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NCR Voyix President: Clarity Drives Real-Time B2B Payments

Nov 14, 2023 - pymnts.com
Doug Brown, president of NCR Voyix Digital Banking, has highlighted the need for clarity in B2B payments, noting that the process of getting paid is a significant pain point. He believes that real-time payments could change the fundamentals of transactions, as senders want to hold onto their cash until the last possible moment, while receivers want to get their money as soon as possible. However, he also noted that faster payments alone will not solve the issues with commercial transactions unless back office operations are modernized and improved.

Brown also discussed the challenges of getting buyers and suppliers on board with new payment methods, citing corporate inertia as a major obstacle. He believes that many are hesitant to adopt real-time payments and new invoicing protocols due to fears of generating more errors. Brown also mentioned the role of artificial intelligence in improving internal processes and protecting companies, noting that NCR Voyix has been using AI to help client banks and credit unions identify suspicious activity and new growth opportunities.

Key takeaways:

  • B2B payments need more clarity and speed, with real-time payments having the potential to change some of the fundamentals of transactions.
  • The FedNow® Service and The Clearing House’s RTP® Network are gaining traction, potentially shifting buyers and suppliers away from paper checks and improving the velocity of fund flows.
  • There are challenges to getting buyers and suppliers on board with real-time payments and new invoicing protocols due to corporate inertia and fear of new payment rails.
  • NCR Voyix is using AI to help client banks and credit unions discover patterns with their own enterprise clients, identify suspicious activity, and find new ways to scale into new growth opportunities.
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