In our previous blog, we talked about how and why the Traditional RFI Process is a significant bottleneck to frictionless B2B Payments.
We firmly believe automating and improving the experience of the traditional RFI could be a game changer for the global B2B Payments industry.
Here’s why
Direct and Faster Exchange of Information
The fundamentals of frictionless payments lie in the seamless flow of transactions without unnecessary holdups.
Automated RFIs facilitate a direct and quicker exchange of information and documents, ensuring that a Payment doesn’t stay blocked for a long time.
This rapid exchange is crucial for maintaining the momentum of the Customer’s operations and avoiding the financial burden that comes with stopped Payments.
Strategic Transaction Routing and Risk Scoring
The integration of advanced risk-scoring mechanisms can play a pivotal role in streamlining the Payment process. By accurately assessing the risk associated with each Payment, PSPs can make informed decisions on routing certain payment types to specific underlying Banking providers.
This strategic routing helps in avoiding the stopping of payments, thereby reducing the need for RFIs in the first place.
Customized Yet Consistent Communication Templates
The introduction of customized but consistent communication templates significantly contributes to quicker resolution of RFIs. These templates ensure that all necessary information is requested in a clear and structured manner, reducing confusion and back-and-forth communication.
This standardization not only speeds up the Compliance process but also enhances the overall experience for both Senders and Receivers of RFIs.
Eliminating the Need for Multiple Platforms
One of the significant cornerstones of better RFI management is the elimination of the need for Compliance Analysts to log into multiple platforms.
By centralizing the RFI process within the existing Payment ecosystem, PSPs can save valuable time and resources. This consolidation also reduces the risk of errors and ensures the secure handling of sensitive information.
Conclusion
The move towards automated, consistent and faster RFIs represents a critical step forward in the quest for frictionless B2B payments.
By addressing the key pain points associated with the traditional RFI process, PSPs and Banks can offer their Customers a more streamlined, efficient, and secure payment experience.
As the B2B payment landscape continues to evolve, the adoption of technologies that facilitate faster RFIs will undoubtedly become a competitive advantage for forward-thinking companies. In a world where speed and efficiency are paramount, the ability to expedite RFIs could very well be the linchpin in achieving truly frictionless payments.
In the next blog post, we will talk about the role global Regulators and Banks are playing in improving the RFI process.