Electronic Payments for Corporates

Problem

How to reduce cost and increase speed in payments for companies with accounts in different banks / entities?

Having more than one account in different entities / banks can generate complexity in the way that the money may not be in the bank you need in order to initiate a payment. This is even more complex if the accounts are in different countries and in different currencies.

There are products defined by banks that allows to move money between accounts of different banks. Those products are normally expensive and only accessible to high end corporates using SWIFT.

In some countries (i.e. Spain Editran) there are network products that allows to send payments and receive statements from banks as if they were linked to swift. These products however more affordable than SWIFT connectivity they are not cheap.

With PSD2 and APIs there are a new set of possibilities to get the information in real time of the balances and transactions in the accounts, a combination of APIs and RPA (Robot Process Automation) can easily achieve same results as the cash flow products in the market with small set up cost.

Solution

Examples