Future of B2B Payments Starts with Automation and Efficiency, Finds New Bottomline, Strategic Treasurer Survey
05 Ottobre 2021 - 3:00PM
The 2021 B2B Payments Survey, conducted by Strategic Treasurer and
Bottomline, reveals that nearly two-thirds of companies (64%) are
making the majority of their payments electronically, indicating a
growth in the adoption of new payment types. Alongside this, banks
are increasingly prioritizing APIs as a technology priority, up 30%
from last year.
When reflecting on payment fraud, and on the back of increased
fraud attempts, security and fraud prevention remains a top agenda
item for respondents, with 70% of banks and 52% of corporates
reporting heightened concerns compared to last year.
Among this year’s key findings:
- 64% of companies are making more than 50% of B2B payments
electronically
- AP issues, such as missing vendor information and timely
approval of invoices remain a challenge
- Efficiency/productivity metrics are driving firms to evaluate
new payment solutions
- Timely payment and remittance clarity are the top two AR
challenges
- Nearly three-fourths of companies are looking for banks to
provide B2C payment solutions
- Banks and corporates share ongoing payment security concerns as
fraud attempts escalate
- 88% of banks rank APIs as a top technology priority compared to
54% in 2020
The fifth annual survey which polled more than 340 executives
from banks and corporations, found that APIs rank above artificial
intelligence/machine learning, robotic process automation and
blockchain on the list of top priorities for banks. This is being
driven by demand from corporate customers who are seeking system
integrations and embedded payments experiences.
The survey also identified a trend toward single payments
solutions, with half of banks saying their clients prefer this and
65% of corporates reporting a preference toward single
solutions.
“We’re seeing increasing demand from corporates for more
simplified and integrated payments processes and banks are
responding to this by doubling down on their investments in APIs,”
said Gunita Bindra, Vice President of Product Management and
Partnerships at Bottomline Technologies. “Single payment solutions
will become even more important as competition for ownership of
corporate customer relationships continues to mount. Importantly,
best in class fraud mitigation and compliance has become a must for
AP automation vendors.”
Efficiency continues to be the top driver for payments solutions
with 47% of respondents reporting efficiency as the reason to
evaluate and implement new payments automation solutions.
Specifically, corporate survey respondents identified ACH (61%),
virtual cards (28%) and RTP (27%) as the main priorities for
payment type growth. This is in addition to an increased interest
in B2C payments capabilities. The survey found that nearly
three-quarters of corporates (74%) are asking banks to provide B2C
payments solutions.
Amid heightened threats around ransomware and fraud, payments
security concerns continue to be top-of-mind for both banks and
corporates, with almost half (49%) of corporations reporting
serious attempts from bad actors.
“While we are continuing to see greater adoption of electronic
B2B payments, more work needs to be done,” said Craig Jeffery,
founder and managing partner of Strategic Treasurer. “Banks and
corporates need to build upon the momentum to continue to improve
efficiencies through electronic payment.”
Survey Report Available to
JournalistsJournalists may request a complimentary copy of
the full 2021 B2B Payments Survey report by emailing
pr@bottomline.com.
About Bottomline: Bottomline (NASDAQ: EPAY)
makes complex business payments simple, smart, and secure.
Corporations and banks rely on Bottomline for domestic and
international payments, efficient cash management, automated
workflows for payment processing and bill review, and state of the
art fraud detection, behavioral analytics and regulatory compliance
solutions. Thousands of corporations around the world
benefit from Bottomline solutions. Headquartered in
Portsmouth, NH, Bottomline delights customers through offices
across the U.S., Europe, and Asia-Pacific. For more
information visit www.bottomline.com.
About Strategic Treasurer:Strategic Treasurer
was founded in 2004 by Craig Jeffery, a financial expert and
trusted advisor to executive treasury teams since the early 1990s.
Partners and associates of Strategic Treasurer span the US, the UK,
and continental Europe. This team of experienced treasury
specialists are widely recognized and respected leaders in
treasury. Known for their expertise in treasury technology, risk
management, and working capital as well as other cash management
and banking operations, they efficiently identify issues,
creatively explore ideas and options, and provide effective
solutions and implementations for their valued clients. For more
information visit www.strategictreasurer.com
Bottomline Media Contact:
John StevensBottomline pr@bottomline.com1 (978) 914-0735
Jacqueline PowellBottomlinepr@bottomline.com0044 789 4256448
Strategic Treasurer Media Contact:
Meredith ZonsiusCommunications
Manager678.466.2221pr@strategictreasurer.com
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