Utilizing digital and mobile technology to accelerate financial operations

Maintaining a constant flow of readily available cash to properly operate has always been a difficult aspect of running any business. As the world faces more and more obstacles like rising interest rates, economic slowdowns, supply chain disruptions, and more; this common struggle of sustaining working capital has become an even greater. As most of these obstacles are purely external, it’s almost impossible to work through them, you can’t control how this world will evolve around your business.

If you can’t directly work through these obstacles, then you can at least work around them by speeding up the facilitation of the funds you already have. Traditionally, transferring funds between departments in a Business to Business (B2B) setup can be tiresome and slow, in contrast to the speed evident in consumer-used banking portals. However, there have been recent advancements in B2B payments technology over these past few years that are further improving its efficiency and reliability.  Specifically, electronic invoice payment and presentment (EIPP), while not a brand-new innovation, has recently found new life as a B2B payment solution post-pandemic.

The Immediacy of Electronic Invoices

The physical collection of invoices and manual engagement in the payables process is one major detractor in the overall speed of B2B payments, relegating time and effort to an area that could be completely automated. Utilizing electronic invoices provides immediate relief in these operational dead zones, substantially assisting in matching purchase orders, invoices, and payments by employing automation in collections and payables.

The Enhanced Speed of Cloud Delivery

Innovations in online data facilitation have also contributed to the furthered efficiency of B2B payments. The utilization of cloud delivery in any of its forms has proved incredibly effective in the acceleration of these B2B processes. Facilitating accelerated software boot-ups as well as streamlined updates, a far cry from previous outdated delivery models. In addition, the employment of advanced API has further improved connectivity between systems and partners internal and external.

The Convenience of Mobile Devices in Finance

Despite the sustained complexity of B2B payments in contrast to their consumer counterparts, there will always be a chase to find that one magic solution that streamlines the strenuous process. And as the world continues its trend of wide digitization across all industries, that magic solution is becoming more and more of a reality. The technology is out there and being utilized, which can be adapted and integrated to streamline the flow of B2B payments in mobile devices indefinitely. As long as the world keeps steering toward a fully digital future, the innovations and evolutions in B2B payments won’t stop anytime soon.

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