article thumbnail

Navigating AML obligations in the age of virtual IBANs

The Payments Association

Payment Service Providers must strengthen due diligence, monitoring, and collaboration with regulators to address these risks. Virtual IBANs (vIBANs) have become a key component of modern payment systems, enhancing payment reconciliation and facilitating cross-border transactions. What’s next?

IBAN 88
article thumbnail

Payment reconciliation: What is it, and how can your business do it efficiently?

Nanonets

As transactions flow in and out, reconciling payments becomes crucial to ensure accuracy, identify discrepancies, and maintain a clear financial picture. Manual payment reconciliation processes can be time-consuming, error-prone, and inefficient. What is payment reconciliation?

article thumbnail

Modern payments, outdated systems: Why growth and uncertainty demand agility

The Payments Association

The Problem with manual reconciliation Despite the need for real-time processing, many firms still rely heavily on manual reconciliation methods. In fact, a staggering 90% of firms still use spreadsheets for payment reconciliation. This approach is time-consuming, inefficient, and highly prone to errors.

article thumbnail

Modernizing Government Payment Systems for Efficiency and Trust

Clearly Payments

The Case for Modernizing Payment Systems Modernizing payment processing systems can unlock a host of benefits for government agencies: Enhanced Efficiency: Automated processes reduce manual errors, speed up payment reconciliation, and lower operational costs.

article thumbnail

Qonto and Mollie Launch Integrated Solution to Tackle Payment Delays for European SMEs

Fintech Finance

The integration eliminates the need for multiple payment service providers (PSPs) and supports faster payments and centralised financial management. This partnership addresses those challenges by unifying payment processing and business banking into a single, integrated solution designed for European SMEs and freelancers.

IBAN 75
article thumbnail

Checkout.com Announces Partnership With Slope to Enhance Payment Performance for US Enterprise Merchants

Fintech Finance

Checkout.com’s comprehensive global acquiring and processing capabilities, alongside their commitment to cost optimization, and enhancing payment performance, uniquely positions the business to address these challenges effectively.

B2B 98
article thumbnail

Looping Legal Cannabis Into The World Of Trade Credit

PYMNTS

On top of these industry-specific challenges, the legal cannabis space faces the traditional hurdles associated with B2B payments: friction in invoice processing and payment reconciliation, cash flow management challenges, and the disconnect between when buyers want to pay and sellers want to get paid.

Legal 111