Customer expectations are constantly changing. New payments methods are rapidly emerging. More payments are being made and received in real-time. Keeping up with the pace of change is a big challenge for businesses. Many are modernizing their core systems. But digital transformation can take time. Between the planning, preparation, and deployment, it could be years before a business fully realizes the benefits of digital payments. And there’s no telling how B2B commerce will have changed during that time, meaning a business might have to repeat the whole process. Almost makes you long for the “good old days” of paper checks. Businesses can’t afford a drawn-out digital transformation project. But they can’t risk being left behind as their competitors modernize. With embedded payment solutions, they don’t have to.
Embedded payment solutions seamlessly integrate with legacy software and ERP applications, providing businesses with an easy and secure way to disburse and receive payments directly from familiar systems.
Embedding payments capabilities into legacy software or ERP applications can mean the difference between the success and failure of a digital transformation project. All businesses, regardless of size and industry, need to reduce inefficiency and eliminate unnecessary complexity, keep pace with evolving payments trends, address increasingly high customer expectations, and mitigate risk.
Today’s embedded payment solutions are meeting these challenges. Improving upon the traditional point solutions and closed-loop networks that businesses traditionally used to disburse and receive payments, embedded payment solutions offer businesses the ultimate functionality and flexibility.
Embedded payment solutions can be quickly and seamlessly integrated with legacy software and ERP applications, with little disruption to existing workflows and without sacrificing hardened business rules.
The latest payment capabilities facilitate Real Time Payment (RTP) and the touch-free exchange of rich remittance data between buyer and supplier ERPs – with the promise of new payment innovations.?
This approach allows businesses to free up IT resources for core products. What’s more, treasury connectivity is assured. And a bank-grade infrastructure guarantees security, regulatory compliance, and performance that would be hard for most businesses to match.
Modernizing payments with an embedded solution also helps differentiate a business. Well-funded “digital born” competitors running on new core payment platforms are disrupting industries.
Payment modernization is a necessity that cannot be ignored. It can help a business increase agility, ensure compliance, and deliver a better customer experience. But few businesses can afford to wait years to complete a digital transformation project. Management expects fast payback.
Embedded payment solutions can achieve this by integrating with legacy software and ERP applications and making it easy and secure to disburse and receive payments from familiar systems and screens.
SwiftXccess has proactively been helping businesses modernize their approach to payments and realize results quickly. Our embedded payment solution includes components for onboarding suppliers and disbursing and receiving payments and data via any payment method or open payment network.