Payment Hubs & Bank Connectivity Seminar

Payment Hubs & Bank Connectivity Seminar

On 24 September, Zanders hosted the Payment Hubs & Bank Connectivity Seminar in collaboration with the Dutch Association of Corporate Treasurers (DACT) and Enigma Consulting. The event offered corporate treasurers the unique opportunity to be updated on developments in bank connectivity and compare nine payment solution vendors: Cobase, Exalog, FIS, Omikron, OpusCapita, Pelican, PowertoPay, Serrala and TIS. Product demonstrations were supported by client co-speakers sharing practical insights and key learnings. The program was complemented with interesting sessions on trends and best practices in the area of corporate payments and bank connectivity. The large number of participants showed that payments and bank connectivity are high on the agenda of corporate treasurers.

Payment hubs and bank connectivity solutions are aimed at achieving a streamlined, secure and controlled payment process. Corporates can achieve more control and visibility over their payments with a centralized payment solution that standardizes the workflow and reduces manual interventions. Bank connectivity solutions are both bank-agnostic and secure, which allows corporates to monitor real time payment status, to collect bank statements centrally and to streamline the reconciliation process. Simultaneously, one central bank connectivity platform reduces the need to maintain electronic banking platforms and work with dozens of different bank tokens.

Besides standardized payment processing and connectivity, vendors showed how corporates could achieve additional benefits such as enhanced payment fraud prevention and sanction screening. Additionally, capabilities in the areas of cash reporting and cash flow forecasting were presented. Other solutions that were presented included functionality to enable Payments and Collections on Behalf of (CoBo/PoBo), In-House Banking, cash pooling and intercompany netting.

Many of the best practises that were shared are not futuristic but can be achieved today. More importantly, the solutions are available for corporates of different sizes and complexity, not only to large multinationals with large IT departments and budgets. The solutions presented are very practical and, in Zanders’ opinion, relatively easy to implement at a reasonable investment. However, it is important to realize that the scope of a payments and bank connectivity solution is far-reaching. Many functional and technical requirements should be taken into account, in addition to a broad organizational scope. As a result, such a project requires cross-functional teams with close involvement of different departments and subsidiaries.

We can reflect on a successful event focusing on corporate payments and bank connectivity. Corporate treasurers were able to meet and compare nine vendors, leaving them with valuable insights and inspiration. In case you want to learn more about this event please contact Lotte Coppelmans or Erik Marinussen.