FINANCIAL SERVICES
“ It all comes down to the fact that payments is more than just simply processing transactions – it ’ s a strategic driver of the business ”
COLIN NEIL UK MANAGING DIRECTOR , ADYEN
Fintechs , however , provide the solution . “ They are enabling businesses to set up their own international account with a multicurrency IBAN in their organisation ’ s name . As a result , they can manage corporate cash flows and view trading history , market data and statistics , all in one place ,” Descout points out . “ Virtual wallets then ease the process for making same-day payments . Businesses can use them to organise funds and store multiple currencies , ready for executing payments or a currency exchange .
Neil explains : “ It all comes down to the fact that payments is more than just simply processing transactions – it ’ s a strategic driver of the business , both from a customer experience perspective and operationally . There are so many ways that a payments partner can help enhance an organisation – those fintechs that constantly engage with merchants and think about how they can add value will stay ahead of the game .”
He says that Adyen works continuously with its merchants to enhance its platform solutions and services , because it ’ s critical to meet the needs of customers and improve operations so that they are always in line with the cutting edge of payment innovation . Providing embedded products is a new trend that is in increasingly high demand too .
“ Ensuring our merchants are getting all the insights and intelligence they can from their payments is a key priority at the moment .
“ We also recently announced our expansion beyond payments to build embedded financial products . These products will enable platforms and marketplaces to create tailored financial experiences for their users such as small business owners or individual sellers .”
Competition in the corporate payments space But , as an increasing amount of solutions are presented and technology keeps reinventing what is most effective , corporate payment service providers are in a constant race to stay ahead of the innovation curve . fintechmagazine . com 61