Video: 3 Payments Trends that CFOs Need to Know for 2021
It’s been two weeks since TRAVERSE 20 -- the virtual travel & expense summit hosted by TripActions for finance and travel management professionals -- and our community is still abuzz. There were incredible conversations that have already sparked an entirely new approach to T&E within attendees’ organizations. For those who were not able to attend or are eager to explore the topics in more detail, we’ve recorded every session which you can watch here.
One of the most discussed panels was the first of the day: Picking up the Check: The Latest in T&E, Payments & Corporate Cards. The Points Guy founder Brian Kelly led the panel with Visa Senior VP and Global Head of Fintech Terry Angelos and Goldman Sachs Global Head of Internet Banking Jane Dunlevie. They discussed the 3 major trends improving modern payments and T&E management.
The panel started by focusing on the impact of consumerization and employees’ higher expectations for ease of use with their corporate tools. Angelos highlighted that there are $120 trillion of B2B transactions going over check, wire, and ACH today. His team believes that approximately $20 trillion of that amount is suited to a more digital kind of payment such as card rails.
When payments are run through digital form and backed on a card, finance teams receive additional information that they can use to automatically reconcile payments in the moment they happen. Dunlevie then dove into the fascinating revolution and innovation happening in fintech right now. She sees everyone from small business to global enterprises adopting new technology to simplify and expedite reconciliation and expense management.
Landmarks on the Road to Modern T&E
- Digital Infrastructure: Cloud-based architectures for payments, expense and reconciliation stack
- Integrated Tech Stack: Seamless connectivity from expense to accounting system
- Visibility & Control: Back-end technology built to intelligently manage and create visibility into spend
Kelly also spoke about the end of “receipt bureaucracy” and how an integrated tech stack can be used to automate processes through digitalization. In conversation with thousands of CFOs, Dunlevie’s heard the repeated challenges resulting in policy confusion for employees and the frustrating reconciliation processes for finance teams.
Automation leads to alignment between these two important stakeholders. It also leads to an integrated, end-to-end process that accounts for travel, expenses, and reconciliation in a single platform.
The panelists then brought the conversation to the importance of context in the current age. Everyday her team is looking at what’s possible in terms of policy and control and the ability to adapt in an uncertain world.
“There’s always been this tug of war between control and convenience. We’re now finding solutions to both of those,” Angelos said. These trends no longer impact just finance teams, but require a cross-functional approach as HR, travel, and finance have a hand in corporate travel.
It is possible to have visibility, control, and a context-driven policy. You can watch the full TRAVERSE 20 session on video here. If you’re ready to automate and align your T&E processes for 2021 and beyond, reach out to learn more about TripActions Liquid™ today.