In brief

In brief

  • Corporates now rely heavily on payments innovation as a smooth, seamless part of their offerings, helping to delight customers and optimize cashflow.
  • They are expecting banks to step up, blending payments innovation into processing systems to enable clients’ strategies.
  • Banks can focus on five areas to innovate their corporate payments experience and help clients solve real business problems.

Corporate payments possibilities abound

The power of today’s technology solutions—like mobile wallets, contactless systems, wearables, open AI, biometrics, cloud and more—is making payments even more essential for large businesses and small- and medium-sized enterprises (SMEs) in building process efficiency, distinguishing their products and services, better managing cashflow and growing business. Just by increasing their use of open APIs, for example, corporates can automate more of their payments and cash management from a single portal across multiple banks.

What incumbent banks can do

The reality means that banks must step up their corporate payments game to deliver the innovation that helps corporates adapt to an open, instant and invisible world. There are five key focus areas:

1. Solve the core

Shift from overnight batch-only to a mix of purely transactional, scheduled transactional and batch operations.

2. Simplify access

Use digital technologies to make it easier for corporates to access their financial information and more targeted banking products and services.

3. Enrich services

Infuse innovative features, such as data analytics, into your base offerings to enhance service to corporates.

4. Extend services

Offer new value-added services, like cashflow forecasting, around and across all payment types.

5. Provide a holistic, but modular, proposition

Create “packages” that suit commercial bank customers’ needs across their financial value chain.

View All

Corporate customers are seeking more real-time services from their banks, including immediate payments, account balances and status updates. Contact us to see how we can help.

Only 45% of companies are fully satisfied with their firm’s business software for payments and banking.

– Accenture Research

About the Authors

Sulabh Agarwal

Managing Director – Payments, UK & Ireland

Cécile André Leruste

Managing Director – Banking, Europe

Timothy O'Donnell

Managing Director – Payments, US Northeast

Bhaskar Banerjee

Senior Manager – Payments, North America

Rory Sutton

Senior Manager – Payments, UK & Ireland

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