Payment transaction delay disrupts operation of companies : survey

The useful part

The operations of one in four companies would be seriously disrupted by a 24-hour interruption in payments, according to a survey commissioned by OP Financial Group. The new Corporate Pulse survey indicates that even a one-day interruption in payment transactions would cause significant difficulties for companies operating in Finland, said OP in a press release on Wednesday. Changes in the geopolitical environment have turned the operational reliability of payment transactions into an issue that is more strategic than ever.

How it works

• "Companies need real-time data on their cash flows, because the business environment also changes continuously.
• When money moves reliably, companies can focus on growth, internationalisation, and investments.
• The continuity and reliability of payments have become strategic issues in companies' management teams," said OP Corporate Bank's CEO Katja Keitaanniemi.
• The increased strategic importance is also visible in the manner companies closely monitor their cash flows.
• A real-time overview helps companies monitor their finances and plan investments.

What to take from it

When the information is available in one service, it becomes easier to grasp the overall picture and plan and forecast finances," Keitaanniemi said. For companies, this means better opportunities to control their liquidity, automate financial processes, and also operate reliably in a changing environment," said Katja Keitaanniemi.

Details worth keeping

"The transfer of payments is the lifeblood of business. According to Keitaanniemi, the transfer of payments in Europe is going through a transformation phase, expedited by the fast growth of real-time payments, technological development, and the will to strengthen the European payment infrastructure. "The future of payments is built on security and efficiency.