I had the pleasure of attending the 8th annual Global Commercial Cards & Payments Summit (4th and 5th October 2016), hosted at the Roosevelt Hotel in New York City.
This was another great event from the Commercial Payments International (CPI) and Eurofinance teams that brought together over 100 senior representatives from across the industry to learn about and discuss some of the most pressing topics facing the commercial payments industry globally.
Key topics on the conference agenda included the economic and political challenges that could have an impact in the short-term on commercial payments, the growing importance of FinTech companies in the payment ecosystem including how the industry can best collaborate, and also how to best optimise customers to capture more spend (e.g. through growing the middle market segment as well as global expansion). Other opportunities such as Blockchain were discussed, but also some of the key challenges that remain in place for the industry such as supplier adoption.
On Day 1 of the Summit, I was privileged to be a panel speaker on the topic of supplier enablement and to help bring some of the key issues to the discussion table. While some progress has been made in recent years to overcome the supplier enablement challenge, it still remains an obstacle to growth for commercial cards and payments providers.
My fellow panellists and I presented the case for a drastic review of the business model of commercial payment cards, which aren’t fit for purpose to meet the needs and requirements of a large proportion of suppliers.
The consensus is that the value proposition put forward to suppliers needs to be more carefully crafted so that their AR departments and CFOs understand the key benefits against accepting ACH and paper checks.
Following the panel discussion, my fellow panellists and I took questions from the audience and helped provide more detailed insight and advice on this key topic.
In summary, a fantastic event and one that was a great opportunity to meet up with many of our friends within the industry and make many new ones from across the global commercial payments industry.
KAE is proud to have been a sponsor at the CPI Global Summit and also for the upcoming European Summit to be held in London, March 2017 and the Asia-Pacific Summit to be held in Singapore, May 2017. For further information on the CPI Summits, please click here.