Chris Vincent, our Business Development Director has had a piece published in financial tech resource, Bob’s Guide in the UK.
The guest blog post is entitled Safe and efficient digital billing – is Request to Pay the answer? It discusses how Procure to Pay (P2P) and Order to Cash (O2C) processes are often disjointed and subject to unnecessary friction and cost. This is a real issue, one that impacts on both businesses and the greater economy. A report commissioned by Pay.uk estimated that it costs the UK economy alone over £1.3bn per year.
Digital helps, but it’s not perfect
Data plays a key role in reducing friction. Organisations need to connect up disjointed systems so useful data can flow to the right stakeholders. At the same time, they must balance this openess against risks such as Push Payment Fraud.
Request to Pay (RtP)
In the UK an ecosystem for billing and invoicing has been created to help tackle issues such as these – Request to Pay (RtP). It helps organisations to move away from managing a multitude of systems. It even provides a secure messaging platform to share financial information, speeding up the resolution of payment queries.
Get all the insights on this important topic. Read the full story on Bob’s Guide.
