Innovation is picking up pace in treasury management, but development is far from the fintech revolution that has replaced outdated technologies and streamlined antiquated practices in retail banking.
While there is an appetite amongst treasurers to remedy historic shortfalls, continuous improvement in operational treasury efficiency has been the biggest hurdle.
International payments continue to be an expensive and burdensome process, multi-currency accounts cannot be accessed, can only be operated manually, and take weeks to open – even though very few organisations operate using a single currency. Mobile banking can alleviate these pressures by removing geographical limitations and in turn, improving efficiency and productivity.
Considerable time has also passed since supply chains and banks had to ascertain how to pool cash and conduct trade across multiple nations, currencies, and continents for the first time, which is unacceptable in this real-time age of payments processing. Mobile services can remedy these issues by accelerating collection, refining reconciliation, and eliminating a significant portion of risk. Here’s how.
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