Published: January 31, 2019
This latest case study details how a professional service provider is fast-tracking its payment capabilities through an Enterprise Resource Planning (ERP) system implementation across its global operations. This large scale implementation is helping prepare the organization for payments modernization, including ISO 20022 – a global messaging standard that allows data to travel with electronic payments.
Insight into the potential benefits of modernized payments for this organization include:
- An increase in the auto-match rates of invoices to payments from 45 per cent to 85 per cent, with additional remittance information included, with ISO 20022 messaging as a source.
- A more streamlined wire payment process with the standardized ISO 20022 file format helping to further automate and simplify payment processes.
- The ability to make time-sensitive payments outside of the standard payroll cycle, with real-time payment capabilities.
While the organization examined use cases for modernized payments, what is unique about this particular case is the focus placed on needed changes to current payments processes in order to prepare the new ERP system to accept changes triggered by payments modernization. A valuable insight for companies undergoing their own transformational change in Canada and beyond. The case study also explored the types of governance and execution models that global companies may need to set up in order to execute the changes.
This is the second case study in our series of case studies, focused on how payments modernization and ISO 20022 in particular, could benefit Canadian businesses, governments and other organizations.