In a recent interview with Pymnts.com, Paymerang CEO Nasser Chanda discussed his predictions for the B2B payments landscape in 2021, including how organizations will make progress in pursuit of the “perfect payment,” and what technologies like artificial intelligence (AI), robotics process automation (RPA) and application programming interfaces (APIs) can do to tackle some of the biggest pain points.
In Pursuit Of Perfection
Several technologies are emerging as instrumental tools in transforming back-office processes. AI that can automatically “read” and collect data from an invoice, or RPA to automatically apply cash when funds have been received. APIs have similarly become valuable tools to automate reconciliation and accounting via interconnectivity between AR, AP, and accounting systems.
Collectively, these tools are enabling businesses and their third-party financial solution providers to zero-in on what Chanda described as the “perfect payment.”
It’s a concept that involves the seamless, automated movement of documents and data between parties and through workflows, from purchase order to invoicing to payment to reconciliation. Tools like AI and RPA will drive the industry forward and benefit both buyers and suppliers.
Empowering Finance Professionals
“The human aspect is critical in building a B2B payment solutions,” said Chanda. “Sometimes, it takes a human to check a payment, verify that a vendor is not an impersonator, or complete a phone payment… In the payment space, it is critical to know how to balance technology and human interaction.”
For instance, the risk of B2B payments fraud continues to permeate organizations even as payments digitize. Often, the first line of defense against a business email compromise or vendor impersonation attack is the person sitting on the receiving end of those threats, making education vital to protecting company funds. While technology can help mediate the threat, human-led initiatives like verifying email addresses or vendor information are also key.
Read the full article on Pymnts.com.
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