![\"\u2122\"](\"https://s.w.org/images/core/emoji/15.0.3/72x72/2122.png\")
shoppers, preferring shopping journeys that combine the digital and the physical.Payments represent the lifeblood of business success. And business success, like payments, is inherently complex.
\nThis inherent complexity, arising because today\u2019s payments sit at the intersection of technology, finance, regulation, and end-user behavior, can impede businesses\u2019 ability to maximize revenue.
\n\u201cThe payments industry has moved faster, technology has changed, consumer needs and experiences, and innovation have all changed significantly, not just along the last 20 years, but in the last three to five years,\u201d Laura Miller, chief revenue officer and global head of eCommerce at Nuvei, told PYMNTS.
\nMiller said the complexity of payments, payment analytics and risk management represent the three \u201cmost significant\u201d pain points that businesses must overcome to unlock revenue potential through payments optimization.
\nBut navigating the labyrinth of options, regulations and risks composing today\u2019s payments landscape is far from easy, even for the most sophisticated and forward-thinking firms.
\nOne of the most significant hurdles in payment optimization is the sheer complexity of the payments industry. Over the past few years, particularly accelerated by the COVID-19 pandemic, consumer expectations have evolved. Customers now demand the ability to pay anywhere, anytime, in a safe and secure manner. However, with this convenience comes a host of challenges.
\n\u201cThe payment experience can be daunting for consumers,\u201d Miller said. \u201cFrom error messages to internet stability, and the vast array of payment options, each of these factors can either enhance or hinder the customer experience.\u201d The proliferation of global payment methods adds another layer of complexity, making it imperative for businesses to approach the payment process holistically.
\nNuvei recognizes these challenges, Miller said, noting the company has developed pretransaction tools such as smart routing and adaptive approvals to streamline payment transactions. These tools not only reduce complexity but also improve transaction success rates, with some clients seeing a 5% increase in successful transactions.
\nAt the same time, the vast array of payment options available today presents a double-edged sword for businesses. While offering multiple payment methods can attract a broader customer base, it can also lead to confusion and inefficiencies. Striking the right balance between choice and operational efficiency is crucial.
\n\u201cThere\u2019s always a trade-off,\u201d Miller said. \u201cThe more choice, the more confusing it can be for consumers.\u201d
\nShe added that by embracing a localized approach and identifying the optimal alternative payment methods for their specific markets, businesses can present the right payment options to the right consumers, enhancing the overall customer experience.
\nIn the digital age, data is abundant, but leveraging this data effectively remains a critical issue for many businesses. According to Miller, nearly a third of businesses report that limited data visibility is a missed opportunity to boost revenue. The key lies in using this data to improve payment processes and, ultimately, customer satisfaction.
\nRisk management remains a cornerstone of payment processing. As the industry evolves, so do the risks, particularly in the form of fraud. \u201cBusinesses face substantial financial losses due to fraud, which can amount to billions of dollars annually,\u201d Miller warned, noting that fraud not only impacts the bottom line but also erodes customer trust and loyalty.
\nLooking ahead, Miller highlighted three key trends that are set to revolutionize payment optimization: artificial intelligence (AI) and machine learning, biometrics and contextual payments.
\nAI and machine learning are already playing a role in enhancing fraud detection and personalizing payment experiences. By automating processes, these technologies enable businesses to realize revenue faster and with greater accuracy. Meanwhile, biometrics, particularly in authentication, promises to simplify and speed up payment processes while enhancing security.
\nPerhaps the most exciting development is the rise of contextual payments, which Miller described as a way to enable and automate payments during personal moments.
\n\u201cContextual payments create an emotional connection for consumers, making them feel confident in their purchases,\u201d Miller said, citing as an example an end user watching their favorite show and instantly purchasing items featured on screen, or seamlessly paying for services through a mobile device while on the go. This trend has the potential to transform the way consumers interact with businesses, she added, making payments a more integrated and intuitive part of everyday life.
\nThe post Gain Without the Pain: Nuvei Head of eComm on What\u2019s Driving Payments Optimization appeared first on PYMNTS.com.
\n", "content_text": "Payments represent the lifeblood of business success. And business success, like payments, is inherently complex. \nThis inherent complexity, arising because today\u2019s payments sit at the intersection of technology, finance, regulation, and end-user behavior, can impede businesses\u2019 ability to maximize revenue.\n\u201cThe payments industry has moved faster, technology has changed, consumer needs and experiences, and innovation have all changed significantly, not just along the last 20 years, but in the last three to five years,\u201d Laura Miller, chief revenue officer and global head of eCommerce at Nuvei, told PYMNTS. \nMiller said the complexity of payments, payment analytics and risk management represent the three \u201cmost significant\u201d pain points that businesses must overcome to unlock revenue potential through payments optimization. \nBut navigating the labyrinth of options, regulations and risks composing today\u2019s payments landscape is far from easy, even for the most sophisticated and forward-thinking firms. \nManaging the Complexity of Payments\nOne of the most significant hurdles in payment optimization is the sheer complexity of the payments industry. Over the past few years, particularly accelerated by the COVID-19 pandemic, consumer expectations have evolved. Customers now demand the ability to pay anywhere, anytime, in a safe and secure manner. However, with this convenience comes a host of challenges.\n\u201cThe payment experience can be daunting for consumers,\u201d Miller said. \u201cFrom error messages to internet stability, and the vast array of payment options, each of these factors can either enhance or hinder the customer experience.\u201d The proliferation of global payment methods adds another layer of complexity, making it imperative for businesses to approach the payment process holistically.\nNuvei recognizes these challenges, Miller said, noting the company has developed pretransaction tools such as smart routing and adaptive approvals to streamline payment transactions. These tools not only reduce complexity but also improve transaction success rates, with some clients seeing a 5% increase in successful transactions.\nAt the same time, the vast array of payment options available today presents a double-edged sword for businesses. While offering multiple payment methods can attract a broader customer base, it can also lead to confusion and inefficiencies. Striking the right balance between choice and operational efficiency is crucial.\n\u201cThere\u2019s always a trade-off,\u201d Miller said. \u201cThe more choice, the more confusing it can be for consumers.\u201d \nShe added that by embracing a localized approach and identifying the optimal alternative payment methods for their specific markets, businesses can present the right payment options to the right consumers, enhancing the overall customer experience.\nPower of Payment Analytics\nIn the digital age, data is abundant, but leveraging this data effectively remains a critical issue for many businesses. According to Miller, nearly a third of businesses report that limited data visibility is a missed opportunity to boost revenue. The key lies in using this data to improve payment processes and, ultimately, customer satisfaction.\nRisk management remains a cornerstone of payment processing. As the industry evolves, so do the risks, particularly in the form of fraud. \u201cBusinesses face substantial financial losses due to fraud, which can amount to billions of dollars annually,\u201d Miller warned, noting that fraud not only impacts the bottom line but also erodes customer trust and loyalty.\nLooking ahead, Miller highlighted three key trends that are set to revolutionize payment optimization: artificial intelligence (AI) and machine learning, biometrics and contextual payments.\nAI and machine learning are already playing a role in enhancing fraud detection and personalizing payment experiences. By automating processes, these technologies enable businesses to realize revenue faster and with greater accuracy. Meanwhile, biometrics, particularly in authentication, promises to simplify and speed up payment processes while enhancing security.\nPerhaps the most exciting development is the rise of contextual payments, which Miller described as a way to enable and automate payments during personal moments. \n\u201cContextual payments create an emotional connection for consumers, making them feel confident in their purchases,\u201d Miller said, citing as an example an end user watching their favorite show and instantly purchasing items featured on screen, or seamlessly paying for services through a mobile device while on the go. This trend has the potential to transform the way consumers interact with businesses, she added, making payments a more integrated and intuitive part of everyday life.\nThe post Gain Without the Pain: Nuvei Head of eComm on What\u2019s Driving Payments Optimization appeared first on PYMNTS.com.", "date_published": "2024-08-14T04:02:28-04:00", "date_modified": "2024-08-13T21:19:28-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/Nuvei-payments-orchestration.jpg", "tags": [ "AI", "artificial intelligence", "Contextual Payments", "data analytics", "Featured News", "Laura Miller", "machine learning", "News", "Nuvei", "payment options", "Payments Innovation", "payments optimization", "Payments Processing", "personalization", "PYMNTS News", "pymnts tv", "risk management", "video" ] }, { "id": "https://www.pymnts.com/?p=2052011", "url": "https://www.pymnts.com/news/b2b-payments/2024/3-ways-banking-landscape-has-elevated-treasury-function/", "title": "Optimizing Bank Relationships Challenges the Real-Time Treasury Executive", "content_html": "A strong treasury department sees its banks not just as service providers, but as growth partners.
\nAgainst that backdrop, the digital transformation of the banking sector is increasingly reshaping \u2014 and enhancing \u2014 the operations of traditional treasury teams.
\nThe global banking landscape has seen several changes in recent years. Regulatory reforms, the rise of FinTech and the accelerated digitization of financial services have all redefined how banks operate and interact with their corporate clients.
\nTraditional banking relationships, once characterized by face-to-face interactions and manual processes, are increasingly being replaced by digital platforms that offer treasurers real-time insights, automation and a broader range of financial products.
\nThis shift has implications for the entire enterprise function.
\nAn important part of treasury management has always been maintaining the optimal number of banking relationships. However, the definition of \u201coptimal\u201d is changing. In the past, having too many banking relationships could lead to inefficiencies, higher costs and complexity in managing multiple accounts and counterparties. Today, the concept of redundancy in banking relationships is being redefined to focus on strategic flexibility and resilience.
\nFrom real-time insights to intelligent cash flow forecasting and automated payments and reconciliations, the digitization of the banking landscape provides corporate treasurers \u2014 and their organizations \u2014 more opportunities to capture growth and mitigate uncertainty.
\nRead also: Treasury\u2019s Digital Migration Creates Greater Synergies With Finance Function
\nRedundancy is no longer just about having backup banks in case of a counterparty failure. It\u2019s about creating a network of banking partners that can provide different capabilities and services, which can be tapped into depending on market conditions, regulatory changes or business needs.
\nThis approach allows treasury teams to diversify their risk, access a broader range of financial products, and ensure that they can continue to operate smoothly even if one banking partner faces difficulties.
\nWhere treasurers once relied on a few banking partners for a limited set of services, they now have access to a wider array of banks, FinTech providers and digital financial products. This expanded ecosystem allows for greater flexibility and customization in how treasury functions manage liquidity, hedge risks and optimize working capital.
\nFor instance, partnering with banks that specialize in different areas, such as trade finance, foreign exchange or digital payments, can help treasury teams optimize their operations and tap into growth opportunities.
\n\u201cMany treasurers are thinking, \u2018Well, how can I extract that last ounce of juice from my financial ecosystem?\u2019\u201d Ambrish Bansal, global head of Liquidity and Cash Concentration Products for the Citi Treasury and Trade Solutions business, told PYMNTS this month.
\n\u201cI see the role of treasury becoming more central to [the enterprise\u2019s] business strategy, to the growth strategy, to the expansion strategy \u2014 and quite frankly, to the sustainability strategy,\u201d Bansal added. \u201cThe treasury team plays a pivotal role.\u201d
\nSee also: Unlocking the Critical Role of Treasurers in Corporate Decision-Making
\nFrom real-time payments and innovative settlement solutions to artificial intelligence-driven cash forecasting and supply chain financing platforms, treasurers now have access to tools that can enhance their ability to manage cash flows, mitigate risks and support business growth.
\nTreasurers today must be more agile in decision-making, Claudia Villasis-Wallraff, head of data driven treasury at Deutsche Bank, told PYMNTS in June.
\n\u201cCompanies need to adopt new technology,\u201d she said. \u201cAnd with this, I not only mean adopting API connectivity, but also cloud functions and artificial intelligence.\u201d
\n\u201cShareholders and the C-level are going to start asking more and requesting more from their treasury teams,\u201d she added.
\nLooking ahead, the ability to create operational cash flow forecasting without manual intervention will be a game changer for treasury teams, she said. This automation can streamline treasury operations, allowing treasurers to focus on more strategic tasks.
\nOne of the most impactful innovations across the corporate back office has been the rise of real-time treasury management systems. These platforms integrate with multiple banking partners and financial products, providing treasurers with real-time visibility into their cash positions across accounts, currencies and regions. By using real-time data, treasurers can make more informed decisions, optimize liquidity management, and work to reduce the cost of borrowing.
\nWith this knowledge at their fingertips, forward-thinking treasurers will be expected to act as strategic advisors to their organizations, using their insights into the financial markets and their understanding of the company\u2019s financial needs to drive growth and operational efficiency.
\nThis view is supported by the latest PYMNTS Intelligence, which found that 77% of treasurers said at least one department in their organization would benefit from closer collaboration with them.
\nFor all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.
\nThe post Optimizing Bank Relationships Challenges the Real-Time Treasury Executive appeared first on PYMNTS.com.
\n", "content_text": "A strong treasury department sees its banks not just as service providers, but as growth partners.\nAgainst that backdrop, the digital transformation of the banking sector is increasingly reshaping \u2014 and enhancing \u2014 the operations of traditional treasury teams.\nThe global banking landscape has seen several changes in recent years. Regulatory reforms, the rise of FinTech and the accelerated digitization of financial services have all redefined how banks operate and interact with their corporate clients.\nTraditional banking relationships, once characterized by face-to-face interactions and manual processes, are increasingly being replaced by digital platforms that offer treasurers real-time insights, automation and a broader range of financial products.\nThis shift has implications for the entire enterprise function.\nAn important part of treasury management has always been maintaining the optimal number of banking relationships. However, the definition of \u201coptimal\u201d is changing. In the past, having too many banking relationships could lead to inefficiencies, higher costs and complexity in managing multiple accounts and counterparties. Today, the concept of redundancy in banking relationships is being redefined to focus on strategic flexibility and resilience.\nFrom real-time insights to intelligent cash flow forecasting and automated payments and reconciliations, the digitization of the banking landscape provides corporate treasurers \u2014 and their organizations \u2014 more opportunities to capture growth and mitigate uncertainty.\nRead also: Treasury\u2019s Digital Migration Creates Greater Synergies With Finance Function\nThe Future of Enterprise Treasury Is Redundant \u2014 in a Good Way\nRedundancy is no longer just about having backup banks in case of a counterparty failure. It\u2019s about creating a network of banking partners that can provide different capabilities and services, which can be tapped into depending on market conditions, regulatory changes or business needs.\nThis approach allows treasury teams to diversify their risk, access a broader range of financial products, and ensure that they can continue to operate smoothly even if one banking partner faces difficulties.\nWhere treasurers once relied on a few banking partners for a limited set of services, they now have access to a wider array of banks, FinTech providers and digital financial products. This expanded ecosystem allows for greater flexibility and customization in how treasury functions manage liquidity, hedge risks and optimize working capital.\nFor instance, partnering with banks that specialize in different areas, such as trade finance, foreign exchange or digital payments, can help treasury teams optimize their operations and tap into growth opportunities.\n\u201cMany treasurers are thinking, \u2018Well, how can I extract that last ounce of juice from my financial ecosystem?\u2019\u201d Ambrish Bansal, global head of Liquidity and Cash Concentration Products for the Citi Treasury and Trade Solutions business, told PYMNTS this month.\n\u201cI see the role of treasury becoming more central to [the enterprise\u2019s] business strategy, to the growth strategy, to the expansion strategy \u2014 and quite frankly, to the sustainability strategy,\u201d Bansal added. \u201cThe treasury team plays a pivotal role.\u201d\nSee also: Unlocking the Critical Role of Treasurers in Corporate Decision-Making\nFrom real-time payments and innovative settlement solutions to artificial intelligence-driven cash forecasting and supply chain financing platforms, treasurers now have access to tools that can enhance their ability to manage cash flows, mitigate risks and support business growth.\nTreasurers today must be more agile in decision-making, Claudia Villasis-Wallraff, head of data driven treasury at Deutsche Bank, told PYMNTS in June.\n\u201cCompanies need to adopt new technology,\u201d she said. \u201cAnd with this, I not only mean adopting API connectivity, but also cloud functions and artificial intelligence.\u201d\n\u201cShareholders and the C-level are going to start asking more and requesting more from their treasury teams,\u201d she added.\nLooking ahead, the ability to create operational cash flow forecasting without manual intervention will be a game changer for treasury teams, she said. This automation can streamline treasury operations, allowing treasurers to focus on more strategic tasks.\nOne of the most impactful innovations across the corporate back office has been the rise of real-time treasury management systems. These platforms integrate with multiple banking partners and financial products, providing treasurers with real-time visibility into their cash positions across accounts, currencies and regions. By using real-time data, treasurers can make more informed decisions, optimize liquidity management, and work to reduce the cost of borrowing.\nWith this knowledge at their fingertips, forward-thinking treasurers will be expected to act as strategic advisors to their organizations, using their insights into the financial markets and their understanding of the company\u2019s financial needs to drive growth and operational efficiency.\nThis view is supported by the latest PYMNTS Intelligence, which found that 77% of treasurers said at least one department in their organization would benefit from closer collaboration with them.\nFor all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.\nThe post Optimizing Bank Relationships Challenges the Real-Time Treasury Executive appeared first on PYMNTS.com.", "date_published": "2024-08-13T16:42:23-04:00", "date_modified": "2024-08-13T21:34:01-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/treasury-management-banking-partners.jpg", "tags": [ "automation", "B2B", "B2B Payments", "banking", "Banks", "commercial payments", "Digital Banking", "digital transformation", "Featured News", "News", "PYMNTS News", "real-time treasury", "treasury", "treasury transformation" ] }, { "id": "https://www.pymnts.com/?p=2051972", "url": "https://www.pymnts.com/news/b2b-payments/2024/sage-expands-ap-automation-product-to-businesses-worldwide/", "title": "Sage Expands AP Automation Product to Businesses Worldwide", "content_html": "Business management software firm\u00a0Sage\u00a0is expanding its AP automation offering.
\nThe company, which makes accounting, financial, HR and payroll products for small and medium-sized businesses (SMBs),\u00a0announced\u00a0the expansion Tuesday (Aug. 13) as part of a series of enhancements and updates for customers of its Sage Intacct offering.
\n\u201cAs part of this major expansion, Sage Intacct is rolling out AP Automation globally,\u201d the company said in a news release.
\n\u201cIn the US, businesses are already processing over 10,000 bills per month using this innovative tool, which utilizes AI to halve the time taken for accounts payable processes while saving organizations over $100,000 per year.\u201d
\nAccording to the release, AP Automation streamlines financial workflows by automatically creating draft bills from uploaded documents, and spotting issues such as duplicates, while reducing data entry efforts and costs.
\nDan Miller, executive vice president of Sage\u2019s financials and ERP division, said the company is the first mid-market solution offering AP automation outside the U.S.
\n\u201cWhat\u2019s more, our ongoing global expansion and the achievement of significant certifications, showcases our commitment to providing globally compliant, secure, and robust financial solutions that meet the diverse needs of businesses everywhere,\u201d Miller said.
\nSage is using artificial intelligence (AI)-powered accounts payable (AP) automation at a time when, as noted here last month, AP is \u201cbeing recognized for its potential to become a growth engine for businesses.\u201d
\nBut as\u00a0Melissa Johnson, head of operations at\u00a0Ottimate, told PYMNTS, many companies are still relying on outdated and fragmented systems, leading to inefficiencies, as well as the increased risk of errors and fraud.
\n\u201cFirst and foremost, eliminating that manual data entry is key. It\u2019s expensive, probably more expensive than companies realize, as well as being error prone, inefficient, and having a high risk of fraud,\u201d Johnson said.
\n\u201cA lot of finance leaders are unfamiliar with the latest\u00a0AP automation\u00a0technologies,\u201d she added. \u201cThey might have looked at the technology a few years ago and found it not quite ready. But the landscape has changed dramatically, and those who adopt automation often don\u2019t look back.\u201d
\nAt the same time, adhering to a \u201cless is more\u201d philosophy can help companies move closer to unlocking growth via their AP functions. PYMNTS Intelligence data has found that\u00a0nearly 60%\u00a0of large firms are using at least five different AP systems, \u201ca setup that is far from ideal.\u201d
\nFor all PYMNTS B2B coverage, subscribe to the daily\u00a0B2B Newsletter.
\nThe post Sage Expands AP Automation Product to Businesses Worldwide appeared first on PYMNTS.com.
\n", "content_text": "Business management software firm\u00a0Sage\u00a0is expanding its AP automation offering.\nThe company, which makes accounting, financial, HR and payroll products for small and medium-sized businesses (SMBs),\u00a0announced\u00a0the expansion Tuesday (Aug. 13) as part of a series of enhancements and updates for customers of its Sage Intacct offering.\n\u201cAs part of this major expansion, Sage Intacct is rolling out AP Automation globally,\u201d the company said in a news release.\n\u201cIn the US, businesses are already processing over 10,000 bills per month using this innovative tool, which utilizes AI to halve the time taken for accounts payable processes while saving organizations over $100,000 per year.\u201d\nAccording to the release, AP Automation streamlines financial workflows by automatically creating draft bills from uploaded documents, and spotting issues such as duplicates, while reducing data entry efforts and costs.\nDan Miller, executive vice president of Sage\u2019s financials and ERP division, said the company is the first mid-market solution offering AP automation outside the U.S.\n\u201cWhat\u2019s more, our ongoing global expansion and the achievement of significant certifications, showcases our commitment to providing globally compliant, secure, and robust financial solutions that meet the diverse needs of businesses everywhere,\u201d Miller said.\nSage is using artificial intelligence (AI)-powered accounts payable (AP) automation at a time when, as noted here last month, AP is \u201cbeing recognized for its potential to become a growth engine for businesses.\u201d\nBut as\u00a0Melissa Johnson, head of operations at\u00a0Ottimate, told PYMNTS, many companies are still relying on outdated and fragmented systems, leading to inefficiencies, as well as the increased risk of errors and fraud.\n\u201cFirst and foremost, eliminating that manual data entry is key. It\u2019s expensive, probably more expensive than companies realize, as well as being error prone, inefficient, and having a high risk of fraud,\u201d Johnson said.\n\u201cA lot of finance leaders are unfamiliar with the latest\u00a0AP automation\u00a0technologies,\u201d she added. \u201cThey might have looked at the technology a few years ago and found it not quite ready. But the landscape has changed dramatically, and those who adopt automation often don\u2019t look back.\u201d\nAt the same time, adhering to a \u201cless is more\u201d philosophy can help companies move closer to unlocking growth via their AP functions. PYMNTS Intelligence data has found that\u00a0nearly 60%\u00a0of large firms are using at least five different AP systems, \u201ca setup that is far from ideal.\u201d\nFor all PYMNTS B2B coverage, subscribe to the daily\u00a0B2B Newsletter.\nThe post Sage Expands AP Automation Product to Businesses Worldwide appeared first on PYMNTS.com.", "date_published": "2024-08-13T16:21:33-04:00", "date_modified": "2024-08-13T22:09:01-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/02/Sage-accounting.jpg", "tags": [ "accounts payable", "AP automation", "B2B", "B2B Payments", "commercial payments", "News", "PYMNTS News", "Sage", "Sage Intacct", "What's Hot", "What's Hot In B2B" ] }, { "id": "https://www.pymnts.com/?p=2051936", "url": "https://www.pymnts.com/news/retail/2024/ahold-delhaize-vp-says-digital-convenience-erodes-shopper-loyalty/", "title": "Ahold Delhaize Exec Says Digital Convenience Can Mean Fewer Loyal Shoppers", "content_html": "As consumers, especially younger generations, grow accustomed to having their needs met at a rapid pace, Ahold Delhaize is seeing shoppers be less loyal to specific brands.
\nIn an interview with PYMNTS, Bobby Watts, SVP executive lead at the grocery giant\u2019s AD Retail Media arm, spoke to how both the current economic climate and the rise of digital are eroding grocery shoppers\u2019 loyalty.
\n\u201cThey\u2019re not as brand loyal as they used to be. \u2026 I think it\u2019s [because of] two things. I definitely think that economic pressures are causing consumers to make choices \u2026 based on price or promotion or value,\u201d Watts said. \u201cBut we also see \u2026 the younger generation has grown up in a world where everything is instantaneous, and things are moving at such a fast pace, that they\u2019re willing now to experiment more and test different brands, whereas the other demographics may not be as apt to do so.\u201d
\nIndeed, consumers are making changes to their grocery purchasing habits in response to cost pressures. PYMNTS Intelligence data show that 36% of consumers have traded down from their go-to grocery products to cheaper versions of them in response to inflation.
\nIn fact, grocery shoppers tend to show considerably stronger affinity toward merchants than products. PYMNTS Intelligence research shows that 53% of grocery customers say that they are more loyal to merchants than products, and only 35% are more loyal to products than merchants.
\nOne of the ways that brands are looking to win consumers\u2019 loyalty is through personalization, but not all such initiatives are successful. Shoppers increasingly expect tailored offers and recommendations that align with their preferences and purchase history. However, many find themselves underwhelmed by the generic nature of the promotions they receive.
\n\u201cWe want to make sure that we\u2019re \u2026 using first-party data to create value for them, and we do that through personalized offers,\u201d Watts said. \u201cWe want to make sure [there are] things in offers that are relevant to them based on their purchase history.\u201d
\nPYMNTS Intelligence\u2019s study \u201cPersonalized Offers Are Powerful \u2014 But Too Often Off-Base\u201d finds that 83% of consumers are interested in receiving personalized offers, but only 44% find the ones that they are currently receiving to be very relevant to their needs.
\nBy analyzing consumer purchase patterns and engagement metrics, retailers can deliver more relevant and timely offers, enhancing the overall shopping experience and fostering deeper customer relationships.
\nAhold Delhaize is seeing 90% of purchases come through its brick-and-mortar stores.
\n\u201cWhat\u2019s old is new again,\u201d Watts said. \u201cWe seem to be taking things back in store.\u201d
\nWatts highlighted that the integration of retail media with physical stores is part of this resurgence of in-person, with on-site digital interfaces in these stores creating a hybrid retail media space. Retailers are combining these technologies with analog brand signage and mobile app integrations to engage consumers at multiple touchpoints within the store environment.
\nAdditionally, the omnichannel behavior of grocery shoppers has been significantly shaped by the pandemic. The rise of click-and-collect, expedited pickup windows, and third-party delivery services such as DoorDash and Instacart demonstrate the flexibility and immediacy consumers now demand.
\nWatts observed that shoppers are not confined to a single mode of shopping; instead, they seamlessly navigate between digital and physical channels based on convenience and availability.
\nThe PYMNTS Intelligence study \u201c2024 Global Digital Shopping Index: U.S. Edition,\u201d created in collaboration with\u00a0Visa Acceptance Solutions, found that roughly a third of U.S. consumers are Click-and-Mortar shoppers, preferring shopping journeys that combine the digital and the physical.
Looking ahead, as the retail media network aims to understand shoppers\u2019 behavior across digital and physical channels, Watts expects artificial intelligence (AI) and machine learning (ML) to play a key role.
\n\u201cOne of the things that we\u2019re working on is, how do we think about bringing a generative AI layer over top of media planning, so that you have all the signals coming from the multitude of channels that we offer,\u201d Watts said. \u201cLeveraging generative AI and ML to create the loop that takes the wonderful first-party data and measurement capabilities we have as a retail media network \u2026 to build a media plan based on mission objectives.\u201d
\nThe post Ahold Delhaize Exec Says Digital Convenience Can Mean Fewer Loyal Shoppers appeared first on PYMNTS.com.
\n", "content_text": "As consumers, especially younger generations, grow accustomed to having their needs met at a rapid pace, Ahold Delhaize is seeing shoppers be less loyal to specific brands.\nIn an interview with PYMNTS, Bobby Watts, SVP executive lead at the grocery giant\u2019s AD Retail Media arm, spoke to how both the current economic climate and the rise of digital are eroding grocery shoppers\u2019 loyalty.\n\u201cThey\u2019re not as brand loyal as they used to be. \u2026 I think it\u2019s [because of] two things. I definitely think that economic pressures are causing consumers to make choices \u2026 based on price or promotion or value,\u201d Watts said. \u201cBut we also see \u2026 the younger generation has grown up in a world where everything is instantaneous, and things are moving at such a fast pace, that they\u2019re willing now to experiment more and test different brands, whereas the other demographics may not be as apt to do so.\u201d\nIndeed, consumers are making changes to their grocery purchasing habits in response to cost pressures. PYMNTS Intelligence data show that 36% of consumers have traded down from their go-to grocery products to cheaper versions of them in response to inflation.\nIn fact, grocery shoppers tend to show considerably stronger affinity toward merchants than products. PYMNTS Intelligence research shows that 53% of grocery customers say that they are more loyal to merchants than products, and only 35% are more loyal to products than merchants.\nGetting Personal\nOne of the ways that brands are looking to win consumers\u2019 loyalty is through personalization, but not all such initiatives are successful. Shoppers increasingly expect tailored offers and recommendations that align with their preferences and purchase history. However, many find themselves underwhelmed by the generic nature of the promotions they receive.\n\u201cWe want to make sure that we\u2019re \u2026 using first-party data to create value for them, and we do that through personalized offers,\u201d Watts said. \u201cWe want to make sure [there are] things in offers that are relevant to them based on their purchase history.\u201d\nPYMNTS Intelligence\u2019s study \u201cPersonalized Offers Are Powerful \u2014 But Too Often Off-Base\u201d finds that 83% of consumers are interested in receiving personalized offers, but only 44% find the ones that they are currently receiving to be very relevant to their needs.\nBy analyzing consumer purchase patterns and engagement metrics, retailers can deliver more relevant and timely offers, enhancing the overall shopping experience and fostering deeper customer relationships.\n\u2018What\u2019s Old Is New Again\u2019\nAhold Delhaize is seeing 90% of purchases come through its brick-and-mortar stores.\n\u201cWhat\u2019s old is new again,\u201d Watts said. \u201cWe seem to be taking things back in store.\u201d\nWatts highlighted that the integration of retail media with physical stores is part of this resurgence of in-person, with on-site digital interfaces in these stores creating a hybrid retail media space. Retailers are combining these technologies with analog brand signage and mobile app integrations to engage consumers at multiple touchpoints within the store environment.\nAdditionally, the omnichannel behavior of grocery shoppers has been significantly shaped by the pandemic. The rise of click-and-collect, expedited pickup windows, and third-party delivery services such as DoorDash and Instacart demonstrate the flexibility and immediacy consumers now demand.\nWatts observed that shoppers are not confined to a single mode of shopping; instead, they seamlessly navigate between digital and physical channels based on convenience and availability.\nThe PYMNTS Intelligence study \u201c2024 Global Digital Shopping Index: U.S. Edition,\u201d created in collaboration with\u00a0Visa Acceptance Solutions, found that roughly a third of U.S. consumers are Click-and-Mortar shoppers, preferring shopping journeys that combine the digital and the physical.\nLooking ahead, as the retail media network aims to understand shoppers\u2019 behavior across digital and physical channels, Watts expects artificial intelligence (AI) and machine learning (ML) to play a key role.\n\u201cOne of the things that we\u2019re working on is, how do we think about bringing a generative AI layer over top of media planning, so that you have all the signals coming from the multitude of channels that we offer,\u201d Watts said. \u201cLeveraging generative AI and ML to create the loop that takes the wonderful first-party data and measurement capabilities we have as a retail media network \u2026 to build a media plan based on mission objectives.\u201d\nThe post Ahold Delhaize Exec Says Digital Convenience Can Mean Fewer Loyal Shoppers appeared first on PYMNTS.com.", "date_published": "2024-08-13T15:03:09-04:00", "date_modified": "2024-08-13T21:43:51-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/06/grocery-shoppers-omnichannel.png", "tags": [ "Ahold Delhaize", "Bobby Watts", "brand loyalty", "brick and mortar", "convenience", "Featured News", "grocery", "News", "PYMNTS Intelligence", "PYMNTS News", "Retail" ] }, { "id": "https://www.pymnts.com/?p=2051891", "url": "https://www.pymnts.com/news/2024/citi-digital-assets-exec-shobhit-maini-reportedly-leaving-banks-market-unit/", "title": "Citi Digital Assets Exec Shobhit Maini Reportedly Leaving Bank\u2019s Market Unit", "content_html": "The head of digital assets for Citi\u2019s markets unit is reportedly stepping down.
\nShobhit Maini, who has held that job since 2021, is leaving the banking giant after more than 14 years, Reuters reported Tuesday (Aug. 13), citing an internal memo.
\nThat memo, from Lee Smallwood, Citi\u2019s head of markets innovation and investments, said Maini is leaving to follow an entrepreneurial opportunity in the digital asset sector. Deepak Mehra, currently Citi\u2019s international lead for the markets\u2019 units strategic investments, will now also oversee digital assets for the markets unit, the memo said.
\nCiti\u2019s digital asset efforts include a partnership earlier this year with Wellington Management and WisdomTree to explore the tokenization of private markets.
\nAs PYMNTS reported, this collaboration successfully completed a proof of concept on the Avalanche Spruce institutional test Subnet, showing the potential of smart-contract capabilities to provide new functionality and operational efficiencies.
\n\u201cPrivate markets, which represent a $10 trillion asset class, have long been plagued by complex and manual infrastructure, a lack of standardization and limited transparency,\u201d that report said. \u201cThese factors have resulted in inefficient distribution and operations. The proof of concept aimed to address these challenges by leveraging blockchain technology and smart contracts.\u201d
\nCiti last year created an application that uses blockchain to execute foreign exchange (FX) trades, employing blockchain infrastructure to price and perform bilateral spot FX trades. Also in 2023,Citi Treasury and Trade Solutions unveiled a digital asset tool to enhance cash management and trade finance capabilities.
\nIn other Citi news, PYMNTS spoke with Ambrish Bansal, global head of liquidity and cash concentration products, for the Citi Treasury and Trade Solutions, about the changing role of the treasury department.
\nThe rise of instant payments and the connected economy, Bansal told PYMNTS CEO Karen Webster in an interview posted on Tuesday, can help pull the most value from financial interactions, turning cash flow forecasting from a simple \u201cpoint in time\u201d exercise to a fluid, real-time effort.
\nHowever, that report noted, the demands of faster payments means that businesses need to integrate advanced payment processing systems and have real-time cash flow monitoring systems in place to make those treasury functions more dynamic.
\n\u201cMany treasurers are thinking, \u2018Well, how can I extract that last ounce of juice from my financial ecosystem?\u2019\u201d Bansal said.
\nThe post Citi Digital Assets Exec Shobhit Maini Reportedly Leaving Bank\u2019s Market Unit appeared first on PYMNTS.com.
\n", "content_text": "The head of digital assets for Citi\u2019s markets unit is reportedly stepping down.\nShobhit Maini, who has held that job since 2021, is leaving the banking giant after more than 14 years, Reuters reported Tuesday (Aug. 13), citing an internal memo.\nThat memo, from Lee Smallwood, Citi\u2019s head of markets innovation and investments, said Maini is leaving to follow an entrepreneurial opportunity in the digital asset sector. Deepak Mehra, currently Citi\u2019s international lead for the markets\u2019 units strategic investments, will now also oversee digital assets for the markets unit, the memo said.\nCiti\u2019s digital asset efforts include a partnership earlier this year with Wellington Management and WisdomTree to explore the tokenization of private markets.\nAs PYMNTS reported, this collaboration successfully completed a proof of concept on the Avalanche Spruce institutional test Subnet, showing the potential of smart-contract capabilities to provide new functionality and operational efficiencies.\n\u201cPrivate markets, which represent a $10 trillion asset class, have long been plagued by complex and manual infrastructure, a lack of standardization and limited transparency,\u201d that report said. \u201cThese factors have resulted in inefficient distribution and operations. The proof of concept aimed to address these challenges by leveraging blockchain technology and smart contracts.\u201d\nCiti last year created an application that uses blockchain to execute foreign exchange (FX) trades, employing blockchain infrastructure to price and perform bilateral spot FX trades. Also in 2023,Citi Treasury and Trade Solutions unveiled a digital asset tool to enhance cash management and trade finance capabilities.\nIn other Citi news, PYMNTS spoke with Ambrish Bansal, global head of liquidity and cash concentration products, for the Citi Treasury and Trade Solutions, about the changing role of the treasury department.\nThe rise of instant payments and the connected economy, Bansal told PYMNTS CEO Karen Webster in an interview posted on Tuesday, can help pull the most value from financial interactions, turning cash flow forecasting from a simple \u201cpoint in time\u201d exercise to a fluid, real-time effort.\nHowever, that report noted, the demands of faster payments means that businesses need to integrate advanced payment processing systems and have real-time cash flow monitoring systems in place to make those treasury functions more dynamic.\n\u201cMany treasurers are thinking, \u2018Well, how can I extract that last ounce of juice from my financial ecosystem?\u2019\u201d Bansal said.\nThe post Citi Digital Assets Exec Shobhit Maini Reportedly Leaving Bank\u2019s Market Unit appeared first on PYMNTS.com.", "date_published": "2024-08-13T15:02:18-04:00", "date_modified": "2024-08-13T15:02:18-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/05/Citi-departure.jpg", "tags": [ "banking", "Citi", "Citigroup", "digital assets", "News", "personnel", "PYMNTS News", "Shobhit Maini", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2051708", "url": "https://www.pymnts.com/news/banking/2024/do-credit-unions-hold-edge-over-big-tech-in-loyalty-showdown/", "title": "Credit Unions vs Big Tech: Winner Gets the Customer", "content_html": "For banks \u2014 and especially for credit unions \u2014 the battle with Big Tech for the hearts, minds and wallet share of consumers may seem a more than challenging proposition.
\nAfter all, Big Tech\u2019s role across all facets of everyday life is pervasive, touching on everything from commerce to search to social media to the actual devices in one\u2019s hand (think Android and Apple) where banking services and products can be delivered.
\nIn the report \u201cHow Top-Performing Credit Unions Innovate to Stay Competitive,\u201d a collaboration between PYMNTS Intelligence and Velera, we found that even among top-performing credit unions (CUs), who have relatively high scores on membership satisfaction, a majority (at 56%) view Big Tech firms as key competitors. Overall, 28% of CUs say they compete with Big Tech companies.
\nThere are, of course, signs that the competitive landscape will only get more competitive. As has been seen through the past several months, and as noted here, last year the Consumer Financial Protection Bureau (CFPB) sought to extend the same supervision to Big Tech firms that already is in place for banks and credit unions. The supervision would apply to companies that see volumes of more than 5 million transactions annually, which of course covers everyone from Apple to Amazon to Meta\u2019s financial ambitions. All told, the CFPB\u2019s rule-making would add 17 new entities to its purview, companies that facilitated about 12.8 billion transactions in 2021, with an estimated value of about $1.7 trillion, covering 88% of known transactions in the nonbank sector.
\nThe tech firms have the critical mass that would seme to put the CUs at a disadvantage, particularly given the user level data \u2014 rendered in real time \u2014 that they possess.
\nIf data is the gold, the oil, the \u2026 well, you name the precious commodity as metaphor here \u2026 underpinning banking services, it should be noted that last year we found\u00a057% of consumers said they trusted banks to keep their credentials secure, edging out Big Tech players.
\nThe traditional financial institutions (FIs) already are regulated, and have been regulated for decades, as they\u2019ve sought to innovate, funding those innovations with the deposits already on the books. But for forwarding-thinking banks, specifically for credit unions, we\u2019ve found in playbooks and interviews that two-thirds of CU members want more payment capabilities. The CUs that are putting time and effort into digital/omnichannel initiatives invest 13% more in payments innovation than bottom performers and benefit from 57% lower member churn, which conceivably blunts the movement of \u201cchurned customers\u201d to Big Tech.
\nThe banks themselves have insight into the payment behaviors and account usage that can help them take a proactive approach to keeping those members engaged. While Big Tech\u2019s point of access is through the mobile device, the banks have the digital and in-branch settings to keep customers\u2019 attention, and to offer loans and other services in data-driven context.
\nThe post Credit Unions vs Big Tech: Winner Gets the Customer appeared first on PYMNTS.com.
\n", "content_text": "For banks \u2014 and especially for credit unions \u2014 the battle with Big Tech for the hearts, minds and wallet share of consumers may seem a more than challenging proposition.\nAfter all, Big Tech\u2019s role across all facets of everyday life is pervasive, touching on everything from commerce to search to social media to the actual devices in one\u2019s hand (think Android and Apple) where banking services and products can be delivered.\nIn the report \u201cHow Top-Performing Credit Unions Innovate to Stay Competitive,\u201d a collaboration between PYMNTS Intelligence and Velera, we found that even among top-performing credit unions (CUs), who have relatively high scores on membership satisfaction, a majority (at 56%) view Big Tech firms as key competitors. Overall, 28% of CUs say they compete with Big Tech companies.\nDigital Wallets and Big Tech Supervision\nThere are, of course, signs that the competitive landscape will only get more competitive. As has been seen through the past several months, and as noted here, last year the Consumer Financial Protection Bureau (CFPB) sought to extend the same supervision to Big Tech firms that already is in place for banks and credit unions. The supervision would apply to companies that see volumes of more than 5 million transactions annually, which of course covers everyone from Apple to Amazon to Meta\u2019s financial ambitions. All told, the CFPB\u2019s rule-making would add 17 new entities to its purview, companies that facilitated about 12.8 billion transactions in 2021, with an estimated value of about $1.7 trillion, covering 88% of known transactions in the nonbank sector.\nThe tech firms have the critical mass that would seme to put the CUs at a disadvantage, particularly given the user level data \u2014 rendered in real time \u2014 that they possess.\nIf data is the gold, the oil, the \u2026 well, you name the precious commodity as metaphor here \u2026 underpinning banking services, it should be noted that last year we found\u00a057% of consumers said they trusted banks to keep their credentials secure, edging out Big Tech players.\nSome of the Advantages\nThe traditional financial institutions (FIs) already are regulated, and have been regulated for decades, as they\u2019ve sought to innovate, funding those innovations with the deposits already on the books. But for forwarding-thinking banks, specifically for credit unions, we\u2019ve found in playbooks and interviews that two-thirds of CU members want more payment capabilities. The CUs that are putting time and effort into digital/omnichannel initiatives invest 13% more in payments innovation than bottom performers and benefit from 57% lower member churn, which conceivably blunts the movement of \u201cchurned customers\u201d to Big Tech.\nThe banks themselves have insight into the payment behaviors and account usage that can help them take a proactive approach to keeping those members engaged. While Big Tech\u2019s point of access is through the mobile device, the banks have the digital and in-branch settings to keep customers\u2019 attention, and to offer loans and other services in data-driven context.\nThe post Credit Unions vs Big Tech: Winner Gets the Customer appeared first on PYMNTS.com.", "date_published": "2024-08-13T13:05:01-04:00", "date_modified": "2024-08-13T21:25:50-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/credit-unions-Big-Tech.png", "tags": [ "Amazon", "Apple", "bank regulation", "banking", "Banks", "Big Tech", "credit unions", "digital wallets", "Featured News", "financial services", "FinTech", "Meta", "News", "PYMNTS News", "regulations", "Banking" ] }, { "id": "https://www.pymnts.com/?p=2051710", "url": "https://www.pymnts.com/news/retail/2024/contextual-commerce-drives-omnichannel-engagement-emerging-alcohol-brands/", "title": "Contextual Commerce Drives Omnichannel Engagement for Emerging Alcohol Brands", "content_html": "As alcoholic beverage brands look for ways to capture consumers\u2019 attention and spending in the digital world, Purity Distillery sees contextual commerce help build these omnichannel connections.
\nTate Troelstrup, president and CEO of the spirits brand, explained in an interview with PYMNTS how the company originally focused more on offering product recommendations and combinations than on simply driving sales.
\n\u201cWhen we initially dipped our toe in, we were really focused on offering interesting groupings of our brands to try and find different touch points,\u201d he said. \u201c\u2026 The whole goal for us was just to create a connection with consumers. We were somewhat interested in sales, but more than anything, we were trying to figure out, as a small brand, how we could build a relationship with different consumers and what are they interested in.\u201d
\nPart of this came down to influencer marketing, working with creators to offer, for instance, cocktail recipes that would encourage consumers to try the company\u2019s gins and vodkas.
\nMany young consumers look to influencers to guide their spending decisions, per PYMNTS Intelligence research. According to the \u201cGeneration Zillennial: How They Shop\u201d report, 13% of consumers nationwide stated that social media influencers or celebrities at least partially influenced their purchasing decisions in the previous 30 days. This figure more than doubled for Generation Z, with 28% reporting such influence, while 22% of millennials indicated the same.
\nTroelstrup noted that working with creators proved less effective than tapping micro-influencers, who tended to have stronger connections with their followings.
\n\u201cFolks that had maybe a smaller follower count but a more authentic connection, and that\u2019s what we\u2019re looking for as we\u2019ve built our own [customer relationship management (CRM)] and our own account \u2014 more about how we can have these high-quality interactions with consumers who will not only potentially buy us on eComm but knowing that eComm is part of a multi-touchpoint consumer journey,\u201d he said.
\nAs Purity Distillery\u2019s digital strategy evolved, there was a shift from purely engaging consumers to incorporating a more sales-oriented approach. The company learned that directing consumers straight to an eCommerce hub was less effective than integrating them into a broader ecosystem. By providing various pathways \u2014 be it online purchases, finding local stores or ordering a cocktail at a nearby bar \u2014 Purity Distillery is creating a more flexible consumer journey.
\n\u201cAs [our omnichannel presence has] evolved, it\u2019s become a little less blocky, a lot more nuanced and focused,\u201d Troelstrup said.
\nEconomic factors also play a role in shaping digital engagement. With rising price sensitivities, consumers prefer to buy products during their regular shopping trips rather than online, where shipping costs and delivery uncertainties can deter purchases. This effect mirrors the trend seen in the restaurant industry, where economic pressures have consumers shifting away from ordering delivery toward lower-cost channels such as pickup.
\nLooking ahead, Troelstrup said he expects some of these challenges to be alleviated, but the regulatory issues with alcoholic beverage eCommerce will continue to hamper growth in the space.
\n\u201cA year from now, we\u2019ll \u2026 hopefully have moved beyond some of the economic headwinds and be talking about what the online experience can look like for the consumer,\u201d he said. \u201cThe consumer should have access to a great, wide selection of brands. eCommerce lets them do that, but of course, there are some compliance challenges, so I think that conversation will be ongoing and not something that goes anywhere anytime soon.\u201d
\nThe post Contextual Commerce Drives Omnichannel Engagement for Emerging Alcohol Brands appeared first on PYMNTS.com.
\n", "content_text": "As alcoholic beverage brands look for ways to capture consumers\u2019 attention and spending in the digital world, Purity Distillery sees contextual commerce help build these omnichannel connections.\nTate Troelstrup, president and CEO of the spirits brand, explained in an interview with PYMNTS how the company originally focused more on offering product recommendations and combinations than on simply driving sales.\n\u201cWhen we initially dipped our toe in, we were really focused on offering interesting groupings of our brands to try and find different touch points,\u201d he said. \u201c\u2026 The whole goal for us was just to create a connection with consumers. We were somewhat interested in sales, but more than anything, we were trying to figure out, as a small brand, how we could build a relationship with different consumers and what are they interested in.\u201d\nPart of this came down to influencer marketing, working with creators to offer, for instance, cocktail recipes that would encourage consumers to try the company\u2019s gins and vodkas.\nMany young consumers look to influencers to guide their spending decisions, per PYMNTS Intelligence research. According to the \u201cGeneration Zillennial: How They Shop\u201d report, 13% of consumers nationwide stated that social media influencers or celebrities at least partially influenced their purchasing decisions in the previous 30 days. This figure more than doubled for Generation Z, with 28% reporting such influence, while 22% of millennials indicated the same.\nTroelstrup noted that working with creators proved less effective than tapping micro-influencers, who tended to have stronger connections with their followings.\n\u201cFolks that had maybe a smaller follower count but a more authentic connection, and that\u2019s what we\u2019re looking for as we\u2019ve built our own [customer relationship management (CRM)] and our own account \u2014 more about how we can have these high-quality interactions with consumers who will not only potentially buy us on eComm but knowing that eComm is part of a multi-touchpoint consumer journey,\u201d he said.\nAs Purity Distillery\u2019s digital strategy evolved, there was a shift from purely engaging consumers to incorporating a more sales-oriented approach. The company learned that directing consumers straight to an eCommerce hub was less effective than integrating them into a broader ecosystem. By providing various pathways \u2014 be it online purchases, finding local stores or ordering a cocktail at a nearby bar \u2014 Purity Distillery is creating a more flexible consumer journey.\n\u201cAs [our omnichannel presence has] evolved, it\u2019s become a little less blocky, a lot more nuanced and focused,\u201d Troelstrup said.\nEconomic factors also play a role in shaping digital engagement. With rising price sensitivities, consumers prefer to buy products during their regular shopping trips rather than online, where shipping costs and delivery uncertainties can deter purchases. This effect mirrors the trend seen in the restaurant industry, where economic pressures have consumers shifting away from ordering delivery toward lower-cost channels such as pickup.\nLooking ahead, Troelstrup said he expects some of these challenges to be alleviated, but the regulatory issues with alcoholic beverage eCommerce will continue to hamper growth in the space.\n\u201cA year from now, we\u2019ll \u2026 hopefully have moved beyond some of the economic headwinds and be talking about what the online experience can look like for the consumer,\u201d he said. \u201cThe consumer should have access to a great, wide selection of brands. eCommerce lets them do that, but of course, there are some compliance challenges, so I think that conversation will be ongoing and not something that goes anywhere anytime soon.\u201d\nThe post Contextual Commerce Drives Omnichannel Engagement for Emerging Alcohol Brands appeared first on PYMNTS.com.", "date_published": "2024-08-13T11:00:43-04:00", "date_modified": "2024-08-13T11:00:43-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/Purity-Distillery-alcohol-brands.jpg", "tags": [ "ecommerce", "food and beverage", "Generation Z", "News", "omnichannel", "Purity Distillery", "PYMNTS News", "Retail", "social commerce", "Social Media", "Tate Troelstrup" ] }, { "id": "https://www.pymnts.com/?p=2051036", "url": "https://www.pymnts.com/news/security-and-risk/2024/collaborative-defense-role-intelligent-friction-ai-fraud-prevention/", "title": "Collaborative Defense: The Role of \u2018Intelligent Friction\u2019 and AI in Fraud Prevention", "content_html": "Every now and then, an executive in the payments business comes up with a catchphrase that captures a complex concept, and you know it\u2019s going to resonate.
\nA good example lies in describing the tension between tight security protocols and practices and a positive customer experience. The catchphrase that nails it is \u201cintelligent friction.\u201d
\nAttribute that one to Graeme Bullock, EMEA sales leader at financial verification company Entersekt. He turned the phrase during a conversation with PYMNTS and a panel that included Nordic payment processor Nexi Group and J.P. Morgan, focusing on the tension mentioned earlier.
\nBullock introduced the concept of \u201cintelligent friction,\u201d which emphasizes applying security measures based on the level of risk associated with a transaction rather than a one-size-fits-all approach. This approach ensures that security measures are dynamic and context-specific, reducing unnecessary interruptions for legitimate transactions while effectively targeting potentially fraudulent activities.
\nAs Bullock explained it, intelligent friction involves analyzing multiple factors, including the device used, location, transaction type and user behavior, to assess the risk level accurately.
\n\u201cRather than looking at a single point and making a decision based on a rule, it\u2019s more about understanding the full context of the interaction,\u201d he said. \u201cWe need to consider the omnichannel approach. Sometimes, I may interact with my financial institution on my laptop, and other times through my mobile app. The institution must make decisions based on my identity regardless of the channel. This requires a seamless integration of data from various sources to create a holistic view of the customer\u2019s behavior.\u201d
\nThe panelists discussing the issue agreed that intelligent friction is crucial in maintaining a balance between security and user experience. As Nexi Group Head of Risk Management Services Sean Neary added, the consumer knows what they are doing when authorizing a transaction. Payment systems, therefore, need to be smart enough to introduce the right level of intervention without disrupting legitimate activities.
\nHowever, the picture gets a bit more complicated when larger commercial transactions are in play. As J.P. Morgan Head of Fraud Prevention for Commercial Banking Alec Grant told the panel, in commercial payments, clients are sometimes a few steps removed from personal knowledge of who they\u2019re paying. He applied Bullock\u2019s phrasing to his experience.
\n\u201cOur friction involves having conversations with clients to ensure they understand the risks and verify the transaction\u2019s legitimacy,\u201d Grant said. \u201cWe train our teams in psychological profiling to listen and challenge appropriately. This approach has significantly reduced fraudulent transactions without compromising the client experience.\u201d
\nIntelligent friction, therefore, represents a nuanced and sophisticated approach to fraud prevention, ensuring that security measures are as seamless as possible while effectively mitigating risks. By using advanced technologies and fostering cross-industry collaboration, financial institutions can protect their customers and maintain trust.
\nThat cross-industry collaboration was an important theme during the panel discussion.
\n\u201cIt\u2019s imperative that we standardize data sharing and classification,\u201d he said. \u201cThis ensures that the consortium model is effective in preventing fraud across institutions.\u201d
\nNeary also highlighted the role of privacy-enhancing technologies in enabling secure data sharing without compromising personal information.
\n\u201cThese technologies allow us to tokenize and standardize [personally identifiable information (PII)] data, facilitating secure and meaningful data sharing across the consortium,\u201d he explained.
\nThe consortium model has worked in specific areas of fraud. For example, Bullock underscored the success of collaboration in reducing authorized push payment (APP) fraud. He said the contingent reimbursement model introduced in the United Kingdom has plateaued the increase in APP fraud, proving to him that collaboration and data sharing are essential in tackling fraud.
\nAPP fraud has emerged as a concern, particularly in Europe and the U.K. Grant highlighted the complexities of this fraud type, where customers are tricked into authorizing payments to fraudsters.
\n\u201cWe are seeing a two-thirds reduction in the clients letting the funds go just by setting up these very specific teams, who are trained to handle these situations,\u201d he said. \u201cIt\u2019s fantastic for our clients because they appreciate the extra layer of protection.\u201d
\nArtificial intelligence is also playing an increasingly vital role in fraud prevention. Bullock emphasized the importance of AI in creating a multilayered approach to security.
\n\u201cAI helps us analyze the behavior of an individual and a fraudster,\u201d he said. \u201cWe use risk modeling for that, considering factors like location, IP address and device type. This allows us to make informed decisions about the legitimacy of a transaction.\u201d
\nGrant echoed this sentiment, highlighting the precision AI brings to fraud detection.
\n\u201cIn the last two to three years, we\u2019ve worked closely together to apply AI in identifying fraud,\u201d he said. \u201cWe are seeing a significant reduction in interrupted transactions while increasing fraud detection.\u201d
\nLooking into the future, expect to hear a lot more about intelligent friction and the consortium approach. As financial institutions strive to stay ahead of fraudsters, adaptability and collaboration will remain key. Neary emphasized the importance of a layered, configurable platform that can adapt to different stages of digitalization globally.
\n\u201cChoose your battles, connection points, and invest in technologies that offer harmony in layered security, ensuring customer satisfaction and trust,\u201d he advised.
\nGrant shared his vision for the future, where data sharing among banks could reduce fraud losses.
\n\u201cIf we could share information anonymously with other banks, we could collectively make a massive difference in reducing fraud losses to clients,\u201d he said.
\nBullock said there is a need for continuous evolution in fraud prevention.
\n\u201cWe\u2019re never going to get to 100%, but by adopting a multilayered, context-aware approach, we can make the best decisions to protect our customers while ensuring a seamless experience,\u201d he concluded.
\nThe post Collaborative Defense: The Role of ‘Intelligent Friction’ and AI in Fraud Prevention appeared first on PYMNTS.com.
\n", "content_text": "Every now and then, an executive in the payments business comes up with a catchphrase that captures a complex concept, and you know it\u2019s going to resonate.\nA good example lies in describing the tension between tight security protocols and practices and a positive customer experience. The catchphrase that nails it is \u201cintelligent friction.\u201d\nAttribute that one to Graeme Bullock, EMEA sales leader at financial verification company Entersekt. He turned the phrase during a conversation with PYMNTS and a panel that included Nordic payment processor Nexi Group and J.P. Morgan, focusing on the tension mentioned earlier.\nBullock introduced the concept of \u201cintelligent friction,\u201d which emphasizes applying security measures based on the level of risk associated with a transaction rather than a one-size-fits-all approach. This approach ensures that security measures are dynamic and context-specific, reducing unnecessary interruptions for legitimate transactions while effectively targeting potentially fraudulent activities.\nAs Bullock explained it, intelligent friction involves analyzing multiple factors, including the device used, location, transaction type and user behavior, to assess the risk level accurately.\n\u201cRather than looking at a single point and making a decision based on a rule, it\u2019s more about understanding the full context of the interaction,\u201d he said. \u201cWe need to consider the omnichannel approach. Sometimes, I may interact with my financial institution on my laptop, and other times through my mobile app. The institution must make decisions based on my identity regardless of the channel. This requires a seamless integration of data from various sources to create a holistic view of the customer\u2019s behavior.\u201d\nThe panelists discussing the issue agreed that intelligent friction is crucial in maintaining a balance between security and user experience. As Nexi Group Head of Risk Management Services Sean Neary added, the consumer knows what they are doing when authorizing a transaction. Payment systems, therefore, need to be smart enough to introduce the right level of intervention without disrupting legitimate activities.\nHowever, the picture gets a bit more complicated when larger commercial transactions are in play. As J.P. Morgan Head of Fraud Prevention for Commercial Banking Alec Grant told the panel, in commercial payments, clients are sometimes a few steps removed from personal knowledge of who they\u2019re paying. He applied Bullock\u2019s phrasing to his experience.\n\u201cOur friction involves having conversations with clients to ensure they understand the risks and verify the transaction\u2019s legitimacy,\u201d Grant said. \u201cWe train our teams in psychological profiling to listen and challenge appropriately. This approach has significantly reduced fraudulent transactions without compromising the client experience.\u201d\nThe Consortium Approach\nIntelligent friction, therefore, represents a nuanced and sophisticated approach to fraud prevention, ensuring that security measures are as seamless as possible while effectively mitigating risks. By using advanced technologies and fostering cross-industry collaboration, financial institutions can protect their customers and maintain trust.\nThat cross-industry collaboration was an important theme during the panel discussion.\n\u201cIt\u2019s imperative that we standardize data sharing and classification,\u201d he said. \u201cThis ensures that the consortium model is effective in preventing fraud across institutions.\u201d\nNeary also highlighted the role of privacy-enhancing technologies in enabling secure data sharing without compromising personal information.\n\u201cThese technologies allow us to tokenize and standardize [personally identifiable information (PII)] data, facilitating secure and meaningful data sharing across the consortium,\u201d he explained.\nThe consortium model has worked in specific areas of fraud. For example, Bullock underscored the success of collaboration in reducing authorized push payment (APP) fraud. He said the contingent reimbursement model introduced in the United Kingdom has plateaued the increase in APP fraud, proving to him that collaboration and data sharing are essential in tackling fraud.\nAPP fraud has emerged as a concern, particularly in Europe and the U.K. Grant highlighted the complexities of this fraud type, where customers are tricked into authorizing payments to fraudsters.\n\u201cWe are seeing a two-thirds reduction in the clients letting the funds go just by setting up these very specific teams, who are trained to handle these situations,\u201d he said. \u201cIt\u2019s fantastic for our clients because they appreciate the extra layer of protection.\u201d\nThe AI Angle\nArtificial intelligence is also playing an increasingly vital role in fraud prevention. Bullock emphasized the importance of AI in creating a multilayered approach to security.\n\u201cAI helps us analyze the behavior of an individual and a fraudster,\u201d he said. \u201cWe use risk modeling for that, considering factors like location, IP address and device type. This allows us to make informed decisions about the legitimacy of a transaction.\u201d\nGrant echoed this sentiment, highlighting the precision AI brings to fraud detection.\n\u201cIn the last two to three years, we\u2019ve worked closely together to apply AI in identifying fraud,\u201d he said. \u201cWe are seeing a significant reduction in interrupted transactions while increasing fraud detection.\u201d\nLooking into the future, expect to hear a lot more about intelligent friction and the consortium approach. As financial institutions strive to stay ahead of fraudsters, adaptability and collaboration will remain key. Neary emphasized the importance of a layered, configurable platform that can adapt to different stages of digitalization globally.\n\u201cChoose your battles, connection points, and invest in technologies that offer harmony in layered security, ensuring customer satisfaction and trust,\u201d he advised.\nGrant shared his vision for the future, where data sharing among banks could reduce fraud losses.\n\u201cIf we could share information anonymously with other banks, we could collectively make a massive difference in reducing fraud losses to clients,\u201d he said.\nBullock said there is a need for continuous evolution in fraud prevention.\n\u201cWe\u2019re never going to get to 100%, but by adopting a multilayered, context-aware approach, we can make the best decisions to protect our customers while ensuring a seamless experience,\u201d he concluded.\nThe post Collaborative Defense: The Role of ‘Intelligent Friction’ and AI in Fraud Prevention appeared first on PYMNTS.com.", "date_published": "2024-08-13T04:03:06-04:00", "date_modified": "2024-08-12T22:31:25-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/Entersekt-video.jpg", "tags": [ "Alec Grant", "artificial intelligence", "Banks", "Cybersecurity", "Entersekt", "Featured News", "fraud", "GenAI", "Graeme Bullock", "Innovation", "jpmorgan", "News", "Nexi Group", "PYMNTS News", "pymnts tv", "Sean Neary", "Security", "Technology", "video", "Security & Fraud" ] }, { "id": "https://www.pymnts.com/?p=2051376", "url": "https://www.pymnts.com/news/faster-payments/2024/citi-faster-payments-help-treasurers-extract-last-drop-of-liquidity-from-financial-ecosystems/", "title": "Citi: Faster Payments Help Treasurers Extract \u2018Last Drop\u2019 of Liquidity From Financial Ecosystems", "content_html": "Corporate treasurers once were relegated to the back office, manipulating spreadsheets, preparing audits, handing printed reports off to more senior management \u2014 the folks charting the company\u2019s course ahead.
\nBut as Ambrish Bansal, global head of Liquidity and Cash Concentration Products, for the Citi Treasury and Trade Solutions business, told PYMNTS\u2019 Karen Webster, the role of the treasury department is changing at a rapid speed.
\nNow, the treasurers are tasked with navigating through choppy seas of interest rate volatility and geopolitical uncertainty. The cost of inefficient cash management escalates in such an environment, where every dollar counts, and transparency into where money is, where it\u2019s headed and what\u2019s coming into the coffers is determinative of whether companies thrive, or even survive.
\nArmed with the right data, which gets delivered, analyzed and acted upon across departments, treasurers can help explore the regulatory, tax and other nuances of worldwide developments in ways that help their firms meet their business objectives over time.
\nThe advent of instant payments and the always-on connected economy, he said, can help extract the most value from financial interactions, to move cash flow forecasting from a simple \u201cpoint in time\u201d exercise to a fluid, real-time endeavor.\u00a0
\nIn turn, he said, the same speed and surety of modern, instant payment systems can improve the customer payment experience of their own end users. A benchmark to how companies are evaluated, he said, can be found in what he termed the \u201ccustomer friendliness\u201d of those transactions.
\nBut the demands of faster payments \u2014 and a shift in underlying infrastructure \u2014 means that businesses must adapt by integrating advanced payment processing systems and employing real-time cash flow monitoring systems in place to make those treasury functions more dynamic.\u00a0
\n\u201cMany treasurers are thinking, \u2018Well, how can I extract that last ounce of juice from my financial ecosystem?\u2019\u201d Bansal said.
\nTo get there, he said, treasurers are eyeing the use of cloud-based technologies and APIs to ingest information and speed transactions so they can balance their exposure to various currencies, if they are operating internationally, and centralize their cash operations as efficiently as possible.
\nEmbracing faster payments and fostering treasury\u2019s role as strategic adviser, Bansal said, demand a multipronged \u201ccombination of technology readiness, process readiness \u2014 and a cultural readiness too.\u201d\u00a0\u00a0
\nThat means making sure that treasury workstations and ERPs are upgraded to ingest data at the speed of what businesses want (technology), managing liquidity on a 24/7 basis (process) and understanding/adapting to the pace of change in an enterprise\u2019s chosen competitive landscape (that\u2019s the cultural aspect).\u00a0
\nIf those aspects are managed well (and managed simultaneously), cash becomes more accessible, productivity improves and entire industries \u2014 particularly in B2B \u2014 evolve.
\nSecurity also is on the agenda, and banks have an important role to play in developing new protocols tied to their cloud-based systems.
\nProviders such as Citi, Bansal said, with APIs and treasury management solutions, are well positioned to act as a \u201cglobal network bank\u201d that helps clients adapt to the connected economy.
\n\u201cWe are creating a hyper-efficient network by bringing in technology, by bringing in innovation and building on top of an already solid foundation through our geographic presence,\u201d he said.
\nWith those partnerships in place, Bansal noted, Citigroup\u2019s clients are \u201cable to extract efficiencies and do more with less.\u201d
\nWe\u2019re in an environment where treasurers can fund payments anywhere from a central pool of liquidity, minimizing risk along a given \u201clast mile\u201d of transactions \u2014 no matter if that payment is happening in Australia, Hong Kong, Singapore or Mexico with Citi\u2019s network and cross-border, cross-currency pooling solutions.
\nLooking ahead, Bansal said, the mindset of treasurers is generally \u201cpositive\u201d as they examine what the \u201ctreasury of the future\u201d looks like with the potential to leverage Citi\u2019s blockchain, cloud and API solutions.
\n\u201cI see the role of treasury becoming more central to [the enterprise\u2019s] business strategy, to the growth strategy, to the expansion strategy \u2014 and quite frankly, to the sustainability strategy. The treasury team plays a pivotal role,\u201d he told Webster.
\nThe post Citi: Faster Payments Help Treasurers Extract \u2018Last Drop\u2019 of Liquidity From Financial Ecosystems appeared first on PYMNTS.com.
\n", "content_text": "Corporate treasurers once were relegated to the back office, manipulating spreadsheets, preparing audits, handing printed reports off to more senior management \u2014 the folks charting the company\u2019s course ahead.\nBut as Ambrish Bansal, global head of Liquidity and Cash Concentration Products, for the Citi Treasury and Trade Solutions business, told PYMNTS\u2019 Karen Webster, the role of the treasury department is changing at a rapid speed.\nNow, the treasurers are tasked with navigating through choppy seas of interest rate volatility and geopolitical uncertainty. The cost of inefficient cash management escalates in such an environment, where every dollar counts, and transparency into where money is, where it\u2019s headed and what\u2019s coming into the coffers is determinative of whether companies thrive, or even survive.\nArmed with the right data, which gets delivered, analyzed and acted upon across departments, treasurers can help explore the regulatory, tax and other nuances of worldwide developments in ways that help their firms meet their business objectives over time.\nSqueezing the Juice\nThe advent of instant payments and the always-on connected economy, he said, can help extract the most value from financial interactions, to move cash flow forecasting from a simple \u201cpoint in time\u201d exercise to a fluid, real-time endeavor.\u00a0\nIn turn, he said, the same speed and surety of modern, instant payment systems can improve the customer payment experience of their own end users. A benchmark to how companies are evaluated, he said, can be found in what he termed the \u201ccustomer friendliness\u201d of those transactions.\nBut the demands of faster payments \u2014 and a shift in underlying infrastructure \u2014 means that businesses must adapt by integrating advanced payment processing systems and employing real-time cash flow monitoring systems in place to make those treasury functions more dynamic.\u00a0\n\u201cMany treasurers are thinking, \u2018Well, how can I extract that last ounce of juice from my financial ecosystem?\u2019\u201d Bansal said.\nTo get there, he said, treasurers are eyeing the use of cloud-based technologies and APIs to ingest information and speed transactions so they can balance their exposure to various currencies, if they are operating internationally, and centralize their cash operations as efficiently as possible.\n\u00a0Necessary Shifts\nEmbracing faster payments and fostering treasury\u2019s role as strategic adviser, Bansal said, demand a multipronged \u201ccombination of technology readiness, process readiness \u2014 and a cultural readiness too.\u201d\u00a0\u00a0\nThat means making sure that treasury workstations and ERPs are upgraded to ingest data at the speed of what businesses want (technology), managing liquidity on a 24/7 basis (process) and understanding/adapting to the pace of change in an enterprise\u2019s chosen competitive landscape (that\u2019s the cultural aspect).\u00a0\nIf those aspects are managed well (and managed simultaneously), cash becomes more accessible, productivity improves and entire industries \u2014 particularly in B2B \u2014 evolve.\nSecurity also is on the agenda, and banks have an important role to play in developing new protocols tied to their cloud-based systems.\nProviders such as Citi, Bansal said, with APIs and treasury management solutions, are well positioned to act as a \u201cglobal network bank\u201d that helps clients adapt to the connected economy.\n\u201cWe are creating a hyper-efficient network by bringing in technology, by bringing in innovation and building on top of an already solid foundation through our geographic presence,\u201d he said.\nWith those partnerships in place, Bansal noted, Citigroup\u2019s clients are \u201cable to extract efficiencies and do more with less.\u201d\nWe\u2019re in an environment where treasurers can fund payments anywhere from a central pool of liquidity, minimizing risk along a given \u201clast mile\u201d of transactions \u2014 no matter if that payment is happening in Australia, Hong Kong, Singapore or Mexico with Citi\u2019s network and cross-border, cross-currency pooling solutions.\nLooking ahead, Bansal said, the mindset of treasurers is generally \u201cpositive\u201d as they examine what the \u201ctreasury of the future\u201d looks like with the potential to leverage Citi\u2019s blockchain, cloud and API solutions.\n\u201cI see the role of treasury becoming more central to [the enterprise\u2019s] business strategy, to the growth strategy, to the expansion strategy \u2014 and quite frankly, to the sustainability strategy. The treasury team plays a pivotal role,\u201d he told Webster.\nThe post Citi: Faster Payments Help Treasurers Extract \u2018Last Drop\u2019 of Liquidity From Financial Ecosystems appeared first on PYMNTS.com.", "date_published": "2024-08-13T04:00:05-04:00", "date_modified": "2024-08-13T22:06:53-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/Citi-treasurers-instant-payments.jpg", "tags": [ "Ambrish Bansal", "APIs", "B2B", "B2B Payments", "back office", "Citi", "Citi Treasury and Trade Solutions", "commercial payments", "Faster Payments", "instant payments", "Main Feature", "News", "PYMNTS News", "pymnts tv", "real time payments", "treasury", "video" ] }, { "id": "https://www.pymnts.com/?p=2051422", "url": "https://www.pymnts.com/news/b2b-payments/2024/digital-b2b-payments-turn-user-experience-into-a-superpower/", "title": "Digital B2B Payments Turn User Experience Into a Superpower", "content_html": "Not all B2B payments have a great user experience (UX). But all great B2B payments elevate the end-user experience.
\nThe problem with building convenience into business payments is that, while in theory it sounds relatively simple, in practice it ends up being incredibly difficult.
\nB2B payments exist primarily below the waterline \u2014 being made up of workflows and data as much as, if not more than, they are the actual transfer of funds. And below that same waterline lurks four key buckets of complexity around risk, regulation, infrastructure and cost basis.
\nHistorically, B2B payment processes have been plagued by inefficiencies, such as manual invoicing, slow payment cycles, and complex reconciliation procedures. These inefficiencies not only strain cash flow but also consume time and resources that could be better spent on core business activities.
\nDigital mechanisms are slowly chipping away at the long-standing dominance of paper checks. But to fully turn the tide, a great B2B payments UX needs to solve for thousands, if not tens of thousands, of small issues and fragmentations across payments infrastructure, process, and compliance.
\nThis can be a daunting proposition, but companies are recognizing that improving the UX for B2B payments can drive efficiency, security and business agility \u2014 as well as keep their commercial customers and suppliers happy.
\nRead more: Building Better B2B Relationships Through Payments Innovation
\nEfficiency is at the heart of any successful business operation, and B2B payments are no exception.
\nBut optimizing B2B payments tends to run through, and into, the following bottlenecks: building a frictionless experience runs into know your business (KYB) requirements; removing friction can result in an increase in fraud \u2014 and card networks will ban providers who fail to get their fraud rates down. Banks will also de-platform providers without effective anti-money laundering (AML) processes. B2B payments can also simply just not work due to formatting errors and other manually driven disconnects.
\n\u201cThere\u2019s a lot of messiness around payments, particularly very large B2B payments that might house hundreds or thousands of\u00a0invoices with hundreds of associated line-item details,\u201d\u00a0Boost Payment Solutions Founder and CEO Dean M. Leavitt told PYMNTS last month. \u201cLarge enterprises on both the AP [accounts payable] and AR [accounts receivable] side are looking for ways to automate those processes, digitize them and\u00a0reduce their cost\u00a0as well.\u201d
\nAgainst this backdrop, PYMNTS Intelligence finds that automation, virtual cards and digital payments are becoming the new cornerstones of B2B payments, with businesses recognizing their role in strengthening buyer-supplier relationships. According to the report, a \u201cconsumerization\u201d of the B2B payments experience is inevitable as businesses recognize the need to build loyalty with their \u201cother\u201d customers: B2B partners.
\n\u201cThere is value in\u00a0convenience; it makes customers more sticky,\u201d\u00a0Eric Foust, vice president of banking partnerships in North America at\u00a0Trustly, told PYMNTS in November.\u00a0
\nRead more:\u00a0Will 2024 Be the Year of Win-Win Buyer-Supplier Dynamics?
\nCertainty is another critical factor in B2B payments, particularly when dealing with large sums of money and complex financial arrangements. Uncertainty in payment processing can lead to cash flow issues, strained relationships with suppliers, and even legal disputes. By elevating the user experience, businesses can achieve greater certainty in their payment processes, reducing the risk of errors, delays and disputes.
\n\u201cB2B transactions have traditionally had a slower approval process, and B2B players have been slower to adopt new technology. But what we\u2019re seeing with a\u00a0shift to digital is that there is now more data, more controls, stronger authentication coming into that B2B space, all the while bringing down the cost and improving the risk models,\u201d\u00a0Jennifer Marriner, EVP, Global Acceptance Solutions at\u00a0Mastercard, told PYMNTS. \u201cWe\u2019re definitely seeing on the B2B side a realization that there\u2019s a way they can streamline their business.\u201d
\nImproving the UX in B2B payments via automation and virtual cards can play a crucial role in enhancing security. A well-designed payment platform can incorporate advanced security features, such as multifactor authentication (MFA), encryption, and real-time fraud detection, without compromising on usability. By making these security measures intuitive and easy to use, businesses can ensure that employees adhere to best practices, reducing the risk of human error that often leads to security breaches.
\n\u201cA lot of fraud is in the checks. If you\u00a0cut out checks, you cut 60% of fraud right there,\u201d\u00a0Ernest Rolfson, founder and CEO of\u00a0Finexio, told PYMNTS.
\nFor all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.
\nThe post Digital B2B Payments Turn User Experience Into a Superpower appeared first on PYMNTS.com.
\n", "content_text": "Not all B2B payments have a great user experience (UX). But all great B2B payments elevate the end-user experience.\nThe problem with building convenience into business payments is that, while in theory it sounds relatively simple, in practice it ends up being incredibly difficult. \nB2B payments exist primarily below the waterline \u2014 being made up of workflows and data as much as, if not more than, they are the actual transfer of funds. And below that same waterline lurks four key buckets of complexity around risk, regulation, infrastructure and cost basis. \nHistorically, B2B payment processes have been plagued by inefficiencies, such as manual invoicing, slow payment cycles, and complex reconciliation procedures. These inefficiencies not only strain cash flow but also consume time and resources that could be better spent on core business activities.\nDigital mechanisms are slowly chipping away at the long-standing dominance of paper checks. But to fully turn the tide, a great B2B payments UX needs to solve for thousands, if not tens of thousands, of small issues and fragmentations across payments infrastructure, process, and compliance. \nThis can be a daunting proposition, but companies are recognizing that improving the UX for B2B payments can drive efficiency, security and business agility \u2014 as well as keep their commercial customers and suppliers happy.\nRead more: Building Better B2B Relationships Through Payments Innovation\nElevating User Experience\nEfficiency is at the heart of any successful business operation, and B2B payments are no exception. \nBut optimizing B2B payments tends to run through, and into, the following bottlenecks: building a frictionless experience runs into know your business (KYB) requirements; removing friction can result in an increase in fraud \u2014 and card networks will ban providers who fail to get their fraud rates down. Banks will also de-platform providers without effective anti-money laundering (AML) processes. B2B payments can also simply just not work due to formatting errors and other manually driven disconnects. \n\u201cThere\u2019s a lot of messiness around payments, particularly very large B2B payments that might house hundreds or thousands of\u00a0invoices with hundreds of associated line-item details,\u201d\u00a0Boost Payment Solutions Founder and CEO Dean M. Leavitt told PYMNTS last month. \u201cLarge enterprises on both the AP [accounts payable] and AR [accounts receivable] side are looking for ways to automate those processes, digitize them and\u00a0reduce their cost\u00a0as well.\u201d\nAgainst this backdrop, PYMNTS Intelligence finds that automation, virtual cards and digital payments are becoming the new cornerstones of B2B payments, with businesses recognizing their role in strengthening buyer-supplier relationships. According to the report, a \u201cconsumerization\u201d of the B2B payments experience is inevitable as businesses recognize the need to build loyalty with their \u201cother\u201d customers: B2B partners.\n\u201cThere is value in\u00a0convenience; it makes customers more sticky,\u201d\u00a0Eric Foust, vice president of banking partnerships in North America at\u00a0Trustly, told PYMNTS in November.\u00a0\nRead more:\u00a0Will 2024 Be the Year of Win-Win Buyer-Supplier Dynamics?\nAgility and Certainty\nCertainty is another critical factor in B2B payments, particularly when dealing with large sums of money and complex financial arrangements. Uncertainty in payment processing can lead to cash flow issues, strained relationships with suppliers, and even legal disputes. By elevating the user experience, businesses can achieve greater certainty in their payment processes, reducing the risk of errors, delays and disputes.\n\u201cB2B transactions have traditionally had a slower approval process, and B2B players have been slower to adopt new technology. But what we\u2019re seeing with a\u00a0shift to digital is that there is now more data, more controls, stronger authentication coming into that B2B space, all the while bringing down the cost and improving the risk models,\u201d\u00a0Jennifer Marriner, EVP, Global Acceptance Solutions at\u00a0Mastercard, told PYMNTS. \u201cWe\u2019re definitely seeing on the B2B side a realization that there\u2019s a way they can streamline their business.\u201d\nImproving the UX in B2B payments via automation and virtual cards can play a crucial role in enhancing security. A well-designed payment platform can incorporate advanced security features, such as multifactor authentication (MFA), encryption, and real-time fraud detection, without compromising on usability. By making these security measures intuitive and easy to use, businesses can ensure that employees adhere to best practices, reducing the risk of human error that often leads to security breaches.\n\u201cA lot of fraud is in the checks. If you\u00a0cut out checks, you cut 60% of fraud right there,\u201d\u00a0Ernest Rolfson, founder and CEO of\u00a0Finexio, told PYMNTS.\nFor all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.\nThe post Digital B2B Payments Turn User Experience Into a Superpower appeared first on PYMNTS.com.", "date_published": "2024-08-12T19:48:22-04:00", "date_modified": "2024-08-12T19:48:22-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/B2B-payments-superpower.jpg", "tags": [ "automation", "B2B", "B2B Payments", "Boost Payment Solutions", "commercial payments", "consumerization", "Dean M. Leavitt", "Digital Payments", "Eric Foust", "Ernest Rolfson", "Finexio", "Fraud Prevention", "Jennifer Marriner", "MasterCard", "News", "PYMNTS News", "Trustly", "user experience", "virtual cards" ] } ] }