USE CASE

Centralize Payments

Centralize payments to optimize cash and working capital, and avoid fraud.

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Given the need to optimize cash and working capital, combined with the increasing threat of cybercrime and payments fraud, the need to centralize corporate payments is growing stronger. Utilizing a payments hub can address these needs and consolidate multiple payments streams.

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Effective Payments Centralization

To effectively centralize payments, there are four key components.

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Payment Routing

It is important to be flexible in payments routing to meet varying formats and levels of approval.

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Format Transformation

For payments not already preformatted by the ERP, a payments hub will need to reformat payments based on bank channel, payment type and receiving location.

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Real-time Fraud Detection

With an increase in payments fraud cases, it is essential that a payments hub screens all payments in real-time against a digitized version of the payment policy.

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Global Bank Connectivity

Integrated, end-to-end bank connectivity is necessary to centralizing payments and can optimize cost and scalability while maintaining automation and security.

The Benefits of a Payments Hub

Centralizing payments with a payments hub delivers benefits across the organization, from treasury and finance to IT, and gives them more time to spend on strategic initiatives.

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Cost Savings

By centralizing payments with a payments hub, treasury can reduce the number of systems that must connect to each bank. In doing so, significant cost savings can be realized without the additional bank service fees, software costs and IT resources.

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Central Responsibility

By using a single payments hub system to centralize payments, the entire workflow can be managed in one place. Because all payments are centralized prior to final transmission to the bank, a single team is responsible, reducing the risk of mistakes and unauthorized payments.

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Fraud Detection

With a payments hub, all outgoing payments are screened against sanction lists and payment policies to ensure only authorized payments are approved and released to the bank.

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Global Visibility

Centralizing payments allows for complete visibility of all outgoing cash flows, allowing for optimization of cash balances and enabling treasury to make more effective decisions on where to deploy cash and liquidity.

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Reduced Reliance on IT

Payments hubs are hosted in the cloud and feature bank format generation and integrated bank connectivity. As such, centralizing payments this way takes away the reliance on IT resources. Without needing IT to build and maintain bank connections, finance teams can easily change existing bank relationships, scale to add new banks and update banks formats.

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