Name: Endava at Money20/20 Europe – The evolution of B2B payments
Uploaded: 2024-06-26T10:55:22.612Z
Duration: 1176.16

Scott Harkey_Endava_1.mp4

Scott Harkey_Endava.vtt

ENGLISH

Hello everybody and welcome
back to FinTech Futures.

We are here today at day two of
Money 2020 Europe in Amsterdam.

I'm a reporter here at FinTech
Futures and today I'm very happy

I understand you, you only
recently flown in from North

Now you could have walked,
you could have walked.

We are here to talk about payments
and B2B payments specifically.

But before we get going on that I know
who you are and you know who you are, but

why don't we give our audience a little
bit of an insight into what your position

I'm the head of financial
services and payments at Endava.

We are a consulting and
IT services company.

I work with a lot of large banks, a lot
of FinTechs, a lot of payment companies.

to help really build out their
technical services, capabilities, etc.

So we, tend to come in to help
accelerate some specific initiative,

to help build out some go to market,
but generally helping define, design,

When we were preparing for this
interview we had a discussion about

At the moment, it's a huge topic here
at Money2020, you only need to step

out of this filming room and you're
confronted with the stark reality that

payments are changing at breakneck speed.

Now, one of the areas that it is changing
is in the consumer to business space,

which I think is inarguable, that sort of
level of innovation has been fantastic.

But one area that you've seen
yourself and Dava in lacking that

We are seeing a shift in that sort
of attention and advancements and

From your standpoint, from what
you're witnessing now, why do you

So it's from C to B to D and what do
you think those changes look like?

Yeah, I think to some degree
it's catching up, right?

You know at the end of the day
we're we're all consumers, right?

We all interact with consumer
products small business owners, the

And so when they experience a lot
of the technology that's been built

for the consumer experience, they
then start thinking, all right, in my

business dealings in my business life,
I want a similar experience, right?

If I'm used to very clean interfaces
for paying bills that I'm getting from

my bank, and I'm a small business,
and now I'm paying my bills as a

small business, or I'm setting up my
remittances, I want a similar experience.

I think historically, small businesses
have been, small businesses in

particular, but businesses in
general have been left out of that.

The innovation started with the consumer,
because frankly, that's where the money

You start with end consumers, you build
really great experiences you update

the payment methods, you do all these
things to drive increased volume revenue.

It was the, businesses are used to not
having a great interface, or they're

doing things in bulk, so the individual
transaction has less relevance.

But I think businesses have said,
alright, we've waited long enough, right?

Now we're ready to have the good
experience, now we're ready to have

all these products and features that
we've seen on the consumer side.

I think there's the introduction
of lots of new technology and other

But I think fundamentally it's
almost this kind of catching up.

Yeah, that is really, interesting
that you use that word, catching up.

Because, the notion of businesses and
business payments isn't anything new.

New, businesses have been making payments.

Every business cares
about payments, right?

Because they have to get paid
and they have to pay bills.

And so the payments component
is a key part of every business.

But when you say catching up
to to C2B, why is it then taken

I think it's just more
complex for one thing.

Again, you think of a consumer
payment a lot of times as an

individual experience or transaction
that you're solving for, right?

You're building an interface to make
a payment using a credit card or a

Or you're building an interface to
check out in a shopping cart experience.

But it's these individual transactions
where you're not having to think

about things like reconciliation or
different payment methods and how

to route things, how to report on
things, how to basically do all the

When you're a consumer, you don't
care about any of that, right?

It's a single experience
that you're solving for.

When you're a business, you're
doing lots and lots of transactions.

And so the problems that get created
are more about behind the scenes thing.

They're not just about the, kind of
started with the screen aspect or the

customer experience aspect of it, but
they get into the actual behind the scenes

FinTech Futures

Expert Insight

This conversation between FinTech Futures and Scott Harkey, executive vice president of financial services and payments at Endava, analyses the catalysts that are propelling B2B payments to new, astonishing heights.

Harkey discusses how new technological advancements are facilitating this acceleration, the business payment challenges they're seeking to overcome, and why it's essential that the B2B segment keeps abreast with its C2B counterpart. 
