Payments-As-A-Service: How Financial Institutions Can Accelerate Finance Transformation for SMBs
For the majority of small and mid-size businesses (SMBs), making vendor payments is a manual, ad hoc, paper-based process filled with tremendous inefficiencies and costs. While there is a desire to automate these workflows, finding the right solutions can be difficult. Cloud-based Payments-as-a-Service is a new opportunity for many SMBs to easily leverage their banking partners to address the challenges in their payment processes. This panel session provides the perspective of both SMBs and financial institutions on the best and worst ways for SMBs to work with their banking partners on Payments-as-a-Service to reduce costs and inefficiencies associated with vendor payments.
Questions answered during this session:
1. Is my FI the right partner for Payments-as-a-Service?
2. How can my FI help me automate my accounts payable processes, and what are the best and worst ways to work with them to accomplish that?