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Faster and smarter are 2 themes in Treasury Management for 2016. Faster payments. Faster invoice approvals. Smarter receivables. Smarter payments. This session will address faster and smarter in both the receivables and payables arenas.
On the receivables side, there is a critical need for smarter payments. Moving your customers from checks to electronic payments can speed your cash flow but, if you don’t receive the information needed for automated posting along with those payments, cash application can actually take longer than with checks. And remittance information is separated from ACH payments more than 75% of the time.
On the payables side, the need for speed centers on receipt and approval of invoices so payments can be initiated. Many companies don’t pursue early payment discount terms due to outdated paper approval and matching processes. For many best-in-class companies, early payment discounts are taken only 66% of the time. Vendor portals and dynamic discounting lead the way in transforming your payables shop.
In the business-to-person (B2P) space, checks continue to be the predominant payment type. New smarter B2P payment methods can be integrated into your payables process just like ACH and wires but without having to capture your customer’s banking information.
Learn how these trends can help you to improve AR and AP performance and reduce your transaction processing costs and cycle times.
presented by: Seth Marlowe, Wells Fargo