Treasury teams should be consolidating account structures, strengthening security controls and focusing on digitization initiatives that result in quantifiable efficiency benefits, according to JPMorgan’s latest ‘Forecasting Payments’ report.
There is no doubt that corporates have made much progress in areas such as multi-factor authentication, encryption and behavioural analytics to protect payment data and reduce fraud while minimising customer friction and strengthening compliance and risk controls.
However, these kinds of initiatives should be business-as-usual, according to Toine van Beusekom, strategy director at Icon Solutions.
“Expanded automation and services such as leveraging virtual accounts are rapidly becoming table stakes, but there remains much to improve,” he says.
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