DIGITAL PAYMENT SYSTEMS AS A TOOL FOR OPTIMISING CORPORATE WORKING CAPITAL MANAGEMENT

Abstract

The article examines how digital payment systems affect the efficiency of working capital management in corporations in an era of global digital economic transformation. The research focuses on the mechanisms through which digital payment platforms influence the components of the cash conversion cycle, transaction costs and the operational efficiency of international settlements. The study methodology is based on a comparative analysis of five global payment platforms (PayPal Business, Stripe, Wise Business, SWIFT gpi and Revolut Business) using a multi-criteria evaluation and ranking methodology to assess the digital maturity of ten Ukrainian corporations and calculate the economic impact of implementing digital payment solutions. The research objective is twofold: first, to substantiate the role of digital payment systems in optimising working capital management; and second, to develop methodological approaches for evaluating the effectiveness of their implementation within the corporate finance system. The study reveals that switching from traditional banking channels to digital platforms reduces Days Sales Outstanding by two to three days, cuts transaction costs by seventy-six to ninety-two per cent, and frees up ten to fifteen million dollars of working capital for every one billion dollars of annual revenue. An empirical analysis of Ukrainian corporations shows that there is a significant difference in the level of digital maturity in international settlements. Fintech and e-commerce companies have DSO indicators that are five to eight times lower than companies that use traditional channels exclusively. The research proposes a four-level system of KPI indicators for monitoring the effectiveness of digital payment systems, a methodology for calculating the total economic effect considering direct financial benefits and the effect of capital release, and a multi-criteria matrix for selecting optimal payment platforms for different types of corporations. The practical significance of this integration lies in the development of tools for integrating digital payment systems into financial controlling systems, and in substantiating their impact on credit ratings and cost of capital. The study's findings offer a valuable resource for corporate treasuries, financial services, and regulators, providing insights that can inform the optimisation of payment infrastructure and the acceleration of digital transformation in the corporate finance sector.