Perspectives 2019 2020 Public Sector

38 Improving Public Sector Collections A wide range of applications The solution described above is not fanciful. It has already been implemented for both domestic and international receivables solutions for a number of clients. One Asia Pacific-based government department needed to collect student loan repayments from people who had since emigrated overseas. Another government authority is working on making it easier for its expatriate community to easily make contributions to their pension plan, even if they are living and working in a different country and currency. The cross-border collection solution has facilitated both objectives, allowing residents of other countries to pay in their preferred currency while ensuring government agencies receive exactly the amount invoiced or requested in their functional currency — all through one, central platform. Furthermore, by digitizing payments, the authorities no longer face the challenge of reconciling checks and the number of forgotten payments is sharply reduced. Another solution currently being developed enables a government department to issue visas to people in dozens of countries worldwide, for travel to its country. Currently, applicants must fill in a form online and then pay local currency in cash at a bank branch before scheduling an appointment. These funds are deposited in the Embassy’s account and used for local expenses. However, there is a significant volume of paperwork involved and it is inconvenient for applicants to go to a bank to initiate the payment in foreign currency. Using this payment solution (available in dozens of countries), applicants can simply go online to the embassy website, choose how they want to pay and in what currency, and schedule an appointment immediately. The solution is also being deployed for a tax collection authority to enable it to broaden the range of payment options it offers beyond credit and debit cards to include popular alternative payment methods. This solution encompasses both cross-border and domestic collections. Other potential applications for the solution include foreign students paying for higher education, local licensing and permitting, and potentially the payment of fines. Lower costs and greater flexibility By bringing together multiple capabilities and solutions, it is possible to overcome many of the challenges faced by governments and transform receivables management. The payers’ user experience is significantly improved, as they now have flexibility in the currency they can pay in and how they make payments, using a wide range of options including alternative payment methods such as faster or instant payments. By doing so, the payment experience becomes more seamless while also reducing the frictions traditionally inherent in cross-border payments. Today, many businesses, governments and other entities struggle with the difficulties associated with domestic and cross-border receivables.