Overcoming the Challenges of High-Volume Payouts

High-volume domestic and global payouts present a unique set of challenges, including compliance with local regulations, currency conversion, and the need for real-time visibility into the payout process.

As companies continue to expand their operations globally – seeking the best available talent to grow their business and partnering with best-in-breed suppliers and distributors – the need for efficient and secure payout orchestration has become increasingly important. 

The Challenges of High-Volume Payouts

High-volume payouts, whether domestic or global, present a number of challenges for companies including:

• Compliance with Local Regulations: Each country has its own set of regulations for payouts, which can be difficult to navigate and comply with. 
• Currency Conversion: Making payouts in multiple currencies can be expensive, complex and time-consuming. 
• Real-Time Visibility: It is be difficult to track the status of payouts in real-time, particularly when dealing with B2B and B2C payouts in multiple currencies and countries and when they’re executed through separate, manual processes.
• Risk of Errors and Fraud: With high-volume payouts and manual processes comes increased risk of errors and fraud.
• Time-Consuming Process: Simply put, you and your team have better things to do than worry about payouts. 

The Benefits of a Payout Orchestration Platform to Overcome the Challenges of High-Volume Payouts

A payout orchestration platform can provide a number of benefits for companies with high-volume domestic and global payouts, including:

• Automation and Streamlining of the Payout Process: A payout orchestration platform can automate and streamline the payout process, reducing the need for manual intervention and increasing efficiency. Think about managing exceptions – not rules – and all of the time this will free up for your finance team. 
• Compliance with Local Regulations: A payout orchestration platform can automate compliance checks and ensure that payouts are made in compliance with local regulations. This includes the ability to track and verify funds, as well as the ability to ensure regulatory compliance with anti-money laundering laws and other regulations. All the compliance boxes should be checked for you.
• Currency Conversion: A payout orchestration platform automates currency conversion and ensures that payouts are made at the most favorable exchange rates for your business, your partners, and your payees. 
• Real-Time Visibility: A payout orchestration platform provides real-time visibility into the status of payouts, allowing companies to quickly address any issues that may arise.
• Reduced Risk of Errors and Fraud: A payout orchestration platform automates the payout process and provides additional security measures to reduce the risk of errors and fraud. The removal of manual processes includes the removal of the highest risk threat vectors.
• Increased Efficiency: With less manual intervention and automation of compliance, conversion, and security checks, the payout process becomes more efficient and streamlined. Everyone wins.

A payout orchestration platform provides a solution to these challenges by automating and streamlining the payout process, reducing the risk of errors and fraud, and providing real-time visibility into the status of payouts. 

As you face an increasing reliance on worldwide employees, contractors, partners, suppliers, distributors, and more, don’t attempt to solve this alone. We’re here to help.

If you’d like to learn more, let’s chat!