Advances in banking and payments are transforming business operations. Taken together, the integration of these two functions is changing, well, everything.
“Customers are looking for financial operations that work in concert with their business needs, combining the latest technology with legacy systems in a way that’s both seamless and secure,” Albert Acevedo, senior vice president of treasury services at Priority, told PYMNTS.
The concept of integrated payments is not just a force reshaping how businesses operate, but also a new paradigm to unlock efficiencies, enhance security and drive strategic decision-making.
In today’s data-rich environment, the ability to integrate and use data across various business functions is a game-changer. For chief financial officers and treasurers, having real-time access to financial data is critical for making informed decisions and strategic planning. Acevedo highlighted the importance of integrating data within a native platform like Priority’s own Passport solution.
“With integrated data, you have real-time information at your fingertips,” Acevedo explained. “This means you don’t have to wait for batch processes or worry about delays. It’s all about turning that data into something useful — whether that’s real-time reporting on deposit usability or managing investments on an intraday basis.”
Acevedo explained that Priority has coined the term “unified commerce” to encapsulate its approach to integrating payments and banking.
This integration is not just about streamlining processes, he said, but about providing businesses with the tools they need to thrive.
“Our tech stack connects with APIs and automates processes like reconciliation, funds flow and even account opening,” Acevedo said. “This allows us to offer a solution that’s unique in the marketplace, with real-time capabilities that can make a significant difference for our customers.”
Custom real-time dashboards can provide a single source of truth, allowing businesses to track revenue, manage investments and monitor fraud across their operations.
“The real power here is in the business intelligence we provide,” Acevedo explained. “Customers can create dashboards that reflect their specific needs, whether that’s tracking revenue by store location or managing risks across their entire portfolio.”
As consumer expectations evolve, so too must the strategies of businesses aiming to meet these demands. Unified commerce is not just about integrating payments and banking; it’s about creating a customer experience that’s fast, seamless and personalized.
“Customers today expect a curated and unique experience,” Acevedo said. “They want to be empowered to manage their cash flow with tools that work in concert, whether that’s receivables, payables or investments. … It’s about offering a holistic solution that’s seamless and integrated.”
Acevedo stressed that he sees the concept of integrated payments and banking only growing in importance.
“It’s all about being quick and easy to use while offering a comprehensive suite of tools,” he said. “Customers want one window into their entire financial world, and that’s what we aim to provide.”
Looking ahead, Acevedo emphasized the importance of partnerships and modularity in the future of integrated payments and banking.
“It’s not about being a one-stop shop for everyone,” he said. “It’s about giving customers the flexibility to choose the tools they need and integrating them in a way that’s seamless and efficient.”
One of the most significant advancements in this area is Priority’s ability to provide visibility into financial information in a way that’s tailored to the needs of each customer.
“We control our own [know your customer (KYC)] processes and can open accounts organized the way our customers want them,” Acevedo explained. “This allows us to offer unique automation and ledger capabilities that make managing money more efficient and effective. … That’s the future of integrated payments and banking, and we’re excited to be at the forefront of it.”
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