On July 4, 2024, PYMNTS.com declared, “2024 Is Already the Year of the Cyberattacks.” A bold statement to make only halfway through the year. However, as we approach the close of 2024, this declaration remains valid, with many large global organizations becoming victims of cyberattacks.

Managing mortgage payments has long been a challenge for both borrowers and lenders. Complex payment systems, limited communication and inefficient processes often lead to frustration on both sides of the transaction. 

In the world of B2B transactions, late payments can create significant challenges. Whether you’re managing accounts receivable for a small business or overseeing financial operations for a large company, delayed payments can disrupt cash flow, delay projects and harm vendor relationships. 

No matter what industry you’re in or how large or small your company is, maintaining an efficient accounts payable process is crucial for your organization’s financial health and operational success. An effective AP (accounts payable) process ensures timely payments to vendors, reduces errors and maintains strong vendor relationships. 

Have you considered what goes into keeping a hotel running smoothly? There are a lot of moving pieces happening behind the scenes. Food and beverage, linens, groundskeeping, security, entertainment—no matter the property size or number of locations, hundreds of vendors possibly need to be paid monthly.

Efficient financial management is the backbone of any successful business, and at the heart of this management lies the accounts payable (AP) process. Within this process, 3-way matching serves as a crucial mechanism for ensuring financial accuracy and fraud prevention. 

Consumer payment preferences are rapidly shifting as technology continues to advance. Offering a variety of payment options is not just a convenience — it’s a necessity for businesses aiming to stay competitive. As consumers increasingly expect seamless, secure transactions, understanding different payment types becomes essential to meet these demands.

Here’s a familiar scenario: A busy accounts payable manager is facing a stack of invoices piling up on their desk. Despite their best efforts, the sheer volume of work often leads to mistakes, delayed payments and frustrated vendors. But they can’t find the right people to fill out their team and ease the load. They can only hope for some form of AP automation to help.

In a dynamic lending environment, the pressure to stay compliant with regulatory requirements is greater than ever. With the rapid evolution of financial technologies and a complex web of regulations, lenders are challenged to maintain compliance without sacrificing efficiency. 

Invoices constantly flow in and out of businesses, with larger companies sometimes receiving hundreds daily. Fraudsters are aware of the chaos, seeking opportunities to infiltrate a business without suspicion. Accounts payable (AP) and accounts receivable (AR) teams can easily fall victim to illegitimate vendors, as the tactics fraudsters use are constantly evolving.