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Financial Supply Chain Transactions

With the growing complexity of today’s global supply chains, the accompanying financial transactions are also growing in both volume and complexity. This growth is placing more pressure on financial institutions to support secure data exchange for their clients.

Increasing amounts of sensitive commercial data need to be securely moved to enable corporations to manage their procure-to-pay and order-to-invoice processes on a global basis. In fact, Aberdeen research into corporate use of on-demand platforms for procure-to-pay and order-to-invoice processes finds that data security is the top concern of the 180 corporations studied, cited by 64% of respondents1. In addition, 60% said they were also very concerned with how to integrate the data back into their own systems.

Concern about end-to-end data security also extends to the financial community. Data security remains an issue of key concern for 92% of financial institutions that Aberdeen surveyed in May 2007.

A Call for Secure Information Transfer
Secure information transfer with low IT costs is what corporations are seeking today. This is particularly important because of the increased volume and detail of data being shared electronically between business partners. Banks today are required to satisfy the need for creating secure flows of financial data, end-to-end financial supply chain visibility, and – a demand by the leading corporations – real-time status tracking of financial supply chain events. Aberdeen research finds that large enterprises – whose business operations are often global – are very concerned with the lack of appropriate technology systems to manage their financial processes and risk exposure.

The focus on a secure environment for financial supply chain transactions has been heightened in light of numerous security breaches reported by financial institutions in recent years. These breaches have been well publicized by the media. To retain and expand their relationships with corporate clients, banks and other financial institutions need to ensure they have created a fully up-to-date data exchange environment for payments, receipts, financing, and more.

Banks’ Role in the Move to Increased Financial Automation
Aberdeen studies on supply chain finance report that 55% of companies now believe that their manual-intensive financial processes are too burdensome: this finding highlights the lack of financial supply chain automation that often opens the door for...

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Lundi 8 Octobre 2007

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