Payments are an integral and critical element for customer and supplier interaction. With digitalization on the rise, the variety and types of payment methods have increased manifold.
While cash, traditional invoices and bank wires are on the decline, digital and online based payment methods such as wallets, cryptocurrencies and stable coins are emerging. With the introduction of new payment methods, the underlying technology is changing quickly and forcing market participants – from private companies to central banks – to adapt their processes.
Finance and Treasury professionals need to understand the technology and the potentials of these technologies to drive company wide strategic discussion. In this profession it is mandatory to have this understanding to stay relevant and to even drive innovation and the company’s success.
Market participants find themselves having to increasingly interact with payment service providers and FinTechs to manage the new payment methods while facing enormous business process disruptions due to a lack of proper integration.
