05 oktober 2017, 15:57

These are the famous words of Doctor McCoy, ship surgeon on the USS Enterprise. Now we have not discovered a new alien life form yet, but I do believe this is a good metaphor to express the current wave of change in the treasurer's and CFO’s world.
I am not going to give you my view of the FinTech world because I think that there already enough FinTech forecasts out there. What I want to focus on is proven hands-on technology which reduces risk and help to standardize your financial processes; corporate payment technology.

Significant Progress
I think it is fair to say that we have seen both FinTech and banks making significant progress in this area. Banks more and more provide electronic banking portals with treasury functionality including integrated ERP connectors to directly feed financial data into the back office systems. In combination with rerouting electronic bank statements of other banks probably a workable and affordable alternative for a basic cash management setup if you have a limited global footprint and cash flow.
Cloud-based corporate payment providers recognize this development and stepping up their game. They are responding by integrating business intelligence modules with an expanding global banking host to host network, SWIFT Alliance Lite2 features, and an extensive payment format library.

Good value for money
As banks are providing more enhanced products, the key challenge is to understand the competitive edge of the corporate payment solutions and if it is good value for money.
First of all, Fintech’s are bank agnostic which makes them more flexible compared to bank portals. Via host to host channels, EBICS or SWIFT messages there is a direct communication link with the home bank. Secondly, the payment format libraries will optimize your cash settlement as it reduces the risk of populating incorrect SWIFT fields or message types and requirements.
The third advantage is that payment hubs manage risk and control settings like mandate management and user access rights via superuser settings while banks tend to handle this via a centralized process. The latter of course also works but quite often has proven to be a cumbersome process. If you are not a TIER 1 client, it will take some turnaround time.
Last but least is that payment hubs are very flexible with data formats and can more or less interface with any ERP system available. If required they can also connect to multiple ERP systems within one organization.

Strategic partnership
Because we believe that efficient (internal) cash flows are an essential basis for controlled growth, 2FX Treasury has chosen for a strategic partnership with a software provider specialized in corporate payments. Treasury Intelligence Solutions (TIS) has a worldwide network of banks with which they can connect host a host-to-host connection, have an extensive database of payment formats and is compatible with virtually all accounting systems such as SAP, Oracle, or other financial systems. Through this collaboration, we can offer customized solutions and have specific knowledge for efficient and effective implementation in your company.

2FX Treasury

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Begeleiding & realisatie website: Caroline Knobbe I Fotografie: Het Klikt Fotografie, Shutterstock