X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Like most treasurers, Debbie McSheffrey, treasurer of Atlanta-based Premiere Global Services Inc., can tell you: While sending money by wire turns out to be the fastest way to move money, it also turns out to be the slowest–and most imprecise–way to deliver usable remittance information. Applying wire payments is extremely manual and error-prone, notes McSheffrey, who is a member of the payments advisory group of professional organization Association for Financial Professionals (AFP). “It’s a real challenge to figure out what a wire is paying,” she says. “A parent may pay on behalf of a subsidiary. One wire may pay multiple invoices from multiple divisions. Too often we have to call the sending bank or our customer to try to resolve what is being paid, which is a waste of time on both ends.”

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2019 ALM Media Properties, LLC. All Rights Reserved.