Blog

Enriched Data: Top of the Corporate Wish List

Faster Payments may have grabbed many of the headlines in recent years, but it’s actually enriched data that finance departments and commercial bankers want most to make their jobs easier, new research has revealed. The good news is that you can have both with Optal’s Virtual Account Number (VAN) solution, which offers the ability to add extra data to each transaction to improve the accuracy, speed and security of B2B electronic payments and improve the efficiency of reconciliations.

The drive for data

The TD Bank poll of 336 finance professionals and bankers from around the globe revealed that the majority value most the attachment of rich data to payment files, claiming it boosts operational efficiency. Around a third rated faster settlements as most important. The research also pointed to the continued importance of cybersecurity and fraud prevention. Three-quarters (74%) of corporates and 92% of banks ranked online fraud as one of their top concerns this year.

The findings chime with a new Optal study into payment processes. We asked 1,000 senior finance executives within FTSE 350 companies and large public sector organisations what they thought of the state of B2B payments. Over half (57%) were attracted to the ability of VANs to provide enriched data to enable faster reconciliations.

The VAN difference

The bottom line is that VANs offer an improvement over traditional payment systems like BACS and SWIFT in terms of the amount of rich data that can be added to each transaction. This can help to:

  • Reduce the chance of misdirected payments
  • Accelerate and improve efficiency of reconciliations
  • Reduce fraud
  • Improve audit trails

Our report found that £60m is currently spent on reconciliations thanks to outdated and inefficient processes. It’s time firms switched to a faster, more secure alternative. It’s time you looked into VANs to optimise supplier payment processes.

Contact details:

Bradley Eccleshare
Optal Director of Marketing

M +44 0 7525 929198
T +44 0 20 3892 4928 (UK)
[email protected]

About Optal Ltd

Optal is re-inventing how payment processes work across complex industries. By stripping payment processes of their customary inefficiency, Optal helps companies boost profitability across a growing number of sectors around the world.

Optal issues Mastercard branded payment products, driving its focus on developing and bringing to market, game-changing payment solutions.

Talk to us to discover how Optal can add value to your organisation.

[email protected]
View our offices

Sign up:

Subscribe to receive the latest thinking, white papers and articles.
  • By pressing “subscribe”, you agree that Optal may collect your full name and email address so we can add you to our subscriber list to receive marketing material, newsletters or general information about the Optal group’s services. We will only use your information for the purposes set out in our Privacy Notice. If you wish to unsubscribe you can do so at any time by emailing us at [email protected] or by clicking on the unsubscribe link at the end of any marketing email you receive from us.
  • This field is for validation purposes and should be left unchanged.