Shared Service Centers: Best Practices for Efficient Cross-Border Payments
Failed payments cost banks $360K on average, and cost corporates $220K, according to research conducted by LexisNexis Risk Solutions (NRS). These costs comprise bank fees, manual labour for researching and fixing payments, and customer attrition. Respondents highlighted customer experience as the key concern of failed payments and 60% of respondents reported losing customers because of failed payments. A failed payment rate above 5% is when companies act with urgency to improve their processes and 80% of organisations in this group were actively implementing improvements. On the other hand, the fast, frictionless payment transactions experienced by consumers are influencing B2B customer expectations, driving payments digitisation and paving the way for frictionless cross border payments.
Through this webinar we will discuss how to:
- Reduce manual payments processes
- Improve the accuracy of your bank master data
- More efficiently make payments to your suppliers, avoiding costly disruption
- Reduce costs of failed payments/on-boarding time
Speaker:
Piyush Chawla
Sales Director
Accuity
As a Sales Director at Accuity, I am responsible for developing and nurturing excellent sales teams within APAC. Owned by one of the world’s leading business-to-business software, data and content providers, Accuity, part of RELX Group, has been providing solutions to financial institutions and businesses worldwide for more than 175 years. Our unmatched software data and services, powered by FircoSoft and Bankers Almanac, deliver optimal payment efficiency, compliant transactions, bank counter-party insight and AML screening success. Accuity provides you instant access to payments validation and routing data covering financial institutions worldwide. With this source of truth wherever you need it within your payments flow, you can eliminate failed payment costs, improve your customer experience, and maximise your straight-through processing rates.
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