All companies, whether they realise it or not, have some sort of payment operations workflows in place.
Payment operations are the various workflows around the cycle of money movements through a business: initiating payments, setting up approvals, tracking and attributing funds, handling payment failures and returns, reconciling transactions, safeguarding customer funds, and more.
Based on a survey of 905 finance executives in France, the UK, and Germany, this report outlines the current state of payment operations in Europe.
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Report key takeaways
The current payment operations way does not work
97% of companies experience payment operations pain points, with challenges such as ensuring that payments initiated are correctly executed, managing payment errors and managing payment returns.
Payment operations are fragmented and manual
Companies work with 3 or more different banks, 3.5 systems and 3.1 different teams on average to manage their payment operations. The more payment volumes grow, the more payment operations are fragmented.
There is an urgency to upgrade payment systems
90% of decision makers share that their company plans to invest in upgrading their payment operations in the next 18 months. 88% of them expect very or extremely important improvement from these upgrades.
About Numeral
Numeral is a payment operations platform making building payment products on top of banks easy. By exposing a single API across banks and payment methods, Numeral helps companies accelerate SEPA payments and reconciliations through real-time connectivity to banks, robust automations, and built-in controls.
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