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A new white paper from global banking infrastructure firm RS2 says pressure will grow on banks for more efficient payment processes and systems as businesses visit B2B marketplaces for their procurement needs.
The RS2 white paper also predicts embedded payments and financial services will become much more significant as they help marketplaces offer combinations that make life easier for SMEs, such as combining ordering and invoicing with payment, easy access to credit and/or cash advances.
At the same time, according to RS2, payments orchestration – delivering the lowest-cost, lowest-risk, most convenient and secure payments as rapidly as possible – will become of vital importance.
As cross-border embedded finance solutions become popular with SMEs who use marketplaces, banks should look to protect and grow their business in the face of threats from marketplace-led financing solutions.
Innovation in Global Payments
An innovator in global payments, RS2 has more than 35 years experience in the delivery of global, scalable, agile solutions combined with best in-class customer service across the
entire payments value chain.
Most recently, the company has introduced a new AI-enabled orchestration methodology that optimizes transaction routing, saving banks time and money on processing fees, ForEx costs and more, while reducing operational risk to a minimum.
In a recent paper, RS2 outline how a typical bank with volumes of around $10m per day could save almost $4m per year in fees using their AI-enabled routing and optimization approaches, while delivering best-in-class transaction security and a great user experience.
When it comes to systems integration, RS2 provides seamless UX and API integration not just for banks and marketplaces, but for their end clients as well.
By consolidating messaging between platforms on a single dashboard, RS2 offers a 360-degree overview of activity using a single messaging format based on the ISO20022 standard.
Based on a single integration, RS2 reduces the enormous cost and complexity of managing a multi-method, multi-currency system that has to operate 24/7/365.
Working with a single provider delivers greater efficiency and lower cost – as well as a higher capacity for innovation.
In the area of compliance, for example, RS2 can anticipate and respond to current and future regulations – from the FedNow mandate in the US through to PSD3 in Europe and the global migration to ISO20022 messaging – at a system-wide level, ahead of schedule, and with the flexibility to accommodate local and regional variations in regulation.
This unmatched level of power and flexibility, combined with our global footprint and innovative AI, makes RS2 the essential partner for banks at a time when B2B marketplaces are set to dominate digital business over the next decade.
For more on the rise of B2B marketplaces and what it means for banks, download the new white paper from RS2 now
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