Customer Payments: Tips To Get Them Quickly
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Overview: All of the players in the payments industry — payer companies, receiver
companies, banks, industry utilities, and technology vendors — continually
demand greater straight-through processing (STP) of payments to lower their
costs and speed payments settlement.
An important contributor to payments STP is payments tracking; the ability to track the progress of payments and intercepting specific payments with formatting or other exceptions issues.
The prototype for future payments tracking is package delivery as practiced by FedEx and UPS, both of which provide details regarding the progress of a package via their website. In this way, the sender and recipient can see where the item is and when it is expected to advance.
This white paper discusses how this prototype might apply to payments.