The document discusses how AR/AP providers can generate new revenue streams by incorporating digital wallet capabilities into their payment fulfillment processes. It describes how digital wallets can store funds in multiple currencies, exchange currencies at lower rates than banks, and simplify global B2B payments. By embedding digital wallets that connect accounts and enable self-service payments, AR/AP providers can offer lower costs to customers while gaining more control over customer data and relationships. This represents a new potential revenue source for AR/AP software makers and service providers.
PayFac as a Service: 13 Questions Platforms Must AskWayne Akey
Payment Facilitation as a Service or Payfac as a Service is relatively new. While traditional Payment Facilitation has been around for years, the expense, time consuming implementation and risk exposure makes it prohibitive for all but large organizations with a substantial customer base. The reason for this is that the expense must be offset by revenue from payment processing. Without a significant payments revenue stream it simply does not provide a sufficient ROI.
PayFac as a Service enables platforms to quickly add payments as a revenue generation tool, offer instant boarding and offload compliance and risk management. This is accomplished by allowing the platform to essentially act as a sub Payment Facilitator, using a master PayFac’s technology and experience to quickly go to market and create new revenue streams.
There are multiple providers all with their own API’s and their way of doing things. This can be confusing for platforms looking at the PayFac as a Service option. For the purposes of this discussion we are looking at platforms that primarily have card not present needs. If you are developing a POS solution and need consumer facing hardware these questions are a good starting point but you will need hardware specific questions addressed.
Factors to Consider While Choosing a Payment Gateway ProviderAlaina Carter
A payment gateway is a software that authorizes payment processing for e-businesses. With the help of these payment gateways, it becomes easy to accept several types of electronic payments. Read more to know what are the factors to consider while choosing a payment gateway provider.
An electronic payment, also known as an e-payment, is a payment made or accepted online. Buyers can make these electronic payments with credit cards, debit cards, electronic checks, and virtual cards.
For companies and suppliers, business-to-business (B2B) e-payments are beneficial in several ways. One of the benefits for a company that incorporates e-payments is lower transaction processing costs. Processing costs can be lowered by as much as 80 percent because companies do not have to use paper, postage, printing, and mailing services.
Another non-monetary impact of electronic payments is an improved relationship between a company and its suppliers. This is due to faster payments to suppliers, more secure payments, and ready data to help suppliers perform payment reconciliation.
PayFac as a Service: 13 Questions Platforms Must AskWayne Akey
Payment Facilitation as a Service or Payfac as a Service is relatively new. While traditional Payment Facilitation has been around for years, the expense, time consuming implementation and risk exposure makes it prohibitive for all but large organizations with a substantial customer base. The reason for this is that the expense must be offset by revenue from payment processing. Without a significant payments revenue stream it simply does not provide a sufficient ROI.
PayFac as a Service enables platforms to quickly add payments as a revenue generation tool, offer instant boarding and offload compliance and risk management. This is accomplished by allowing the platform to essentially act as a sub Payment Facilitator, using a master PayFac’s technology and experience to quickly go to market and create new revenue streams.
There are multiple providers all with their own API’s and their way of doing things. This can be confusing for platforms looking at the PayFac as a Service option. For the purposes of this discussion we are looking at platforms that primarily have card not present needs. If you are developing a POS solution and need consumer facing hardware these questions are a good starting point but you will need hardware specific questions addressed.
Factors to Consider While Choosing a Payment Gateway ProviderAlaina Carter
A payment gateway is a software that authorizes payment processing for e-businesses. With the help of these payment gateways, it becomes easy to accept several types of electronic payments. Read more to know what are the factors to consider while choosing a payment gateway provider.
An electronic payment, also known as an e-payment, is a payment made or accepted online. Buyers can make these electronic payments with credit cards, debit cards, electronic checks, and virtual cards.
For companies and suppliers, business-to-business (B2B) e-payments are beneficial in several ways. One of the benefits for a company that incorporates e-payments is lower transaction processing costs. Processing costs can be lowered by as much as 80 percent because companies do not have to use paper, postage, printing, and mailing services.
Another non-monetary impact of electronic payments is an improved relationship between a company and its suppliers. This is due to faster payments to suppliers, more secure payments, and ready data to help suppliers perform payment reconciliation.
Peter Afanasiev - Architecture of online PaymentsCiklum Ukraine
Payment Service Providers
Merchant Payment Systems
General architecture of a Payment System
Know-hows:
Payment queues with MSSQL Broker
Adapter Polymorphism
Tracing in Service Oriented World
Dynamic configuration editor with ASP.Net MVC
Muds Services:
1. Resolution of all queries regarding documents and procedural requirements.
2. End-to-end assistance in obtaining PP license from RBI.
3. Complete support in business plan development, IT Planning, and Application Filing.
4. Consultations and advisory for PCI DSS Compliance.
5. Advisory on Wallet Type (Closed & Semi-Closed, Open).
SITEC eCommerce Class 4
Title: Online Payment
Presenter: Chan Kok Long, Executive Director (iPay88)
Date: 11 August 2015
Venue: The Canvas @ Damansara Perdana
The Most Recommended Fintech Solution Providers 2020The Business Fame
"Welcome to The Business Fame’s exclusive edition, "The Most Recommended Fintech Solution Providers 2020" is our annual feature of the most Recommended Fintech solution providers in today's rapidly growing technology sector. Read on to meet these disruptors, innovators and prepare to be get inspired."
In ecommerce, rivalry is furious; the offers are fleeting and straightforward for the client. As a site administrator, you are in this way forever confronted with the test of observing the market and creating novel substance with included incentive for the client the continuous new item pages. In doing as such, you make upper hands for yourself while staying obvious in the web crawlers and for the client .
With our answers for the enhancement of your store and every one of your sites, we anticipate supporting you making a course for progress
With PDA you will get various types of software for your website
It has been 34 years since the first online B2B transaction was completed – and much has changed since then. In a time when payment companies are under tremendous pressure to produce more with fewer resources, many are jumping the traditional payments ship and switching over to electronic payments. This slideshare will take you on a journey from paper checks to automation in the B2B space, and unveil the power of AvidXchange's solutions on a company’s bottom line.
An outline of the 'zero cost option' for electronic transactions in the developing world. By making electronic transactions as cheap and attractive to use as cash, governments can increase revenue while reducing administrative overheads for government departments, businesses and individuals.
All You Need to Know About Mobile Payment Gateways in 2023.pdfTechugo
A Mobile Payment Gateway allows users to authorize and process payments via mobile apps. It uses encryption and security protocols to protect transaction data. A gateway is a service that allows clients to connect with businesses in order to make financial transactions more convenient.
A mobile payment gateway is a technology that enables secure payment transactions using a mobile device, such as a smartphone or tablet. It acts as an intermediary between a merchant's website or mobile app and the customer's mobile wallet or bank account. To know more, visit the post.
Peter Afanasiev - Architecture of online PaymentsCiklum Ukraine
Payment Service Providers
Merchant Payment Systems
General architecture of a Payment System
Know-hows:
Payment queues with MSSQL Broker
Adapter Polymorphism
Tracing in Service Oriented World
Dynamic configuration editor with ASP.Net MVC
Muds Services:
1. Resolution of all queries regarding documents and procedural requirements.
2. End-to-end assistance in obtaining PP license from RBI.
3. Complete support in business plan development, IT Planning, and Application Filing.
4. Consultations and advisory for PCI DSS Compliance.
5. Advisory on Wallet Type (Closed & Semi-Closed, Open).
SITEC eCommerce Class 4
Title: Online Payment
Presenter: Chan Kok Long, Executive Director (iPay88)
Date: 11 August 2015
Venue: The Canvas @ Damansara Perdana
The Most Recommended Fintech Solution Providers 2020The Business Fame
"Welcome to The Business Fame’s exclusive edition, "The Most Recommended Fintech Solution Providers 2020" is our annual feature of the most Recommended Fintech solution providers in today's rapidly growing technology sector. Read on to meet these disruptors, innovators and prepare to be get inspired."
In ecommerce, rivalry is furious; the offers are fleeting and straightforward for the client. As a site administrator, you are in this way forever confronted with the test of observing the market and creating novel substance with included incentive for the client the continuous new item pages. In doing as such, you make upper hands for yourself while staying obvious in the web crawlers and for the client .
With our answers for the enhancement of your store and every one of your sites, we anticipate supporting you making a course for progress
With PDA you will get various types of software for your website
It has been 34 years since the first online B2B transaction was completed – and much has changed since then. In a time when payment companies are under tremendous pressure to produce more with fewer resources, many are jumping the traditional payments ship and switching over to electronic payments. This slideshare will take you on a journey from paper checks to automation in the B2B space, and unveil the power of AvidXchange's solutions on a company’s bottom line.
An outline of the 'zero cost option' for electronic transactions in the developing world. By making electronic transactions as cheap and attractive to use as cash, governments can increase revenue while reducing administrative overheads for government departments, businesses and individuals.
All You Need to Know About Mobile Payment Gateways in 2023.pdfTechugo
A Mobile Payment Gateway allows users to authorize and process payments via mobile apps. It uses encryption and security protocols to protect transaction data. A gateway is a service that allows clients to connect with businesses in order to make financial transactions more convenient.
A mobile payment gateway is a technology that enables secure payment transactions using a mobile device, such as a smartphone or tablet. It acts as an intermediary between a merchant's website or mobile app and the customer's mobile wallet or bank account. To know more, visit the post.
A payment processor is a company or service that handles the transaction between a buyer and a seller in an online or physical commerce transaction. Payment processors enable merchants to accept electronic payments from customers, such as credit card transactions, electronic funds transfers, and mobile payments.
Tapping Blockchain to Slash Costs, Enhance Trust and Speed B2B TransactionsCognizant
Nacha and Discover Financial Services are exploring how distributed ledger technology and smart contracts can make online purchasing safer, faster and less costly for business partners.
These things you must know about online payment solutions.Riya Sen
Every company has different long-term and short-term requirements. Choosing the correct
online payment system to meet your specific requirements can be difficult at times. Many
online payment solution providers are currently developing (or have previously developed)
specific solutions to assist businesses with online payment processing
Payment Gateway Integration: A Growth Strategy for developers and SAAS providers.pdfIconPayment Gateways play an integral role in ecommerce and the ability to embed payment-processing functionality inside applications. Authorize.net founded in 1996 was the first to market
What Is Mobile App Payment Gateway Integration - consumer-sketch.pptxConsumer Sketch
Hire an expert mobile application development company to develop fast and secure mobile app payment gateway integration for your business mobile application services.
07 factors to consider while choosing an ecommerce payment gatewaySnehaDas60
As we all know, ecommerce portal conversion rates fall as a result of a lack of research when choosing a payment gateway.There are plenty of advance payment channels now that internet commerce has taken over the globe. Choosing the most potent ones, on the other hand, is essential to making the most of it.
For those who have a good understanding of payment gateways, let's look at the important elements to consider when selecting one for your eCommerce site.
Read more......
Significant benefits of Using Multiple Payment Gateways?Paycron
Accepting payments and processing transactions can be difficult for all companies without payment gateways. Let’s dive into what is a payment gateway and how using multiple payment gateways can benefit the business with high revenue and constant growth.
A Complete Model of the Payment Service BusinessFrank Steeneken
This slide deck provides a complete picture of the underlying skeletal structure that holds every payment service business together while achieving its goals.
The model introduces a comprehensive framework for managing the complexity of the payment service business structure, and a reusable blueprint for visualizing how a payment service business enterprise actually does business. The model’s clearly-defined core-processes and their functions provide a powerful baseline for improving business performance.
By viewing the payment service business as a single system, fully independent of its implementation, the nature of its underlying core processes becomes clear. Then by managing and improving them as parts of a single system, substantial improvements can be made on critical success factors.
apidays LIVE Hong Kong 2021 - API Economy in Financial Services by Siddhant A...apidays
apidays LIVE Hong Kong 2021 - API Ecosystem & Data Interchange
August 25 & 26, 2021
API Economy in Financial Services
Siddhant Agarwal, Developer Relations Lead at Zwitch.io
Hardware-software complex to manage accounts, e-wallets, payment and loyalty cards in single application.
Advantages for Clients:
- Mobile platform, turning a smartphone into a powerful payment and loyalty tool
- Online Р2Р transactions
- One-click payments
- Simple and secure authorization
- Access to financial services for underbanked population
Advantages for Bank:
- Affordable tool for day-to-day banking operations, which is an essential competitive advantage to attract the most economically active and technologically advanced clients, making the most profitable market segment
- Saving costs on performing payment and transfer transaction in the Bank’s branches
www.mwallet.pro
www.m-processing.com
Credit card payment processing fees got you feeling like you are stuck in an endless loop? In today's competitive business landscape, a seamless and secure payment system is no longer a luxury - it's a necessity. Visit us at: https://webpays.com/best-credit-card-payment-companies.html
o enable a superior customer service experience in the multi-channel environment services and communication must be consistent and identical offers need to be made available to the same customer via different channels. Banks that can achieve this can expect a higher customer engagement. To make this happen Banks (Issuers) need to re-look at their operating models to make it leaner and more meaningful for their customers. Effectively, the times are a changing and the Banks need to keep up with changing playing field.
Pay&Go is the leading technology provider of innovative payment processing for cash and non-cash transactions through a complex network of payment acceptance points.
The Pay&Go platform, is designed to allow the execution of cash and non-cash transactions through a network of kiosks, POS-enabled merchants and through a user-friendly customer-facing mobile application
Payments innovation is Critical for Every Global EnterpriseXTRMAccount
As fintech software and service innovations continue to disrupt the Financial Services market, even non-financial firms need to think about how to take advantage of this trend to improve
their payments processes for the benefit of the company, their customers and their partners.
How Payment Innovations Help Accelerate EcosystemsXTRMAccount
In today’s competitive landscape, leaders in nearly every industry are recognizing that companies cannot go it alone. They need the help of partners who bring unique capabilities, customers, data and industry knowledge to enable and empower innovation. Industry leaders are recognizing the power of ecosystems — a proven model for driving growth through innovation.
Fintech disruptions have created new opportunities for companies looking to tap these capabilities for their own use or for improving the payment workflows for partners, suppliers and customers.
Understanding Globus Data Transfers with NetSageGlobus
NetSage is an open privacy-aware network measurement, analysis, and visualization service designed to help end-users visualize and reason about large data transfers. NetSage traditionally has used a combination of passive measurements, including SNMP and flow data, as well as active measurements, mainly perfSONAR, to provide longitudinal network performance data visualization. It has been deployed by dozens of networks world wide, and is supported domestically by the Engagement and Performance Operations Center (EPOC), NSF #2328479. We have recently expanded the NetSage data sources to include logs for Globus data transfers, following the same privacy-preserving approach as for Flow data. Using the logs for the Texas Advanced Computing Center (TACC) as an example, this talk will walk through several different example use cases that NetSage can answer, including: Who is using Globus to share data with my institution, and what kind of performance are they able to achieve? How many transfers has Globus supported for us? Which sites are we sharing the most data with, and how is that changing over time? How is my site using Globus to move data internally, and what kind of performance do we see for those transfers? What percentage of data transfers at my institution used Globus, and how did the overall data transfer performance compare to the Globus users?
Unleash Unlimited Potential with One-Time Purchase
BoxLang is more than just a language; it's a community. By choosing a Visionary License, you're not just investing in your success, you're actively contributing to the ongoing development and support of BoxLang.
Globus Compute wth IRI Workflows - GlobusWorld 2024Globus
As part of the DOE Integrated Research Infrastructure (IRI) program, NERSC at Lawrence Berkeley National Lab and ALCF at Argonne National Lab are working closely with General Atomics on accelerating the computing requirements of the DIII-D experiment. As part of the work the team is investigating ways to speedup the time to solution for many different parts of the DIII-D workflow including how they run jobs on HPC systems. One of these routes is looking at Globus Compute as a way to replace the current method for managing tasks and we describe a brief proof of concept showing how Globus Compute could help to schedule jobs and be a tool to connect compute at different facilities.
Developing Distributed High-performance Computing Capabilities of an Open Sci...Globus
COVID-19 had an unprecedented impact on scientific collaboration. The pandemic and its broad response from the scientific community has forged new relationships among public health practitioners, mathematical modelers, and scientific computing specialists, while revealing critical gaps in exploiting advanced computing systems to support urgent decision making. Informed by our team’s work in applying high-performance computing in support of public health decision makers during the COVID-19 pandemic, we present how Globus technologies are enabling the development of an open science platform for robust epidemic analysis, with the goal of collaborative, secure, distributed, on-demand, and fast time-to-solution analyses to support public health.
TROUBLESHOOTING 9 TYPES OF OUTOFMEMORYERRORTier1 app
Even though at surface level ‘java.lang.OutOfMemoryError’ appears as one single error; underlyingly there are 9 types of OutOfMemoryError. Each type of OutOfMemoryError has different causes, diagnosis approaches and solutions. This session equips you with the knowledge, tools, and techniques needed to troubleshoot and conquer OutOfMemoryError in all its forms, ensuring smoother, more efficient Java applications.
OpenFOAM solver for Helmholtz equation, helmholtzFoam / helmholtzBubbleFoamtakuyayamamoto1800
In this slide, we show the simulation example and the way to compile this solver.
In this solver, the Helmholtz equation can be solved by helmholtzFoam. Also, the Helmholtz equation with uniformly dispersed bubbles can be simulated by helmholtzBubbleFoam.
Prosigns: Transforming Business with Tailored Technology SolutionsProsigns
Unlocking Business Potential: Tailored Technology Solutions by Prosigns
Discover how Prosigns, a leading technology solutions provider, partners with businesses to drive innovation and success. Our presentation showcases our comprehensive range of services, including custom software development, web and mobile app development, AI & ML solutions, blockchain integration, DevOps services, and Microsoft Dynamics 365 support.
Custom Software Development: Prosigns specializes in creating bespoke software solutions that cater to your unique business needs. Our team of experts works closely with you to understand your requirements and deliver tailor-made software that enhances efficiency and drives growth.
Web and Mobile App Development: From responsive websites to intuitive mobile applications, Prosigns develops cutting-edge solutions that engage users and deliver seamless experiences across devices.
AI & ML Solutions: Harnessing the power of Artificial Intelligence and Machine Learning, Prosigns provides smart solutions that automate processes, provide valuable insights, and drive informed decision-making.
Blockchain Integration: Prosigns offers comprehensive blockchain solutions, including development, integration, and consulting services, enabling businesses to leverage blockchain technology for enhanced security, transparency, and efficiency.
DevOps Services: Prosigns' DevOps services streamline development and operations processes, ensuring faster and more reliable software delivery through automation and continuous integration.
Microsoft Dynamics 365 Support: Prosigns provides comprehensive support and maintenance services for Microsoft Dynamics 365, ensuring your system is always up-to-date, secure, and running smoothly.
Learn how our collaborative approach and dedication to excellence help businesses achieve their goals and stay ahead in today's digital landscape. From concept to deployment, Prosigns is your trusted partner for transforming ideas into reality and unlocking the full potential of your business.
Join us on a journey of innovation and growth. Let's partner for success with Prosigns.
Enterprise Resource Planning System includes various modules that reduce any business's workload. Additionally, it organizes the workflows, which drives towards enhancing productivity. Here are a detailed explanation of the ERP modules. Going through the points will help you understand how the software is changing the work dynamics.
To know more details here: https://blogs.nyggs.com/nyggs/enterprise-resource-planning-erp-system-modules/
Check out the webinar slides to learn more about how XfilesPro transforms Salesforce document management by leveraging its world-class applications. For more details, please connect with sales@xfilespro.com
If you want to watch the on-demand webinar, please click here: https://www.xfilespro.com/webinars/salesforce-document-management-2-0-smarter-faster-better/
Custom Healthcare Software for Managing Chronic Conditions and Remote Patient...Mind IT Systems
Healthcare providers often struggle with the complexities of chronic conditions and remote patient monitoring, as each patient requires personalized care and ongoing monitoring. Off-the-shelf solutions may not meet these diverse needs, leading to inefficiencies and gaps in care. It’s here, custom healthcare software offers a tailored solution, ensuring improved care and effectiveness.
A Comprehensive Look at Generative AI in Retail App Testing.pdfkalichargn70th171
Traditional software testing methods are being challenged in retail, where customer expectations and technological advancements continually shape the landscape. Enter generative AI—a transformative subset of artificial intelligence technologies poised to revolutionize software testing.
May Marketo Masterclass, London MUG May 22 2024.pdfAdele Miller
Can't make Adobe Summit in Vegas? No sweat because the EMEA Marketo Engage Champions are coming to London to share their Summit sessions, insights and more!
This is a MUG with a twist you don't want to miss.
AI Pilot Review: The World’s First Virtual Assistant Marketing SuiteGoogle
AI Pilot Review: The World’s First Virtual Assistant Marketing Suite
👉👉 Click Here To Get More Info 👇👇
https://sumonreview.com/ai-pilot-review/
AI Pilot Review: Key Features
✅Deploy AI expert bots in Any Niche With Just A Click
✅With one keyword, generate complete funnels, websites, landing pages, and more.
✅More than 85 AI features are included in the AI pilot.
✅No setup or configuration; use your voice (like Siri) to do whatever you want.
✅You Can Use AI Pilot To Create your version of AI Pilot And Charge People For It…
✅ZERO Manual Work With AI Pilot. Never write, Design, Or Code Again.
✅ZERO Limits On Features Or Usages
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See My Other Reviews Article:
(1) TubeTrivia AI Review: https://sumonreview.com/tubetrivia-ai-review
(2) SocioWave Review: https://sumonreview.com/sociowave-review
(3) AI Partner & Profit Review: https://sumonreview.com/ai-partner-profit-review
(4) AI Ebook Suite Review: https://sumonreview.com/ai-ebook-suite-review
Enhancing Research Orchestration Capabilities at ORNL.pdfGlobus
Cross-facility research orchestration comes with ever-changing constraints regarding the availability and suitability of various compute and data resources. In short, a flexible data and processing fabric is needed to enable the dynamic redirection of data and compute tasks throughout the lifecycle of an experiment. In this talk, we illustrate how we easily leveraged Globus services to instrument the ACE research testbed at the Oak Ridge Leadership Computing Facility with flexible data and task orchestration capabilities.
In software engineering, the right architecture is essential for robust, scalable platforms. Wix has undergone a pivotal shift from event sourcing to a CRUD-based model for its microservices. This talk will chart the course of this pivotal journey.
Event sourcing, which records state changes as immutable events, provided robust auditing and "time travel" debugging for Wix Stores' microservices. Despite its benefits, the complexity it introduced in state management slowed development. Wix responded by adopting a simpler, unified CRUD model. This talk will explore the challenges of event sourcing and the advantages of Wix's new "CRUD on steroids" approach, which streamlines API integration and domain event management while preserving data integrity and system resilience.
Participants will gain valuable insights into Wix's strategies for ensuring atomicity in database updates and event production, as well as caching, materialization, and performance optimization techniques within a distributed system.
Join us to discover how Wix has mastered the art of balancing simplicity and extensibility, and learn how the re-adoption of the modest CRUD has turbocharged their development velocity, resilience, and scalability in a high-growth environment.
3. 23
AR/AP Providers Look to
Payments for New Revenue
If you’re using an AP automation solution or, better yet, if you’re an AP automation software
maker or service provider, then you know the massive amounts of data involved in payables
transactions and the burdensome administrative tasks that can suck resources and invite
opportunities for error. And you’re also aware of the tremendous cost and time savings that
result from implementing AP automation.
But did you know that for most companies there are more opportunities for cost-saving
by taking the primary external output of your work – the Payments file – and using APIs to
address how that file renders payments to individuals and/or companies, globally?
First, a bit of generalizations about the functional aspects of most AP automation tools as a
foundation for the discussion about Payment files. I apologize in advance to AR/AP software
makers if I’ve overlooked a key competitive differentiator that sets your solution apart from
others or for any gross simplifications made in the interest of brevity.
Generally, AP automation is about managing all the details and forms involved in all the
phases of the invoice process, improving visibility for each stakeholder to make it easier and
less costly for companies to manage their invoices: Processing, Verification, Authorization and
Payments, most often by creating a payments file to be used to execute the actual payment.
This paper is focused on Payments, the phase where many AP automation processes end
with the creation of a Payments file. The next step of actually fulfilling Payments via cash
check, ACH or wire transfer, depositing to a single-use or reloadable prepaid card or other
means is both easily embedded or integrated into the AR/AP automation workflows and
an opportunity to reduce costs for nearly any company, providing a potential new product
offering and revenue source for AR/AP automation software maker or service provider.
Incorporating digital wallet architectures with connected accounts into the payment
fulfillment process can create an additional value-added service to an AR/AP solution while
reducing significant costs and complexity for customers using the software.
An XTRM White Paper
4. 4
AR/AP Providers Look to Payments for New Revenue
Making and receiving payments has become much easier with the plethora of new
peer-to-peer payment and digital wallet apps available. Most of these apps, however, have
been aimed squarely at the consumer market and thus have serious drawbacks in terms
of managing receivables and payables. AR/AP software and solution providers should
incorporate digital wallet capabilities to be competitive albeit by adapting the widely adopted
digital wallets concept to meet the specific B2B AR/AP needs of their customers and clients.
The core underlying concept, digital peer-to-peer wallets, however, can have tremendous
application in the B2B marketplace when stripped of some of the social sharing and
proprietary banking aspects found in the consumer peer-to-peer offerings. Moreover,
delivering the core without all the bells and whistles enables service providers to embed these
capabilities fully within their solution architecture and specific branding strategies.
Intelligent Digital Wallets – Connected Accounts
As defined by Investopedia, digital wallets are financial accounts that allow users to store
funds, make transactions, and track payment histories by computer. They may be included in
a bank’s mobile app or within a payments platform.
Intelligent Digital Wallets
Digital wallets are virtual by definition; thus, any number of separate wallets can be provisioned
within an account to meet its unique needs at little or no incremental cost. Their potential for
AR/AP solution providers is limitless assuming the three critical elements of the core concepts
are brought forward:
Intelligent digital wallets can store and exchange funds between wallets
Intelligent wallets can link to external entities such as banks or payment networks
Intelligent wallets store payment transaction history that can be accessed by both
beneficiaries and remitters
Digital Wallet Architecture Can Improve AR/AP
Processes
5. 25
AR/AP Providers Look to Payments for New Revenue
Connected, Actively Managed Accounts
Unlike social sharing accounts found in many peer-to-peer payment platforms, connected accounts
are quite different in that they provide all the information to both remitters and beneficiaries for
transparency, but they do not incorporate social sharing features so all the transaction data remain
private.
Moreover, connected accounts can be managed by system logic or actively through Manager Accounts
which are enabled with administrative privileges that enable limited access and edit capabilities to
provide first-line customer service and reporting. Connected accounts can be multi-tiered to handle
complex B2B use cases like global distribution partner payments, often eliminating the need to for costly
trust account set-ups at multiple banking institutions to handle paying business partners on behalf of a
client company or paying partner company employees directly:
6. 6
AR/AP Providers Look to Payments for New Revenue
Global Payments - Global Receipts
Within an intelligent payments platform, digital wallets can be multi-currency, simplifying global
payments, extending the reach for payments to over 200 countries and more than 140 currencies.
Either the remitter or the recipient can have as many currency-specific wallets as needed, allowing
for currency exchange to be done within the payments platform at lower rates than found elsewhere.
Companies using the platform find this much more streamlined and easier to manage than navigating
myriad banking institutions needed for truly global use cases.
Using Connected Accounts further simplifies the process by enabling each account — remitter or
beneficiary — to have digital wallets in as many currencies as they do business. Making payments then,
can either be generated in one currency, for example, US dollars, and remitted to a beneficiary’s USD
digital wallet. If the beneficiary is not a US-based Company or Individual, they can exchange USD for
their local currency using the platform to transfer from their USD digital wallet to their local currency
digital wallet.
Own the Customer – and the Data
A company’s customer file is often, if not always, its most valuable asset. For example, prior to its merger
with Delta, Northwest Airlines valued its frequency program more than its fleet of jets. Protecting such
a valuable, hard-earned asset is paramount. Ensuring that their customer files aren’t being shared or
hacked, of course, is critical for every AR/AP solution provider.
Many firms in search of lower costs by outsourcing non-strategic workflows may consider outsource
managing their receivables and payables altogether. But they often do so, reluctantly. What’s often
overlooked is that making payments using digital wallets actually increases control of the process,
eliminating the need for third-party banks or service providers to take possession of customer data to
act on their behalf.
However, consumer-oriented peer-to-peer wallets do not fit most B2B use cases as they are often
tethered to a specific bank which creates extra steps and possibly extra fees if the payee is not already
a customer of said bank. Peer-to-peer sharing applications can be attractive for fund-raising efforts or
other payment models leveraging social media, but the vast majority of B2B and B2C transactions are
private and both remitters and
beneficiaries prefer to keep it that way. In either case, the question often arises: are others using your
customer file to conduct your business or to advance their own business?
Embedding digital wallets with APIs enables companies to fully own the customer relationship and
eliminates the need to pass customer files to external entities.
7. 27
AR/AP Providers Look to Payments for New Revenue
Meeting Payment Challenges Doesn’t Stop at the Payment File
Creating a Payments file and sending it back to the client for executing the actual finishes the AP tasks –
but does it really?
In fact, it opens up a whole new set of problems. Payments made by banks often offer cryptic details
and may not reference all the critical information a recipient needs to understand the reason for
payments. Non-receipt of payment – the most common customer complaint – often requires multiple
points of contact and unsatisfying responses to customer inquiries, e.g., the check’s in the mail.
Rendering payment via intelligent digital wallets, puts the recipient in control through self-serve tools
to determine how they are paid. ACH deposits are made directly to their bank using the details they
provided. Error rates are much lower using self-serve tools and eliminates the payor and any of its
agents being at fault.
Navigating myriad submission formats for multiple financial institutions, complying with regulatory
requirements in each country introduces a level of complexity that is challenging.
Using an intelligent payments platform that addresses regulatory AML (Anti-Money Laundering) and
KYC (Know Your Customer) compliance as well as providing tax reporting details globally. Meanwhile,
digital wallet architectures bypass the need for using multiple financial institutions to remit payments.
Digital Wallets Can Turn Receivables Into A Profit Center
Receivables can also take advantage of the wallet-to-wallet payment capabilities to create digital
wallets tied to their invoicing bypassing the ACH and credit card networks to streamline global
payments. Here are but a few examples:
Example 1: US-based company receiving payment from a European partner in Euros
Companies can simply transfer the funds from the Euros wallet where they were deposited to the USD
wallet. The currency exchange fees aren’t completely eliminated but they are much lower than when
done through banks or traditional FX. Since there’s no bank or intermediary banks involved there’s no
banking fees. From the USD wallet funds can then be sent directly to the company’s bank via ACH or it
can choose other options including check and Visa Debit or Credit.
8. 8
AR/AP Providers Look to Payments for New Revenue
Example 2: Company with a global product but limited global infrastructure
Begin to eliminate many foreign banking expenses by paying partners and suppliers using digital wallets
whenever possible. At a minimum, lowering banking fees and simplifying cross-border payments will deliver
cost savings. Partners prefer to receive payments faster
Initially, not all suppliers may accommodate but many will particularly when they recognize there are no
merchant fees
Example 3: Company generating MRR with subscription billing
Most monthly subscription billing is processed via the card payment networks creating MRR (Monthly
Retained Revenue) for the provider and the card network. Building a subscription billing process on top of a
digital wallet architecture automates the process and eliminates the need for using card networks and their
associated fees on an ongoing basis leaving more retained revenue with the provider.
Cross-Border Payments: Complexity Creates Opportunity
The number of use cases where intelligent digital wallet architecture is expanding exponentially based on
the ability to manage, store and exchange funds between and within connected multi-currency accounts.
Intelligent digital wallet architectures offer particularly robust solutions to the challenges of cross-border
payments.
Dus to the high fees often associated with cross-border payments, it is proving to be a fertile market for
payments innovation and digital wallets have become ubiquitous, their application in B2B global payment
use cases is still a very small percentage of the rapidly growing payments revenue market projected to grow
to nearly $3 trillion by 2023 by McKinsey & Company.
Providing manager access complemented with multi-currency self-serve user accounts where users can
find much lower currency exchange (FX) fees, creates greater flexibility in balancing the needs of remitters,
beneficiaries and service providers to optimize cross-border payments.
4
A Vision for the Future-of-Cross-Border-Payments, SWIFT and McKinsey & Company
of external global
B2B payment costs
attributed
to transaction fees and
currency exchange (FX)
83%
9. 29
AR/AP Providers Look to Payments for New Revenue
Summary
Given the high costs of completing transnational transactions, cross-border use cases may stand out.
However, they are by no means the only payment use case that can benefit from enhanced automation using
digital wallets that create new revenue opportunities. AR/AP software and service firms can use them to offer
their customers lower operating cost, greater control of the customer relationship as well offering choice and
a better customer experience.
Managing connected digital accounts is made simpler and more transparent in many B2B payment
applications. Using APIs to embed intelligent digital wallets to store and exchange funds between wallets as
well as transfer funds externally provide AP/AR software makers and service providers a potential new source
of revenue as well as another opportunity to improve customer retention.
For AR/AP software makers and solution providers adding Payments to their solution portfolio can provide a
new source of revenue from existing customers while significantly reducing the customer’s total cost of making
payments. And it can be a compelling new offering to attract new customers looking turnkey AR/AP solutions.