Over the past decade, the payments sector has undergone a notable surge in complexity and fragmentation. Rising payment volumes, tougher customer demands, and evolving market standards have exacerbated the pressure on corporate treasury organizations, particularly those that rely on antiquated legacy systems and tools that function in isolation.

As a result, many corporate treasuries and financial institutions are finding that their legacy systems are fragmented and disparate—and increasingly time-consuming and cumbersome to maintain. Companies can streamline payment processes by deploying a payment hub that centralizes disparate payment activities within a single, holistic platform that is customizable to the individual organization's needs and requirements. (See Figure 1, below.)

Companies considering consolidating functions under a payment hub should carefully balance the hub's short- and long-term goals alongside the functionality of their legacy systems, ensuring both are considered simultaneously. And organizations that roll out new technologies must think about deployment in terms of a journey based on a long-term strategy, rather than implementing scattered solutions and quick fixes. The long-term, big-picture approach comes with added effort up front, but it can bring enormous value and benefits to the organization.