IOFM hosted their annual Payments Summit June 17 – 19 in Chicago, with a very clear theme; defining Integrated Receivables.
In previous summits, the theme was primarily focused on extracting information from paper documents. Now that more payments, including b2b payments, are moving to electronic, the need for a single way to process all payments is obvious.
Industry analysts, banks and technology providers all shared their views about how banking treasury services are evolving to more customer-centric solutions. No doubt there are many challenges in delivering an Integrated Receivables Solution; however, the opportunities for process improvement are worth it.
Integrated Receivables Solutions will be the new standard in bank treasury management services. Larger financial institutions have been dipping their toes in the water over the past few years. This experience and the evolving technology surrounding electronic payments is moving the industry closer to a consistent definition of Integrated Receivables which is more than just bringing ACH, EDI and Lockbox files together.
US Dataworks has been a leader in Integrated Receivables Solutions for more than seven years. We were happy to share our experience and views at the IOFM Payments Summit.