ADVERTISEMENT FEATURE
Big Data and analytics could deliver process optimisation for a far wider range of functions, from accounts payable and receivable, treasury and finance, to sales and marketing, customer relationship management (CRM) and HR. More than ever, T&E programmes will be a people business.
The dawn of the era of Application
Programming Interfaces (APIs) begins to make such complex integrations a reality. And now, whether as a result of innovation or regulation, payment providers are entering the game. With the right payments partner sitting in the chain, capable of integrating at different steps, the consolidation of real-time and historical data across the enterprise offers a level of efficiency and insight that has never been seen before in this space.
Payments are coming of age The fundamental components of realising an optimal payment process are largely in place. Technologies such as biometric authentication, near-field communication (NFC) and sophisticated rules engines were confined to research and development departments just a few years ago and yet today are a reality on the High Street. The obvious starting point for any discussion on the future of payments is mobile payment. Having gained ground by
Card-based payments may become
Virtual card technology also allows corporates to pre-define their risk appetite, per user and even per transaction
offering real-time, accessible, convenient and secure transactions in the consumer space, acceptance and deployment will now conceivably overtake traditional payment methods. T&E payments will inevitably follow the same trend. More of a rising star in the corporate world is the virtual card. Virtual cards can be used in either de-centralised or centralised buying modes. They can be fully integrated into a booking engine, or standalone as a simple on-demand or batch processing tool. Virtual card technology also allows corporates to pre-define their risk appetite, per user and even per transaction, opening the door to sophisticated logic around policy administration to grant flexibility and convenience but with full corporate control.
interoperable with different payment methods and form factors. Compelling concepts emerge in the intersection between mobile and virtual cards. The prospect of employees armed with mobile payment devices that may, at any time, be populated with a one-off virtual card enabling the traveller to make a controlled payment in real time is a powerful one.
Thinking about the future As the digital agenda gathers pace, the conversation inevitably turns to futuristic concepts such as artificial intelligence (AI). AI could have a major role to play in policy enforcement and fraud prevention but could also help to transform reconciliation. For the traveller, it could be used to ease expense submissions, using data harvested from multiple internal and external sources. Removing the chore of doing expenses after a long trip would be a popular outcome! But with such powerful possibilities of combining enterprise data with AI, there is also no reason why the booking process itself cannot be transformed or – even – eliminated. The value and application of that other
great technology hope, blockchain, may not be quite so tangible for the business traveller. But as payment mechanisms evolve, this technology may pick up the heavy-lifting on delivering such features as control and reconciliation. Blockchain has the potential to underpin a further evolution in payments that stretches beyond what most can conceive of today, but data and integration will remain critical to its success.
By leveraging data and new technologies, T&E payments have the potential to create enormous benefits for corporates. But keeping convenience and relevance for the business traveller front of mind will be key for corporates and providers to find the way.
*2017 Certify Annual Expense Management Trends and Outlook Report
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