- Payments processing varies greatly across Asia and across companies, but if done inefficiently can lead to damaging business consequences and losses.
- Thus, a company's bank must offer suitable products, support, security, delivery channels, integration, reporting, reconciliation, local expertise and pricing.
- Only by accounting for these concerns can an appropriate partnership be formed.
- The partner bank's technological sophistication becomes essential to meeting these concerns and must easily integrate into existing payments processing systems.
Concurrent to any company's streamlining of internal administrative functions is the aim for maximum efficiency in its payments processes. Payments processing is an area within the treasury function that demands the company's full attention, both in terms of timely settlement of obligations as well as cost efficiency in carrying this out. One cannot overemphasise the importance of how a company approaches the settlement of its commercial obligations. An inefficient payments system within a company can conceivably result in circumstances ranging from a permissible delay or default in payment to serious damage in business operations (e.g. termination of relationship by an important vendor, governments fines for delays in tax payment and reputational risks).
