PayCash - CX
(Contextual Experience)

Industry Overview

In a scenario of rising interest rates and high working capital costs, corporates seek holistic payments and cash management solutions from their banks to optimise liquidity and improve return on capital employed. Similarly, banks themselves face cost pressures stemming from operational, technology, and regulatory expenses due to investments in multiple platforms for payments, collections, receivables, and digital client experiences. Hence, banks are also seeking full-stack solutions for payments and cash management to enhance their Cost-to-Income ratio, capture more client wallet share, and become the principal banker to their corporates. Additionally, in line with Gen X customer experience expectations, where hyper-personalisation is offered to retail customers via generative AI/ML algorithms, the commercialisation of corporate banking demands a rich, frictionless experience for corporate users as well.

Challenges and Opportunity

Digital Client Experience Layer

• Banks face the challenge of not being able to fully own, enhance, brand, and white label the client UI-UX.
• The slow onboarding process for corporates and the absence of self-administration contribute to high costs for banks.
• The absence of a horizontal framework hinders banks from providing an open embedded ecosystem experience to their clients.
• Payment, Collections and Cash Management business products.
• Banks face challenges in offering client segment and sector-specific payment products, such as Government Payments, Tax Payments, Insurance Payments, and more.
• Corporates have a growing demand for unique embedded low-touch experiences, where payments can be initiated directly from their ERP or TMS systems.
• Banks are dealing with legacy architectures that struggle to handle the high volumes of real-time payments. The Cap Gemini World Payments Report 2022 reveals that 27% of banks face challenges with monolithic payment hubs, while on the other hand, the B2B and SME sector experiences explosive growth with highly fragmented Accounts Payable (AP) and Accounts Receivable (AR) spaces.

Payment Processing

• Banks have an opportunity to enhance their services by providing the Next Best Action, Next Best Oers, and optimal Methods of Payment recommendations to their clients.
• Limited payments orchestration, repair, enrichment, and exception processing lead to high operational costs and low Straight-Through Processing (STP) rates for banks.
• Opportunity for banks to mitigate credit risk exposure by offering real-time net position and gross position checks across multiple accounts for payment transaction limits management.

Methods of Payment to their clients

• Hohe Betriebskosten und niedrige STP-Sätze für Banken aufgrund begrenzter Orchestrierung, Reparatur, Anreicherung und Ausnahmeverarbeitung von Zahlungen.
• High credit risk exposure to banks because of the inability to offer real-time net position and gross position checks across multiple accounts for payments transaction limits management.

The Intellect Promise

PayCash-CX from Intellect helps banks gain and retain wallet share in the highly competitive space of Payments and Collections for their customers. PayCash-CX helps businesses optimise working capital, reduce DSO, streamline Payables processing and improve rates of receivable reconciliation. CBOS and CBX provide a market-leading Omni-channel Digital client experience to banks and enhance client stickiness multiple times. Intellect is one of the most mature vendors in the market today, able to offer a full-stack, front-to-back, cloud-native, e-Mach.ai-enabled solution covering Payments, Collections, Liquidity Management and Virtual Accounts.

Product Milestone

• Rated as “Best-In-Class” payment hub by Aite Novarica Dec 2022 and Rated in the Leader Quadrant for “Digital Banking Engagement Experience” by Forrester and consistently ranked #1 by IBS for 3 years in a row for global transaction banking
• Processed 1 million payments per hour in live use
• Are benchmarked for 1000 TPS
• Processing over 75m payments per year at a large bank in Canada