FIS: New Tools and Tech Will Redefine the Office of the CFO

The 2020s have borne witness to some of humanity’s greatest leaps in technological innovation.

And many of them, from artificial intelligence (AI) to machine learning, have quietly been transforming payments.

But while the consumer side of payments has found itself flooded with much of this innovation — from embedded finance to open banking — the B2B sector has traditionally lagged in embracing the advances modernity offers.

“The B2B money movement space has not yet benefited from some of the real innovations,” Seamus Smith, EVP group president at FIS, told PYMNTS, noting that checks still account for “nearly 40%” of B2B payment volume in the U.S., even though they are prone to fraud and reconciliation errors.

However, this reliance on outdated methods presents a clear opportunity for innovation, particularly as a new wave of technology, automation and strategic focus is changing the landscape.

Smith said that with more companies actively working to replace manual payment processes with automated and secure electronic solutions, such as integrated payables and virtual cards, the B2B sector can achieve the same efficiencies and security benefits seen in consumer payments.

This shift, he added, is not only modernizing how businesses move money but is also redefining the role of the chief financial officer (CFO).

How Innovation Is Reshaping the Financial Lifecycle

FIS CEO Stephanie Ferris encapsulates the financial lifecycle of money in the context of financial services with a compelling framework: “money at rest, money in motion, and money at work.” For his part, Smith said this holds true in the B2B payments world, too.

Money in motion refers to the movement of funds into and out of a business. Smith underscored the importance of making these movements seamless to ensure businesses maintain optimal cash flow.

Money at work relates to how companies leverage capital effectively, whether by reducing fraud or optimizing working capital. Smith said the right solutions allow businesses to put their funds to productive use.

Money at rest involves funds sitting in accounts, awaiting reconciliation or analysis. Smith said FIS equips businesses with tools to analyze these idle funds and make informed decisions on collections and pricing strategies to maximize productivity.

According to Smith, aligning B2B payment strategies with these principles can significantly enhance operational efficiency and security. Against this backdrop, he pointed to a pivotal shift in the role of the CFO: from a traditional focus on liquidity management and reporting to becoming a forward-thinking strategic leader. Payment modernization plays a central role in this evolution.

After all, modern tools, like FIS Revenue Insight, now enable CFOs to predict financial trends with greater certainty, allowing them to focus more on growth strategies than on administrative tasks like reconciliation.

Automation, Smith said, “allows the CFO to spend more of their horsepower thinking about the future and the growth of their business.”

He added that exception management — dealing with errors and unforeseen financial issues — often consumes disproportionate time and resources. By leveraging automation and AI, businesses can reduce aged receivables, shorten days sales outstanding (DSO) and boost working capital efficiency.

“Our Integrated Receivables product, for example, has reduced aged receivables by 20% and improved DSO by up to 15 days,” said Smith. He highlighted that automation also reduces resource utilization by 30%, allowing businesses to achieve better outcomes with fewer resources.

Progress Toward Better B2B Payments

By automating key financial processes, leveraging AI for smarter decision-making and adopting secure payment solutions, CFOs can unlock new growth opportunities while minimizing risks.

However, Smith advised CFOs to approach AI adoption thoughtfully. Rather than outsourcing complex processes entirely to algorithms, CFOs should partner with trusted providers who understand how to use AI effectively.

He noted that today’s automation tools often struggle with variability in financial data, returning errors if data fields are not perfectly aligned. Large language models (LLMs), in contrast, can address this issue by recognizing patterns and validating invoices, even when the data is formatted differently.

Still, in an era where businesses must navigate global complexities and heightened competition, the ability to see into the future with greater certainty is a game-changer. For Smith, the integration of technology into B2B payments is not just about efficiency — it’s about creating an environment where businesses can thrive.

Yet he cautioned that fraud prevention remains a critical concern for CFOs, especially as manual processes like checks expose businesses to significant risks. Smith noted that 74% of fraud attempts in businesses are linked to checks. In contrast, secure electronic payments, such as virtual cards, see only a 3% fraud rate.

As B2B payments continue their transformation, innovation and strategy will play a central role in shaping the future. Companies that embrace automation, AI and modern payment solutions will be better positioned to navigate financial complexities and seize growth opportunities, Smith said. That’s why for CFOs, the journey toward payment modernization is no longer optional — it’s essential to remain competitive.

Register now to access all streaming and on-demand videos from the B2B Payments 2024 event series. 


Binance Tops PYMNTS’ Provider Rankings of US Cryptocurrency Apps

Cryptocurrency apps in the U.S. have surged in popularity due to factors such as the potential for profit, low transaction fees, and increasing user accessibility. These platforms allow users to trade cryptocurrencies easily, offering a decentralized, peer-to-peer model that reduces reliance on traditional financial institutions.

The ability to buy low and sell high has attracted investors seeking financial gains, while lower fees compared to traditional payment methods make these apps more appealing for online transactions. The increased acceptance of cryptocurrencies by businesses, along with advancements in blockchain technology, security, ease of use, and high liquidity, is fueling the belief that crypto could shape the future of finance.

PYMNTS’ Provider Rankings of Cryptocurrency Apps evaluate the performance of leading platforms based on factors such as user experience, transaction volume, security features and customer service. By analyzing consumer preferences and industry trends, these rankings provide insights into which apps are best meeting the needs of cryptocurrency users, and highlighting the platforms that offer the most reliable, user-friendly and innovative services.

The Top 5

No. 1 is Binance with 98 points.

Founded in 2017, Binance offers a range of services for new and experienced investors. The platform supports over 350 cryptocurrencies, including popular options like bitcoin and ethereum, along with niche altcoins. This variety, combined with high liquidity, ensures users can quickly execute transactions with minimal price slippage.

A key feature of Binance is its competitive fee structure, which includes discounts for paying with Binance Coin (BNB), making it attractive for frequent traders. The platform also provides advanced trading tools, such as charting and real-time data, and offers margin and futures trading. Its user-friendly interface, including a mobile app, makes it accessible to traders of all experience levels.

Security is a top priority for Binance, with multi-signature wallets, two-factor authentication (2FA), and a Secure Asset Fund for Users (SAFU) protecting funds and personal information. Binance also offers staking, lending and savings options for passive income, appealing to long-term investors.

No. 2 is Bybit with 91 points.

Bybit is accessible in over 180 countries and offers an intuitive mobile app that provides most of the desktop version’s features, making it convenient for users to manage their crypto investments anywhere. With access to more than 1,200 cryptocurrencies, Bybit allows users to buy, sell, and trade with ease, while offering up to 100x leverage for experienced traders looking to maximize potential profits.

Additionally, Bybit offers Bybit Earn, a feature that allows users to earn interest on their cryptocurrency holdings. This range of services and tools caters to beginner and experienced traders, making it a popular choice in the crypto space.

Tied for second with 91 points is Crypto.com.

Based in Singapore, Crypto.com offers a wide range of services including an app, exchange, DeFi wallet, and NFT marketplace, providing access to over 350 cryptocurrencies. The Crypto.com app allows users to buy, sell and track cryptocurrencies with more than 20 fiat currencies, offering features like price alerts, recurring buys, and TWAP bots to optimize trading. Users can also earn interest on their holdings, spend crypto through the Crypto.com Visa Card, and receive up to 5% cash back on purchases.

For more advanced traders, Crypto.com’s exchange supports over 200 cryptocurrencies, with spot, margin and derivatives trading options. It offers low fees and discounts for those who stake its native token, CRO. The platform also includes automated trading bots and emphasizes security with 2FA.

KuCoin and Coinbase round out the top five with 83 and 76 points, respectively.

Nos. 6-10

Checking in tied at No. 6 with 74 points is HTX and OKX.

Nos. 8-10 comprise MEXC, Blockchain.com, and BTCC with 65, 62, and 54 points, respectively.