For many organizations operating on a global scale, the payments process can bring considerable challenges and risks.
With payments made to suppliers in different countries by an assortment of checks, credit cards, and bank transfers, the current processes and systems used by finance teams have led to fraudulent transactions, inaccurate payments, lost discount opportunities, and unreconciled books – resulting in operational and financial impacts to the entire organization.
Even the smallest companies operate in numerous countries in today's global marketplace. The challenges businesses are facing with international payments can be classified into three main categories:
- Inefficient manual processes to execute payments;
- Lack of data integrity and reconciliation across siloed applications;
- Absence of innovation to support modern forms of payments;
Inefficient Manual Processes to Execute Payments
The pain of manual processes is shared by small and big companies alike. Manual payment tasks are time-consuming, high-risk, and prone to error.
While many larger organizations are partly automated, integrating processes worldwide remains a big challenge, including blending, testing, and maintaining connections with various banks and payment systems.
Often businesses have some automation but still work together different methods, leading to inefficiencies, lost opportunities, poor performance, and pain for those in charge and responsible.
Lack of Data Integrity And Reconciliation
Payments are associated with spend transactions that happen in an enterprise. Many enterprises have different systems to deal with purchasing, receiving, and to invoice goods, and – as a result – there is no traceability of payment to the purchase order or the invoice it is associated with.
In the B2B world, managing working capital by financing or using early pay discounts is integral to the spending management process.
Almost every enterprise manages these transactions in separate systems. Not only are these applications different, but so are the teams driving them and the processes they follow.
This lack of data integrity and traceability is why enterprises see fraudulent and inaccurate payment transactions.
Absence of Innovation to Support Payments
Innovations in the last decade have radically transformed the consumer payments space.
Mobile payments, digital wallets, and cross-border payment solutions have made many consumer purchases frictionless. Businesses have seen the impact of this change.
For example, companies that have gone global and are using suppliers in Asia are being asked to support easier and quicker models of cross-border payments.
The Reimagined B2B Payment Flow
Nexity Network provides a modern, comprehensive, blockchain-based business trade finance platform with a unified suite of modules that allows enterprise customers to manage the contracts, purchasing, receiving, and invoicing of all goods and services they use for their business.
End-to-End Data Integrity And Visibility
With TradeFi platform, customers can trace payments from a requisition, purchase order to a goods receipt, invoice and its digital payment – all with one experience, one UI, and one platform.
With well-defined roles, permissions, and privileges, the platform provides the required controls to ensure only the right users with the right permissions can perform sensitive actions like creating a payment account or releasing a batch.
A separate set of highly privileged users are the only ones to determine who in the organization can perform such sensitive actions.
These control structures, user experiences, business processes, and data structures – all enabled in a unified and intelligent application suite – ensure that customers have end-to-end traceability and visibility of transactions with TradeFi.
Open And Automated Platform
MultiPay enables customers to take advantage of every payment rail with a single platform and interface, spanning domestic bank transfers, cross-border payments, virtual cards, and digital checks.
The application has been architected to allow customers to batch, release, and approve their charges across all payment rails and initiate payments from any bank account or card account they have with their treasury banks.
With a single security control point in MultiPay, customers can release payments from banks worldwide without having to log in to each of their bank portals or card payment applications.
Circle’s automated capabilities facilitate integration with the company’s banks to pull funds from and the general ledger system for automated payment and reflect the fiat amount in USDC on the blockchain.
Innovation That Streamlines B2B Payments
With MultiPay, we have taken a different approach to execute payments on existing payment rails to bring process improvements, cost efficiencies, and increased visibility to our customers.
At the same time, we are introducing cutting-edge payment flow within the same experiences to support today’s digital way of doing business.
Transforming The Payment Experience
To deliver a truly unified payment solution to its customers, Nexity Network has streamlined every aspect of the payment experience, from business process, user experience, security to know your customer/business and compliance.
What is Nexity Network?
Nexity Network is building a blockchain-enabled, circular, more transparent, and productive world by rethinking how everything is designed, created, used, and recycled, from the food we eat to the clothes we wear and how we do business.
We are creating the next economy to serve as a bridge for the companies and customers to enable transparently, responsible, and secure product & service flows.
The ecosystem is positioned to solve supply chain complexities, focusing on day-to-day operational activity from environmental damages, visibility gaps to trust between parties, and fragmented data exchange.
Nexity Public Relations