PAYMENT SOLUTIONS
Shannon Kreps , Vice President of product marketing ,
Medius , a global spend management fintech , agrees . She says , “ Automation enables manual and timeconsuming tasks such as the accounts payable ( AP ) process to be managed far more quickly and accurately .”
She also points out that the fundamental purpose of automation is to boost business productivity – for example in the case of AP automation , automating payments enables it to automate workflows , reducing chances of common errors such as incorrect PO numbers , line items not matching POs , missing VAT numbers and invoices that have been addressed to the wrong department , she says , “ occur all too frequently .”
But it ' s not only about streamlining back office processes . Automation in the payment solutions space has also been massively instrumental in driving forward ecommerce and enabling multiple payment points .
Julie Chariell , Senior Analyst , Fintech ,
Bloomberg Intelligence believes the proliferation of electronic payments has contributed to greater adoption of e-commerce , by enabling multiple types of payments beyond cash and check at the point store . “ This , along with the introduction of NFC ( near-field communications ) technology , has enabled contactless payments at the point of sale , where smartphones or NFC-enabled cards can be held near a reader as a touchless way to pay . While this technology existed before the pandemic , Covid-19 and the related desire to avoid touching anything , especially cash , drove rapid adoption .” In essence , automation is at the heart of all the latest innovations in the paytech space that are driving the online transaction revolution .
Payment technology drivers According to
Francesco Fulcoli , Chief Compliance Officer for
TransferGo , there are currently three main technologies that drive automation in paytech . The first is the way companies acquire customers . Between KYC providers and specialist screening and geolocation technologies , fintechs can verify , process and conduct customer riskassessments in real-time , leading to an onboarding time of under two minutes .
Fulcoli explains that as part of this , AI and machine learning is key to the growth of automation in paytech . He says , “ When
72 December 2021