Being the largest organisational structures in the planet, small steps in government efficiency quickly gather momentum and can make a significant contribution to the system and directly affect those that it works for - the people. On the other hand being the behemoth that it is, it is incredibly difficult to shield against and let alone roll back poor software implementation since a lot is at stake. Our custom solutions for government aim for - and certainly can - create dramatic positive change. Imagine better budgeting, payroll, accounting and instantaneous electronic payment of taxes for starters: all possible with virtual bank accounts specifically created with governments in mind.
Governments often face legacy treasury and reconciliation systems that were implemented at different times by different public departments that are siloed from each other. Much of the technology is old. With the lack of the interdepartmental communication, it is very difficult to move the technology into the modern era.
FinTech has the ability not only to update that old technology but also connect departments with APIs. This results in higher performance in financial transactions, but also means that when it comes time to update in the future, it will not be such a battle.
Desiloed government financials
When disaster strikes, countries will often help each other. One way they can do so is by sending doctors to places they are woefully needed. However, once they are there, they need to get paid. With B2B Pay, each could receive an IBAN, making the transition to their temporary new country all the easier.