Corporates in the region have issues with collection - after invoice generation, it takes them an average of 57 days to receive payments. 94.4% of corporates in the region face challenges with cross border transactions. Furthermore, all markets unequivocally agreed that receiving additional data with each transaction would significantly benefit their business by providing them with greater spend visibility, data analytics and allow them to automate processes such as General Ledger allocation and reconciliation.*
*Visa Cash Flow Visibility Index 2016 (A survey where a total of 806 of the top 1,000 revenue ranked corporations across Australia, Mainland China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Singapore and Taiwan were interviewed)
One of the corporate world’s greatest ironies is how much it costs a company simply to pay its bills or to get paid. While each company looks at every nook and cranny to cut costs, make savings and work more efficiently, majority continue to use archaic payment methods that eat away at profits.
Visa works with financial institutions to bring their customers innovative and value-creating services that maximise the profitability of employing Visa’s portfolio of solutions and enhance their operational and financial effectiveness.
