Strategic Treasurer partnered with Bottomline Technologies for a third consecutive year to get a deeper understanding of the current B2B payments industry trends, including what evolving technologies are available, payment strategies companies are executing against and the best practices they use to meet their objectives. This year’s survey report compiled the feedback of more than 300 bank and corporate respondents from a range company sizes. Manufacturing, financial services, insurance and healthcare top the list of represented industries.
Three overarching themes emerged:
• Fintech Partnerships Drive Bank and B2B Growth – corporates are aware of the innovation happening within the payments industry and want their banks to stay on top of the latest payments offerings. As a consequence, nearly 76% of banks are partnering with fintechs to offer clients state-of-the-art solutions. It’s no surprise that those same corporates are also turning to fintechs for their own business payments capabilities.
• B2B & B2C Payments Capture Corporate Attention – although the adoption of faster payments services like ACH and Real-Time Payments (RTP) has been steady for B2B payments, the survey reveals that corporates are also interested in exploring B2C payment options (like Zelle and PayPal) and the broader topic of B2C automation in general.
• Treasury, AP & AR Payment Challenges – it’s no surprise that fraud continues to be a major concern for treasurers, but it might be a surprise that AP sees the most losses from fraud. The survey may have uncovered one of the reasons for this since respondents revealed that over 71% of small and 42% of large businesses site managing vendor bank account data as a top challenge.
For a quick snapshot of the survey results on payments industry trends, download the convenient summary insights infographic “Priorities in Payments”.
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