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The Green Sheet

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Integrated Receivables: The Next Big Thing

Tuesday, April 30, 2019 (RemoteDepositCapture.com / John Leekley)

For Financial Institutions who serve business customers, now is the time to commit to delivering an Integrated Receivables offering.
25+ years in the banking and payments industry has taught me many lessons, one of which is when to spot trends and opportunities that impact entire industries. Some trends and opportunities are relatively easy to identify, like Online, then Mobile Banking. Other opportunities take a bit more insight. Fortunately, I was able to identify the opportunity of Remote Deposit Capture. Now, I see this trend and opportunity in another, closely-related field: Integrated Receivables.

We have been discussing (albeit “preaching”) the promise of Integrated Receivables (though we often referred to it as a “Payments Hub”) for over a decade now. What follows the “promise” of a new opportunity is all too often the crude reality of demand, technical capability and in the end, a business case. These crude realities often lead to the failure to achieve said promise. In the case of Integrated Receivables however, this “promise” appears to be materializing.

In recent discussions with various solution providers and financial institutions, the subject of Integrated Receivables arises on an increasing basis. So, we decided to leverage the reach of RemoteDepositCapture.com to poll the on their approach to Integrated Receivables. The result: interest in and adoption of Integrated Receivables solutions which reminded me of the fulfilled promise and success of technologies and solutions the industry has seen only a few times in the past 30 years.

According to a poll RemoteDepositCapture.com ran in March 2019, while 44% of respondents currently have no plans to offer Integrated Receivables or do not serve markets that would use the service, 23% offer Integrated Receivables today, and an additional 31% are in the planning stages and / or evaluating solutions.



Add a little more insight and experience and I would expect more than half of all financial institutions who serve business customers to offer some form of Integrated Receivables within the next 2-3 years. My advice: If serving the needs of business customers (and keeping those customers) is important to your Financial Institution, just like Remote Deposit Capture had to become a priority, Integrated Receivables needs to be a part of your strategic roadmap.
 


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