Overcoming obstacles to frictionless payments

The rapid pace of innovation in the payments landscape, marked by the emergence of seamless and instant payment processes, necessitates treasurers to adapt to this evolving model. Simultaneously, concerns regarding fraud are on the rise. Encouragingly, advancements like payee pre-validation, increased utilisation of APIs, and the integration of artificial intelligence offer promising solutions.

Efficient liquidity planning hinges on the facilitation of frictionless payments. An ideal payment process should be fluid, precise, and error-free, encompassing critical aspects such as swift payor identification during reconciliation, secure payment validations, reliable beneficiary credit predictions, and the handling of diverse currencies. Nevertheless, corporations across all scales, particularly those lacking sophisticated IT automation solutions, continue to encounter friction in their payment workflows.

Read more on overcoming friction in payments in the latest edition of the 2023/24 report.