Based on the article from Seamless, Banks, payment technology companies and fintechs today are increasingly working together to bring digital solutions to the market in-order to improve the whole payments ecosystem and streamline processes.
Banks today are seeing a huge opportunity to improve and innovate B2B transactions and payments primarily to boost productivity, reduce costs, and strengthen commercial partnerships across Asia’s supply chain.
While on one hand it seems rather easy to implement this given the size and resources that banks would have, it is actually the lack of essential tools, budgets and the drive to innovate software and systems to simplify B2B payments which is proving to be a major hindrance. The bottom line is that the industry is stuck writing checks and using paper documents instead of embracing the modern times and digitising every step of the supply chain, from procurement to payment processing.
Source: Terrapinn Seamless