Payment Hub Definition
A Payment Hub is a centralized payments platform where all corporate financial information is united. The maintenance of all the different multiple technology systems have driven corporates to opt for simple hub connectivity through centralized solutions. In short, a payments hub is the central part of the wheel where the spokes come together.
Why do organizations use Payment Hubs?
A centralized Payment Hub is designed to process all types of payments that come from every payment mechanism. Implementing a Payment Hub can provide long-term efficiencies and cost savings. With a Payment Hub, you will be able to:
- Ensure that your cash is managed effectively
- Optimize banking relationships
- Ensure your business has the money it needs to manage its day-to-day business obligations
- Monitor and manage risks
- Have instant cash visibility for all your accounts
The Payment Hub definition is that it is a single platform supporting multiple payment and product types (international, domestic, bulk, single and so on), multiple geographies (and subsidiaries within them), and all banking channels. Payment Hubs integrate multiple payment systems, such as ERP systems, and allows users to approve and transmit corporate payments centrally to banks and other financial institutions, regardless of department or technology.
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