IMS Payments Platform from ECS Fin offers automated, centralized, and intelligent instant payments processing functionality and liquidity management across all the business operations!
Small and medium enterprises, consumers, business ventures, and even the FI’s that assist the organization are strategically working to attract rewards, improve working capital, drive efficiency, or optimize processes. The primary aim is to embrace the breakthroughs of instant payments in business interaction from the consumer end through the supply chains to the producers and innovative solutions.
Indeed, the pandemic has galvanized the revolutionary transformation to digital banking, real-time payments, and e-commerce transactions, giving rise to a new payment raft for SMEs. Whether the businesses grew from the ashes of casualties or even enterprising entrepreneurs, favorable solutions need to adapt to cultural change, evolving regulation, cloud uptake, and an increased appetite for innovation.
Therefore, payment providers and financial institutions are more prone to facilitate businesses to experience faster settlement periods, notifications, and consolidated reporting. Nevertheless, FI’s have the pulse to rollout and innovate business overlay services that match the requirements of every organization.
In this turbulent crisis, SME’s in particular, desire instant payments where the transmission of the payment message and the availability of funds can be occurred within a fraction of seconds on a 24/7 *365 basis to remain afloat and set new standards in the market for rivals.
Additionally, they are searching for a solution to address end-to-end transactions and show their cash and liquidity status to make profitable business decisions. SME’s require definite information and control to optimize business processes to conclude whether the operating sector is more legible or the local conditions and requirements in the countries allowed to export goods and services. That’s why these businesses are driving instant payments by getting desired help from fintech to bring world-class payment platforms across the globe.
Fostering dynamic small and large enterprises has become a priority in both emerging as well as developed economies. However, this task is not a piece of cake. SME’s are those enterprises whose financial requirements are too massive for microfinance but are really smaller for the corporate banking models. Nearly in every country of the world, SMEs represent an economically strong sector. In fact, in some middle-income and high-income countries, SMEs account for over half of the national output.
Fostering dynamic small and large enterprises has become a priority in both emerging as well as developed economies. However, this task is not a piece of cake. SME’s are those enterprises whose financial requirements are too massive for microfinance but are really smaller for the corporate banking models. Nearly in every country of the world, SMEs represent an economically strong sector. In fact, in some middle-income and high-income countries, SMEs account for over half of the national output.
Though earlier, SMEs lacked access to many financial products and services, especially in developing countries, this situation is also changing with the advancement in payment hub solutions. IMS payment hub is a well-organized solution that controls and manages all types of payment messages and files by employing a range of measures, compliance, validation, approval, SME-tailored products to mitigate risks, lower costs, and overall, accelerate the overall benefit accrued from SME banking.
Notably, growth is accelerating in the dynamic small and large-size enterprise segment and B2B or B2C business models. This drift has spotlighted bringing high-class solutions that make it possible for the smaller corporates to enjoy more tailored solutions.
As per the EY report, it has been evident that banks and FI’s need to have the best solution that better caters to the needs and understands the business context while remaining close to the SME business’s heart.
Ultimately, it’s all about keeping SMEs in the market by completing their business processes as quickly as possible. This can only be achieved through digital tools and applications, artificial intelligence, open banking, and open application interfaces that reflect the business needs.
This is high time to work for the instant payments replacing traditional methodologies and drive overlay services such as Request to Pay, invoices ensuring SMEs remain more confident to pay on time. After all, faster payments are no longer restricted to retail peer-to-peer payments; SME’s also needs a platform where they can actually run their business. These can only happen by overcoming legacy technology challenges and incorporating a high-tech solution that enhances the data payloads to work according to real-time payments.
What’s more, ‘Banking-as-a-Service’ has been introduced to increase the services and volume of credit available to SMEs. This end-to-end approach facilitates the fintech companies as well as other third-party businesses to stay connected with the bank’s system while using different APIs. To be more precise, small businesses are using more innovative financial services upon the financial provider bank’s regulated infrastructure while enabling open banking services.
Notably, growth is accelerating in the dynamic small and large-size enterprise segment and B2B or B2C business models. This drift has spotlighted bringing high-class solutions that make it possible for the smaller corporates to enjoy more tailored solutions.
As per the EY report, it has been evident that banks and FI’s need to have the best solution that better caters to the needs and understands the business context while remaining close to the SME business’s heart.
Ultimately, it’s all about keeping SMEs in the market by completing their business
processes as quickly as possible. This can only be achieved through digital tools and applications, artificial intelligence, open banking, and open application interfaces that reflect the business needs.
This is high time to work for the instant payments replacing traditional methodologies and drive overlay services such as Request to Pay, invoices ensuring SMEs remain more confident to pay on time. After all, faster payments are no longer restricted to retail peer-to-peer payments; SME’s also needs a platform where they can actually run their business. These can only happen by overcoming legacy technology challenges and
incorporating a high-tech solution that enhances the data payloads to work according to real-time payments.
What’s more, ‘Banking-as-a-Service’ has been introduced to increase the services and volume of credit available to SMEs. This end-to-end approach facilitates the fintech companies as well as other third-party businesses to stay connected with the bank’s system while using different APIs. To be more precise, small businesses are using more innovative financial services upon the financial provider bank’s regulated infrastructure while enabling open banking services.
IMS suite of products serves small and large enterprises better by offering them the right support and assistance needed to enhance their business processes. Let’s take an example to explain this point thoroughly:
Imagine for a moment you are the sales manager of an online business. Your enterprise is really facing stark competition, and you are deemed to strengthen your customer loyalty and attract new consumers to the business. What will you do?
Of course, you will start looking for the best marketing techniques and solutions to keep your customers connected with the firm. In some cases, businesses start offering loyalty points when they use the debit card or even present some discounts to increase sales. In short, there is ‘n’ number of ways to improve the customer experience and stay afloat in the marketing world.
However, in the case of banking and payment infrastructure, every sector demands an innovative solution that can manage and control the entire range of payments, messaging, and connectivity without affecting the existing infrastructure. That’s where ECS Fin comes into the picture; with modules and services communicating internally, you can eliminate unwarranted travel of data between services, data redundancy, fragile data mapping services.
As a matter of a fact, quality data renders data results; our solution offers the richer information that follows regulations and ISO 20022 standard enabling corporates to have a more detailed view on every transaction, cash flow forecasting, streamlined collection, and better transaction tracking.
Better transparency and more remittance information mean better customer experience and customer service for certain results. IMS connects with source systems, including core-banking systems and ERP systems, and supports known formats and protocols. Changes in market practices can be accomplished without disrupting source systems.
Facilitates corporate customers to be instantly connected using any desired protocol and helps payment instructions to be sent in any format with less manual intervention, more accurate compliance processes, and improved fraud prevention measures. Therefore, enabling the SMEs to predict and assess transaction patterns to further understand and clinch the trade finance gap for smaller businesses.
IMS solutions genuinely improve workflow performance with no additional modification or investing higher costs to the workflow process to gain 100% STP results. Real-time payments are the future of the payments industry, and it has been implemented successfully across various countries worldwide. ECS Fin's Enterprise Payment Hub manages and controls the entire range of payments, connectivity, integration, and messaging to provide a safe, secure, efficient, and robust mechanism to streamline the timely payment information.
This means that our IMS payments fully support and facilitate efficient integration to provide a well-organized data structure without disturbing any internal systems. In fact, Nostro/Vostro Reconciliation and actual cash position in real-time are available for effective decision-making.
SME’s are now at a very exciting point of developing the payments, and fintech needs to be prepared to help them experience real exposure to payment solutions. IMS solutions are ready to deliver the right solutions to help them embrace this new change and scale up the business without any hassle.
ECS Fin is an engineering enterprise that specializes in process optimization. We design software solutions with a systems approach to transaction processing.
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