A partnership with CSI provides banks with a distinct competitive advantage and the ability to capture market share in one of the most dynamic sectors within the world of financial services: corporate payments.
Whether through the software licensing of CSI’s platform (white-labeling) or a referral partnership, banks gain the ability to go to market quickly with a fully supported, end-to-end electronic payments program.
The Market Need
While banks have mastered the traditional payment services that businesses need, i.e. checking accounts, ACH and wire transfers, as well as the issuance of corporate credit cards, these conventional offerings have remained largely unchanged for decades.
Lacking a focus on innovation, banks often do not have the ability to rapidly develop offerings built on more modern technology. Further, electronic payment solutions are costly to launch, implement and support, and many financial institutions – particularly regional and community banks – may not have the budget or resources to independently support such programs.
Research shows a growing demand among businesses for more innovative electronic payment offerings that have proven their value for delivering increased security, efficiencies, savings and new revenue streams. For example, according to RPMGi, electronic accounts payable solutions are expected to experience a 69% growth rate from 2014-2018.