Every day in North America, lenders miss out on millions of dollars in cash flow. Be it from NSF cheques, inefficient payment processing or time-consuming manual bank and credit card reconciliations. So how are lenders stopping the bleeding? For many, real-time payments have become the answer.
With the industry in the spotlight, lenders are under pressure to streamline processes, deliver operational efficiencies, and cut costs. All the while providing exceptional customer service. And that is where RTP banking comes into play.
Gone are the days when credit risk management was just an art, lack of transaction visibility was“accepted,” and manual reconciliation was a necessary evil. Today’s lenders spend too much time managing payments and collections, with manual reconciliations costing the industry thousands of dollars. And it is all coming off the bottom line.
With innovations in paytech and payment digitalization, lenders are making better quality decisions, streamlining costs, and scaling up. The industry is reinventing itself with these new technologies that leverage the power of data, automation and analytics to deliver a better experience, enhanced FTE productivity and more money on the bottom line.
It is not just about fast fund disbursement. RTPs are addressing some of the biggest business pain points. Real-time payments solve the challenges surrounding the companies’ AR unknowns. Forget how long a cheque is stuck in the mail; there is no need to worry about when a payment will arrive or when a payment will be processed.
Faster payment solutions transform the way lenders do business. Instant settlement = instant access to those funds. Not only will faster payments give companies a much-needed cash flow management boost, but they will also gain savings from a massive reduction in workforce resources.
Tired of hiring about data being the new oil? Yeah, us too. However, one of the most prominent bright spots of real-time payments is the data that goes along with them. A significant amount of information is attached to every transaction, including remittance data.
1. Strict one-way movement from payer to the payee - Businesses can push and pull funds instantly
2. The dark abyss of the payment unknowns - Has the payment been processed? Have funds been received? Strategic decision-making is almost impossible with a lack of transaction visibility.
3. Cash Flow Challenges - Whether a business is paying out or getting paid, real-time payments provide a deeper clarity on where a business stands in real-time.
Imagine getting paid on time every time. This level of payment innovation benefits businesses, workers, and the Canadian economy. There’s a better way for lenders to pay and get paid. Download Fund Loans 24/7 to get started today!