Why Use a TMS for Payments Over a Bank Portal

From hopping between multiple bank portals to managing compliance across accounts, simple tasks like payments can be a headache for treasurers and CFOs. What if there was a way to see all your accounts in one place in real-time? Or an easier way to track if payments meet your security standards?  

With a treasury management system (TMS) integrated with a payment hub, you can get full visibility into your organization’s finances, easily manage payments, and safeguard against fraud. 

Benefits of Using a TMS with a Payment Hub 

A payment hub is a centralized platform that consolidates payments from various parts of an organization, including Accounts Payable, Treasury, Finance, and HR. These payment sources are aggregated into a single hub, facilitating the management of outgoing payments and the receipt of incoming payment confirmations, statements, and transaction records. Payment hubs can also translate payment data into bank-specific file formats and create connections with global banks through connectivity options like host-to-host, API, or SWIFT. 

By centralizing these corporate payments, payment hubs enhance efficiency and team productivity while mitigating the risks of fraud.  

Connectivity & Ease of Use 

• In a recent Strategic Treasurer poll, 34% of respondents ranked complex message formatting as their top bank connectivity challenge.  

• Payment hubs make it easier to establish connections with an organization’s banks, ERP, and other source systems 

• They also decrease the time it takes to create payments and handle exceptions 

Security & Strong Controls    

As businesses increasingly move toward real-time, irrevocable payment methods, the risk of payment fraud rises. Payment hubs help mitigate these risks by centralizing controls, ensuring all payments receive appropriate fraud protection, sanctions screening, approvals, and other security measures. 

Visibility & Insights    

For modern treasury and finance teams, cash visibility remains a primary concern. By centralizing payments through a payment hub, organizations gain complete visibility of all outgoing cash flows in one place. Additionally, centralized visibility enables optimization of cash balances and more effective decision-making regarding cash and liquidity deployment. 

Why Use a TMS for Payments Instead of Bank Portals 

• Central Visibility: Rather than juggling multiple bank portals, a TMS offers a unified suite, providing a seamless user experience. 

• Centralized Controls: With one platform, you can ensure payments meet security standards, approval rules, compliance requirements, and anti-fraud measures. 

• Integration with Existing Tools: A TMS ties into your application to manage hedges and visibility, allowing you to initiate transfers from the same platform, streamlining your financial operations. 

• Efficient Bank Setup: A TMS speeds up the bank setup process, enabling faster, streamlined payment processes. 

• Singular Solution: Unlike ERPs, which often require multiple systems to manage payments, a TMS offers a singular, integrated solution, simplifying your financial operations. 

Benefits of Combining a TMS with a Payment Hub 

Using a TMS integrated with a payment hub offers a streamlined, secure, and efficient way to manage your organization’s payments. By centralizing payment data, automating workflows, enhancing security, and providing real-time visibility, this combination allows treasurers and CFOs to gain better control over financial operations, reduce risks, and make more informed decisions.  

Integrating a TMS and payment hub provides: 

• A Single Point for Connectivity: Simplifies connections across banks and financial systems. 

• Full Visibility into the Complete Lifecycle of the Payment: Allows for greater transparency and control. 

• Additional Controls for Approvals, Fraud Prevention, and Risk Management: Enhances security across all payment processes. 

ClearConnect Gateway 

GTreasury’s ClearConnect Gateway offers a modern, maintenance-free architecture. Once set up, the API does not require changes, ensuring long-term stability and ease of use. With balance and transaction reporting delivered in real-time, along with support for new payment technologies like RTP, FedNow, and emerging B2C payment types, GTreasury stands out as a leader in the treasury management space. The system’s industry-leading onboarding speed enables the fastest API onboarding for additional banks, reducing costs and saving companies hundreds of thousands of dollars by minimizing file costs. 

Conclusion 

In an increasingly complex financial landscape, a payment hub solution can simplify your payment processes. Pairing it with a treasury management system equips your organization with the tools needed to make strategic, data-driven decisions that drive growth and competitiveness. By streamlining payment processes, providing full visibility, and enhancing security, a TMS integrated with a payment hub becomes an invaluable asset for treasurers and CFOs looking to enhance their financial operations.