FINANCIAL SERVICES
“ We can expect to see services that allow businesses to bridge seamlessly between the crypto and fiat economies to win widespread adoption ”
CHRIS HARMSE CO-FOUNDER AND VP OF REVENUE , BVNK
New corporate payment trends post 2022 As increasing the speed and agility of transactions is good for business , more companies than ever before are recognising the need to shift from traditional service . Neil says this will be even more important in the current environment where businesses face more competition for consumers ’ discretionary spend . “ Adyen ’ s research shows that those UK businesses that connect payment systems across their entire organisations ( operations , marketing , sales etc ) outperform their competitors , adding 4 % to their growth . But , currently , only 21 % of UK businesses take this approach ,” he points out .
Mary Ann Francis , Associate Partner Payments , IBM Consulting , says making use of the digital ecosystem is critical in driving the corporate payments space forward . “ We like to ask the financial institutions and corporate clients with whom we work : ‘ What do you want to be good at ? What don ' t you want to do anymore ? Who can we get to help take those activities off your hands ? Do you have a plan in place to make that happen ?’” She continues : “ Back-end legacy systems have become commodities that can be replaced with cloud solutions and managed services , freeing up budget and personnel to focus on more strategic
62 August 2022