In the global corporate arena, the intricacies of running multinational corporations can be vast and varied. For many, the forefront of these complexities is often seen as areas such as product development, business expansion, or digital transformations. If we were to survey a random assortment of executives and ask them to name the most challenging aspects of their jobs, the responses would likely range from managing diverse and geographically dispersed teams to staying abreast of evolving regulations and technological advancements.
Yet, buried within the labyrinth of multinational business operations is a sector that often doesn’t steal the limelight but proves equally, if not more, challenging. This silent behemoth is the world of payments.
A Vast Ecosystem
Global digital payment transaction value is expected to show an annual growth rate of 11.80% resulting in a projected total amount of US$14.78tn by 2027, according to Statista. This underlines not just the rapid digitization of the economy but also the complexity and scale of managing payments on a multinational level. Furthermore, a study by Accenture projected that business payments would see a CAGR of 5.5% between 2021 and 2026. These staggering numbers and projections drive home the fact that payments are a significant operational concern for global businesses.
More than just sending and receiving funds, payments in a multinational context encompass a vast ecosystem. This includes managing various currencies, navigating different payment laws and practices across countries, ensuring transactional security, dealing with diverse payment preferences (virtual cards, physical cards, e-wallets, cryptocurrencies), and the like. Thus, the realm of payments, often overlooked in corporate discourses, emerges as an equally challenging component of multinational business operations, necessitating specialized attention and expertise.
The Digital Evolution: Complexity and Compliance
Traditional finance and accounting could be simplified as a form of data entry ensuring compliance. In an increasingly digitized world, the landscape has shifted drastically. Additional elements and technicalities have surfaced, multiplying the complexities, while the tolerance for error remains at zero. Mistakes can be expensive, inflicting financial blows and tarnishing the brand’s reputation. The finance teams of multinational companies now have to juggle a plethora of components on a global scale, from disbursing commissions to handling various preferred payment methods (virtual or physical cards), paying contractors, administering incentives/rewards, managing digital banking, and even dealing with cryptocurrencies.
This is where the magic of Berkeley Payment Solutions comes into play. Berkeley Payments helps deploy efficient, white-label financial products with profound personalization, flexibility, and scalability. Imagine having a financial partner that offers a comprehensive approach to your corporation’s financial needs, replete with hundreds of features, easy configuration, and accessible via API or portal. With Berkeley, you are privy to an agnostic platform that integrates multiple processors, banking partners, and fulfillment centers, giving you the freedom to find the partners tailored specifically to your needs. Not to mention, the platform is multi-tenant, 100% PCI compliant, and regularly audited, making it a trusted choice for the world’s leading financial institutions and multi-nationals including the likes of Coca Cola, Nestle, Google, Mercedes-Benz, Visa, LG, Kraft, L’Oréal, and many more across all industries.
Innovative Vigilance
Innovation-forward brands fully recognize that these days, simply making payments on time just doesn’t cut it. Staying ahead of the curve necessitates vigilant attention to areas such as fraud detection, sanction screening, and KYC / CIP Verification, among countless other best practices. Ensuring these safeguards can prevent corporations from getting embroiled in costly lawsuits, regulatory penalties, negative publicity, and even corporate espionage.
This is why corporations worldwide turn to Berkeley Payment Solutions. Berkeley Payments empowers corporations to accelerate sales results, incite consumer action, and simplify global administrative payment processes securely and reliably. In today’s ever-connected and fast-paced world, where digital transformations are more so considered to be the norm rather than the exception, corporations can’t afford to overlook the power and potential of a sophisticated payments solution like Berkeley Payments. After all, it’s not just about making payments, it’s about making strides in the corporate world with resilience, agility, and unwavering trust.