformation doesn’t look at these elements in isolation or with a one-size-fits all. This fast-paced discussion will cover how organizations can develop and implement a comprehensive transformation of their payment processes and technology.

Payments are very much in focus these days both for the payer and the payee. One company’s payable is another company’s receivable, but many times, organizations don’t think through the overall experience of a transaction outside of their organization. This can lead to an unsatisfying experience for the supplier, and this lack of satisfaction can boomerang right back on the sender, whether in the form of exception management or numerous connections to resolve an issue or update a setup. Payment efficiency and customer experience are two sides of the same coin. What decreases CX and ruins efficiency? Defects and manual activity. What is the biggest driver of defects and manual activity? A process that is designed with excessive touchpoints. This session will explore the pain points experienced by so many companies and examine strategies that companies deploy to reduce touchpoints, improve customer experience and increase efficiency in the world of payments.