How Digital Payment Adoption Drives Business Growth

Corporations and financial institutions (FIs) can enjoy new levels of efficiencies when adopting modern digital payment methods — such as contactless payments — and pairing them with a robust enterprise resource planning (ERP) or treasury management system (TMS) platform.

Enterprise-grade digital payments solutions let organizations collect and process payments from connected devices and consumers or clients around the world.

With these systems, records are updated in nearly real time and revenue data is easy to review, compare with ERP benchmarks and transform into actionable insights for the organization.

In each case, digital payments technologies that integrate with an enterprise-grade TMS or ERP platform with nearly real-time data access let FIs and businesses authenticate bank and account holder details, isolate errors and initiate corrections.

In addition, these technologies also allow for the addition of enriched payments data to ERP, TMS and payments processing platforms in nearly real time, while also directing payments more efficiently through cross-border and domestic payments networks based on nearly real-time data.

There are a few different ways in which digital payments adoption can serve as a major driver for business growth.

First of all, using an ERP or TMS solution with digital payments helps organizations monitor payments data, such as any newly updated payment instructions, while also deploying powerful user validation and transaction management tools throughout the organization.

Secondly, integrated digital payments and ERP platforms can automatically enrich payments data to limit the number of errors and provide reporting that’s more detailed, more accurate and more compliant.

Finally, digital payments platforms that are compatible with automated compliance features on ERPs help reduce friction during cross-border payments processes, limiting user validation delays stemming from incompatible know your business (KYB), know your customer (KYC) or anti-money laundering (AML) standards.

Companies that hope to expand into international markets will fist want to know their digital payment capabilities are compliant and meet clients’ needs.

Download the 2022 Digital Payments Guide for Corporate Payments, a PYMNTS and LexisNexis Risk Solutions collaboration, to learn more.