Although 73 percent of respondents to a recent Reval survey of more than 200 finance professionals report that they have already centralized control in payments management, 70 percent indicate they will centralize further in 2015. Reval, the leading global provider of a scalable cloud platform for Treasury and Risk Management (TRM), conducted the survey in the first quarter of 2015 to financial professionals in EMEA, North America and APAC.
“Over the past years, many treasuries have moved to central payment structures to reduce idle cash and prevent fraud," says Günther Peer, Vice President at Reval. "While laggards are still struggling with cash visibility, pioneers are already implementing more sophisticated concepts like payment factories or in-house banks. That´s where the big savings are."
According to the Reval survey, finance professionals feel they could significantly reduce transaction costs and bank fees by further centralizing payments management. More advanced technology is necessary to realize these savings, and according to the survey, every second treasury is planning to invest in its payment IT infrastructure over the next 12 months. "Cloud-based treasury systems can help centralization of payments management and increase visibility and efficiency," says Peer.
For more information, download the Slide Deck "The Big Push to Centralize Payments"