Posted November 18, 2014
NACHA’s Payments Innovation Alliance Announces Release of White Paper: “The Future of Corporate Payments”
Paper Explores Evolving Landscape of Corporate Payments and the Role Financial Institutions Can Play in Supporting Changing Needs of Corporate Customers
HERNDON, Va., November 18, 2014 – Today, NACHA – The Electronic Payments Association’s Payments Innovation Alliance announced the release of its first white paper. The paper, titled "The Future of Corporate Payments," takes an in-depth look at the evolving landscape of corporate payments, providing an overview of corporate payment developments and the challenges and opportunities these developments present to financial institutions.
The white paper explores advances such as mobile B2B transactions, real-time payments and data standards, and the ways in which corporates are utilizing these products and services. The paper also outlines the challenges and opportunities financial institutions are now facing in meeting the needs of corporate customers as they relate to small to medium enterprise (SME) banking, straight-through processing, utilization of ACH payments, international payments and standards, and electronic invoicing. Additionally, the paper raises a number of strategic questions around corporate payments that financial institutions should evaluate to help ensure they are prepared for the current and future needs of corporate customers.
“We are excited to be able to share The Future of Corporate Payments white paper with the payments industry,” said George Throckmorton, Managing Director, Advanced Payments Solutions at NACHA. “The paper serves as an opportunity to engage the industry in dialogue and discussion around corporate payments innovation, and how financial institutions and payments providers can better meet the needs of the corporate sector as a whole.”
“The pace of change in corporate payments is due to increase in the next decade, and banks are in a position to rise to the challenge," said Leo Lipis, Managing Director, Lipis & Lipis, who helped develop the white paper. "While there have already been advances, consumer payments have benefitted from more rapid payment innovation, making electronic payments faster, more convenient and safer to use. The Future of Corporate Payments white paper identifies a number of opportunities for improvement with respect to corporate payments, and articulates the critical role financial institutions can play in providing offerings that successfully meet the evolving needs of their corporate customers.”
The Future of Corporate Payments is the first white paper issued by NACHA’s Payments Innovation Alliance, a new membership group that serves as the voice of the payments industry. The Alliance brings together stakeholders from across the global payments industry to meet, network, learn, and debate issues to drive change and support innovation. Members also participate in special projects that identify and test new payments ideas and solutions.
For more information about The Future of Corporate Payments white paper or to download a copy, visit www.nacha.org/alliance.
About the Payments Innovation Alliance
The Payments Innovation Alliance, a program of NACHA –The Electronic Payments Association®, brings together diverse, global stakeholders to support payments innovation, collaboration, and results through discussion, debate, education, networking, and special projects that support the ACH Network and the payments industry worldwide. By organizing content and focus across all payment areas, including emerging payment technologies, electronic billing and presentment, mobile, payment security/risk, check conversion and global payments, the Alliance seeks to grow and advance payments and payments technology to better meet and serve the needs of the evolving industry. For more information and to learn how to join, visit www.nacha.org/alliance.