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American Banker – Rapyd VP Joel Yarbrough on Payment Automation and the Supply Chain

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Can payment automation help heal the supply chain?

The supply chain issues that surfaced during the pandemic are part of a much deeper problem that also stems from a lack of payment automation. Business payment technology typically lags what banks offer to consumers, largely because both a supplier and client must be able to use the same methods — consistently and reliably — to move money.

“The corporate entities have different procurement and payment processes, and they may not always follow best practices,” said Marco Salazar, director of payments for Javelin Strategy & Research in Chicago. “That makes it hard for banks or payment companies to offer a system that is configurable to meet the needs for a bunch of companies that want to do things their own way.”

To streamline business-to-business payments, banks and fintechs are deploying open technology development and blockchain, the distributed ledger technology behind cryptocurrency, to address specific pain points such as currency conversion, compliance, and invoicing.

 

Image courtesy of Yurii Hlei for Pexels.

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