GAUGING THE MARKET
Craig Ramsey , Global head of Real-time Payments , ACI Worldwide
companies , credit card companies , utilities and many others . For the UAE ’ s retail and e-commerce sectors , RfP can smooth shoppers ’ experiences and secure all important cash flows for retailers .
RfP services give an impressive degree of control over billing workflows and improve cash flow and liquidity management . They reduce chargebacks , increase the visibility of incoming payments , enable faster notification of incorrect account details and simplify the reconciliation of payments to customer bills . Retailers enjoy not only these benefits but also lower acceptance cost vs other modes , reduced fraud and the ability to deliver better customer service , improve customer loyalty and attract new customer segments . RfPs also add benefits for payers , who can now control the timing of the payment and as demonstrated in markets , such as the UK , have the ability to choose their preferred mode of payment as well — something today ’ s direct-debit systems do not allow . The customer experience becomes more positive as a result , and bounced payments , which have associated costs for the receiving party , can be greatly minimised . RfP is also open to SMEs through scalable , automated services offered by banks . And businesses of all scales can eliminate hours of admin , freeing up staff for more creative endeavours .
Addressing corporate inefficiencies
As the region ’ s enterprises look finally to a post-pandemic horizon , they will be eager to eliminate legacy inefficiencies to compete and thrive in the economic recovery that is to come . One of the greatest of these is in accounts receivable and payable departments , where reconciliation processes of incoming payments to outstanding invoices remain manual . Additionally , many businesses have multiple accounts spread across various banks , countries and currencies . The high data standards of real-time payment systems address these inefficiencies by providing invoices and payments that map to the needs of the corporate customer .
Whether a corporation sends individual payments or a batch , the richer data standards mean more invoice and reconciliation information is bundled with each payment , adding accuracy , efficiency , speed , reliability
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