April 27, 2021

How can Payment factory automation help businesses?

2 Minute Read

Amrita Angappa

Payment automation has become an integral part for every bank customer due to speed, security, tracking, cost and much more. Many corporate are leveraging electronic factories to manage payments for a number of years. Many banks need automation tools execute wire transfers.

If you want to create business value through automation, the manual payment risks could spoil the reputation of the bank. We needn’t forget about how banking frauds have increased rapidly due to COVID.

This is where the principle of “payment factory” might come handy. This is to generate payments and transfer it to a payment centralization tool. This would transfer it in a format which is much understandable for banks to read.

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Challenges faced by companies

Every company is expected to make its payments more inexpensive and efficient. It lies on their hands to bring in more customer favorable policies in hand. They also have to prevent frauds and security. With payment factory automation, companies can achieve this easily.

Payment is a labour-induced process. When you use e-banking tools and solutions uninterfaced with your ERP system, you are risking loss of cash-flow transparency. It might not be a brilliant idea to manage different e-banking platforms individually.

Advantages of Payment factory automation

Streamline your entire company’s payment process with a single treasury department.
Get better cash flow visibility.
Reduce processing errors.
Manage who can authorize master data and payment transaction.
Import your account statements automatically.
Synchronize your data effectively
Always stay future-ready for the upcoming requirements
Ensure clear communication among your team

Solutions such as SAP S/4HANA can help you out in payment automation.

The process would be much more streamlined and simplified.

Do you need further details on payment factory automation? iQuantM is here to offer.