This post was originally published on Fin Extra
What are the key challenges that procurement teams are facing in 2025?
What is the role of financial institutions in streamlining procurement processes?
New solutions and payment methods are entering the procurement space, such as account-to-account payments and virtual cards. What are the implications of these developments, and how do they unlock value and benefits for procurement teams?
What does the future of procurement look like, and what are the value-added services emerging?
The days of procurement being viewed as ‘only’ sourcing and purchasing are long gone. Today, procurement is a vital part of overall business strategy and working capital optimisation. Yet while the expectations of procurement have changed, the underlying technology and procedures leave room for improvement.
These challenges are not new, and financial institutions have a strong overall understanding of their client procurement challenges and needs. However, many banks are overlooking the importance of user experience and underestimating the impact of value-added services for their clients, such as embedded payments or integrated working capital solutions.
In the B2C space, customers have long grown accustomed to seamless, integrated and flexible payments. These innovations are still missing in B2B payments, and procurement teams are looking for
— Read the rest of this post, which was originally published on Fin Extra.
