Consumer Digital Payments are ‘Light Years Ahead’ of the B2B Sector
- 18.03.2021 12:34 pm
The fast, frictionless payment transactions experienced by consumers are influencing user expectations in the B2B sector and driving payments digitisation across the entire continuum, according to a new report released today by Accuity, a LexisNexis Risk Solutions Company.
The report highlights:
● The benefits of electronic payments in B2B, showing that improvements could lead to a $950 billion global opportunity across invoice processing, AP payment processing, working capital management, factoring and cross-border payment optimisation.
● The varying levels of digital payments adoption across key B2B sectors - from corporates to financial institutions, to fintechs.
● How digital transformation will increase the accuracy, efficiency, and intelligence of payment processing, thereby improving the customer experience and providing a competitive advantage to firms that embrace it.
● The role of data in providing greater insight and scrutiny of payments, and technology, such as APIs, in removing friction across the payments ecosystem.
● The role of regulatory standards in transforming payments infrastructure and enhancing security - including PSD1, PSD2 and ISO 20022.
Sarkis Akmakjian, Senior Director, Product Management, Accuity comments: “The B2B payments market consists of approximately $120 trillion dollars globally. Considering the high volume of payments, it is vital for financial institutions and corporates to advance payments digitization and reap the rewards – both in the short and long term – as it becomes clear that the post-pandemic world is set to be an increasingly digital one.”