Independent Banker - April 2022 - 65

|||| Like the newest toy at
Christmas time, B2B
payments technology has
received a massive rise in
interest. Why is that?
When we say that B2B Payments
are on the rise, we need to
remember that we are not
completely reworking the
concept of making a payment to
a vendor, bank, small business,
etc. but we are making that
process streamlined and
frictionless. We are talking about
trillions of dollars currently
flowing through checks to
accounts payable (AP) and
accounts receivable (AR)
departments across the world.
These departments are now
staffed by a new generation of
workers (Millennials and Gen Z)
who have had their expectations
shaped by the easy-to-use
technology they experience in
their personal lives. Simply put,
the B2B Payments process is
like a classic toy that we know
and love, but by adding new
technology to the mix, we can
make it do so much more.
like I discussed in the previous
question. Banks are now
more open to partnering with
Fintechs like FIS to customize
their payments technology
in a timeframe that allows
quick pivots to adjust to client
demands. This includes working
together to make two separate
departments like AP and AR
an interconnected ecosystem
brought about by the technology.
Think of it this ecosystem as a toy
whose individual parts may not
amount to much. However, when
you put together the gears, bells,
and whistles, it can become
something special.
|| || How does FIS' technology
provide organizations,
specifically community
banks and small businesses,
a Plug N Play experience
when it comes to managing
their business payments?
|| || How are these payments
solutions adapting to fit the
ever-changing model of a
community bank or small
business?
With the events of the past
24 months, both types of
organizations have seen the need
and the value of switching money
movement to a more intertwined
approach. By adopting this
approach, these organizations
can not only make an impact on
convenience for their consumers,
but for their employees as well
Working with FIS means that
these organizations receive a
partner that can help manage
the entire flow of the Business
Payments process from end to
end and at scale. We take what
is typically a manual process
that can take weeks and turn
it into a digital solution that
gets businesses their money
in real-time. Our partners also
receive detailed reporting and
a 360-degree view of their
portfolios to easily identify any
risk that may be involved in the
payment process. To use the
toy making example one more
time, collaborating with FIS turns
making one individual toy at a
time into a frictionless machine
that can take production to the
next level.
Norman Marraccini,
SVP of Commercial
and Retail Solutions
at FIS
ťŏ îţţ čåĜĹüŅÄüĜŸčĬŅÆ±ĬţÏŅĵ åĵŞŅåųŏţüĜŸčĬŅÆ±ĬţÏŅĵxÆŸĜĹåŸŸěŞ±ĵåĹŸ
PHOTO:KEVIN MIYAZAKI

Independent Banker - April 2022

Table of Contents for the Digital Edition of Independent Banker - April 2022