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A financial institution’s guide to tech flexibility in B2B payments

A financial institution's guide to tech flexibility in B2B payments

Do you know a telltale sign that a financial institution will stand the test of time?


A key component of your organization’s ability to roll with the punches and change directions quickly is its flexibility, especially in technology.

Financial corporations that invest in making their tech stack more malleable are rewarded greatly for it. McKinsey found companies that successfully become agile achieved around 30% increase in efficiency, customer satisfaction, employee engagement, and operational performance. Similarly, Adobe found that digital-first companies were 64% more likely to hit their goals.

Technology flexibility is critical to stay competitive in today's fast-paced market, particularly in the growing B2B payments sector.

Yet many financial institutions (especially commercial banks and institutional lenders) lack the tech infrastructure to respond to the ever-changing global markets and customer needs.

If this scenario sounds similar to what your organization is up against, there’s good news.

You can release stiff setups and embrace technology flexibility with the right approach.

To help you get started, in this article, we’ll explore why technology flexibility matters for financial institutions. This article will discover what to look out for when making your financial technology more agile and a must-have solution to make the process hassle-free.

Why technology flexibility matters in institutional payments

From AI to Kubernetes, there are many tech trends you could be investing in. So, you may be questioning why your organization should prioritize technology flexibility. Let’s cover a few concerning B2B payments:

Connect to customers' existing architecture easily

Considering all the time, effort, and cash that goes into securing clients and partners, it's essential to make a great first impression. Having smooth onboarding and management processes for every vertical and client type is a great start. A flexible tech setup will help by enabling businesses to link up with your solution quickly and effortlessly. For example, at Sprinque, instead of engaging in complex coding, customers can link to a system in just a few clicks using our powerful APIs.

More business opportunities and higher conversion rates

Do you have a financial solution that’s designed for just a few industries and business types? If so, you’re leaving money on the table. Having a tech setup that’s industry-agnostic and accommodating to different company profiles opens more doors.

You’re not bound to a particular market or client type, which means your organization can shift if it sees potential in other industries. Plus, when you offer improved and varied ways for commercial clients to pay, it leads to higher conversion and collection rates.

Improved insight tracking and visibility

Despite growing reliance on technology in the finance world, poor data visibility and quality are rife. 44% of finance professionals are concerned that their company is making decisions based on incorrect and outdated information, and 49% are worried a lack of cash flow data visibility will make them less competitive.

This visibility issue disappears when you have agile financial technology. You can gather insights from internal and external sources seamlessly, including payment data which is notoriously underutilized. Interpreting data also becomes faster and easier, resulting in better decision-making.

How to prepare your financial institution for the future of commercial payments

Now you know some flexible financial technology benefits, the question becomes, ‘How can we get started?’. The great thing is you don’t need to invest in custom software or expensive infrastructure. You can cut the cost, learning curve, and time to market by implementing a purpose-built B2B payment solution. Some features to look out for include:

  • ISO certification, e.g., ISO27001

  • Scalable, plug-and-play infrastructure

  • In-built security

  • Secure communication tools

  • Secure data storage

  • Cloud-native tools and platform

  • Open and standardized protocols

  • Simple client and partner integration processes

  • Agile structure

  • Open standards

  • Collaboration tools

  • Secure APIs

Sprinque answers the call for up-leveled commercial payments and data

After spotting a gap in the market to revolutionize B2B payments and data analysis, our team at Sprinque designed a robust and modern B2B payment system architecture that facilitates seamless integration. Sprinque has raised the bar in commercial payments with notable features for financial institutions such as:

  • A scalable platform: Our platform takes a modular and microservices-based approach. This structure allows us to develop, deploy, and maintain services independently, ensuring agility and scalability.

  • Adaptable infrastructure: Sprinque was designed with building and pivoting in mind. As a result, our platform works with your existing architecture, not against it. You’ll have maximum flexibility when integrating with clients and partners.

  • An industry standard API-first strategy: Sprinque has a number of APIs to suit different customer profiles. Our APIs also make integrating with external systems a straightforward and efficient process.

  • Event-driven architecture: Sprinque’s event-driven structure facilitates real-time communication and seamless data flow between different components of the payments ecosystem.

  • Open and standardized protocols: We ensure compatibility and interoperability with various payment networks, banks, and financial institutions through consistent and transparent processes.

  • Cloud-native infrastructure: With Sprinque, you don’t need to store data physically or operate the systems on paper. From platform operation to data storage, everything happens on our robust cloud systems.

  • Secure communication and data storage: Sprinque’s security features safeguard data during communication between systems during use and at rest. We also comply with relevant security standards as an integral part of our architecture.

  • Payment solutions: Sprinque comes equipped with the key components of payment systems like a Buy Now Pay Later solution to allow for easy customization and integration with partners.

  • ISO27001 certification by 2023: At Sprinque, we take establishing trust with our customers and maintaining credibility. So we endeavor to meet the requirements for ISO certification continually.

The road map for flexible commercial payment technology

If you’re operating on legacy financial systems that aren’t built for the digital-first market we operate in or have solutions that don’t serve your entire customer base well; it’s time for a change. With so many B2B payment technology solutions at your disposal, there’s never been a better time to build flexibility into your financial technology.

But it's important to select wisely. Opt for a B2B payment platform that enables your business to integrate with clients stress-free, customize tools to fit different scenarios, gain clear data visibility, and allows you to provide a memorable customer experience.

If you think such a journey is daunting, it doesn’t have to be. Sprinque is here to help you on the road to agile financial infrastructure by providing a specific guide to tech flexibility in B2B payments.

We place technology at the forefront of everything we do to give financial institutions like yours a competitive edge. So don’t wait, speak with Sprinque to learn how technology flexibility can take center stage in your organization.

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