Forwardly CEO Nick Chandi discusses the evolving landscape of business payments, highlighting the shift from outdated methods like checks to modern, instant electronic payments such as RTP and FedNow. He emphasized the increasing adoption of stablecoins for cross-border transactions due to their speed and the demand for U.S. dollar exposure internationally, a trend further supported by regulations like the GENIE Act. Chandi also detailed Forwardly's solutions, including automated accounts payable/receivable workflows with AI-powered invoice processing and multi-level approval controls, as well as the auto-collection feature to mitigate cash flow problems. He envisions a future where business payments operate like self-driving cars, largely automated with human oversight.

Key Takeaways:

Shift to Instant Payments: The U.S. is slowly adopting real-time payment solutions like RTP and FedNow, moving away from traditional methods like checks and ACH.

Rise of Stablecoins: Stablecoins are gaining traction for cross-border payments due to their instant transfer capabilities and the demand for U.S. dollar exposure in volatile economies, with regulatory support like the GENIE Act.

Automation and AI in Payments: Forwardly leverages AI and OCR for automated invoice processing, intelligent coding, and streamlined AR/AP workflows.

Enhanced Payment Controls: Businesses need multi-level approval workflows based on amount, supplier, or expense type to maintain control over payments and prevent fraud.

Solving Cash Flow Issues: Forwardly's auto-collection feature aims to eliminate AR and bad debt by enabling pre-authorized payments, crucial for business survival and growth.

Future of Payments: Payments are moving towards highly automated, "self-driving" systems where transactions are processed based on pre-configured rules, with human intervention for exceptions.