CFOs need to be very clear about what payment optimization means in practice and what implementing a new payment process will mean for their organization. The focus should be squarely on consolidating and optimizing cash flow across the entire business so that:
- All organization-wide cash-flows (payment runs and manual payments) are routed centrally through a payment hub
- Communication with banks is controlled centrally
- Foreign exchange costs are minimized by making all payments in a local currency. By doing so, cross-border payments are transformed into domestic payments
- All payments are grouped or re-grouped effectively to optimize transaction value
- Inter-company payments are performed without ph...
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