While “keeping up with the Jones’” is often viewed as a petty attempt to remain relevant by mirroring your peers’ habits and buying patterns, there is one area where it actually makes a little bit of sense, and that’s business payments. By making sure you know what the Jones’ are up to and understanding all of the key B2B payment trends, you have a broader picture of what’s happening in the industry and therefore have the context you need to make better decisions about the actions your organization should (or shouldn’t) take.
In a recent podcast, “Business Payments Trends – Is Your Organisation Ahead or Behind?,” global payments and cash management expert Ed Adshead-Grant talks about trends happening in business payments, explains how they will likely impact organizations and how they can be used as a strategic advantage.
With the third-annual “Business Payments Barometer” as the foundational data, Adshead-Grant discusses a number of key issues affecting business payments, such as security and the 169% increase in internal fraud reflected in the Barometer, as well as the fact that only one-third of organizations that suffered a fraud attack were able to get the majority of the lost funds back.
“It’s definitely a space where you want to prevent issues” said Adshead-Grant, referring to the growing trend of using machine learning and artificial intelligence to proactively detect fraud.
Open banking and PSD2 were also central to the discussion, as was the New Payments Architecture and issues surrounding companies continuing to make late payments to their suppliers in order to protect their own liquidity.
Ultimately, however, the discussion focused on the significant changes taking place in business payments. Adshead-Grant is upbeat.
“I have a friend with a t-shirt that says ‘change is great – you go first.’ The reality is, changes are much quicker and more common in the payment landscape right now. Thankfully, technology is there to help you compete, to help you modernise your systems so you don’t get caught out.”
To listen to the full conversation, check out the podcast “Business Payments Trends – Is Your Organisation Ahead or Behind?”