PORTSMOUTH, N.H., Sept. 14, 2022 (GLOBE NEWSWIRE) — The 2022 B2B Payments Survey, now in its 6th yr, performed by Strategic Treasurer and Bottomline, reveals that extra firms are asking banks for an embedded monetary expertise. It’s anticipated that APIs can have the greatest impression on B2B funds over the subsequent two to a few years, with each bigger (51%) and smaller (39%) firms figuring out this as their best choice.
An embedded finance expertise inside ERPs is now an expectation that clients have with demand for this rocketing to 39% in 2022 from 29% in 2021. This elevated curiosity in embedded options highlights the rising significance of buyer comfort and open communication with their banks and monetary establishments.
This yr’s key findings additionally embody:
- Large and small firms recognized that safety (66% v. 50%), ease of use (55% v. 47%) and breadth of performance (48% v. 25%) have the highest impression on their selections to make use of an revolutionary fintech resolution
- 14% of North American firms suffered a number of losses resulting from severe fraud makes an attempt, with 21% of massive firms experiencing a number of losses in comparison with 11% of smaller companies
- Banks that now supply B2C cost options have risen from 29% of respondents in 2020 to almost half (46%) in 2022
The annual survey, which polled 801 executives from banks and corporates globally discovered small and enormous firms agree that fraud detection/prevention (34% v. 33%) and money stream forecasting (45% v. 39%) applied sciences are the place they intend to speculate considerably over the subsequent 12 months.
“The sixth iteration of the B2B Payments Survey has pointed out that banks listen to the changing payments needs of their corporate customers. Over the last year, we have seen more banks offering solutions surrounding APIs, cash flow management and cash forecasting for their customers,” stated Gunita Bindra, Vice President of Product Management and Partnerships at Bottomline. “As the demand for B2C payment solutions continues to grow globally, the bar for better B2B solutions is being effectively raised. This year’s survey responses are a testament to that, with companies also paying increasing attention to ease of use for innovative payment technologies.”
Additionally, the survey revealed that extra AP programs have been breached in 2022. Compromised payable programs and processes elevated from 7% in 2021 to 11% in 2022, with 8% of breaches related to an insider/worker.
“Once again we see that securing information and processes in B2B payments continues to be at the top of the mind for treasury and finance practitioners. This is a rational response,” stated Craig Jeffery, founder and managing companion of Strategic Treasurer. “As technology develops and its adoption advances, strong fraud prevention and mitigation features are necessary components of any solution aimed at easing the burdens and reducing the errors of the status quo. Manual processes and siloed controls are no longer commercially reasonable approaches. Automation is key to efficiency and security for the future of treasury payments.”
Methodology:
This analysis has been performed in partnership with Strategic Treasurer and commissioned by Bottomline. The analysis consisted of an internet survey amongst 801 executives from banks and firms globally (North America, Europe, Asia-pacific, Latin & South America, Middle East and Africa).
Small firms are outlined as these whose annual income is lower than $1 billion and enormous firms are outlined as these whose annual income is greater than $1 billion.
About Bottomline:
Bottomline makes business funds easy, good and safe for companies and monetary establishments, of all sizes, throughout the world. More than 10,000 company clients, 1,400 industrial and business banks, together with 15 of the prime 25 international banks, depend on our industry-recognized cost and software program platforms to speed up digital transformation in a posh world of business funds and monetary administration. Bottomline options contact clients and funds in 92 international locations throughout six continents. Our groups serve the world from main areas in the United States, the United Kingdom, Switzerland, Israel, India, Australia and Singapore. Bottomline is a portfolio firm of Thoma Bravo, a extremely revered software-centric non-public fairness agency with $122 billion in property underneath administration. For extra info go to www.bottomline.com.
About Strategic Treasurer:
Strategic Treasurer was based in 2004 by Craig Jeffery, a monetary knowledgeable and trusted advisor to government treasury groups since the early Nineties. Partners and associates of Strategic Treasurer span the US, the UK, and continental Europe. This group of skilled senior treasury advisors are widely known and revered leaders all through the {industry}. Known for his or her experience in treasury know-how, threat administration, and dealing capital in addition to different money administration and banking operations, they effectively establish points, creatively discover concepts and choices, and supply efficient options and implementations for his or her valued shoppers. For extra info go to strategictreasurer.com.
Resource for journalists solely:
B2B Payments Survey Report: https://go.bottomline.com/rs/498-XVR-738/images/2022-b2b-payments-general-results-report-GEN-NA-SRR-2309-2282.pdf
Media Contacts:
John Stevens or Jacqueline Powell
Bottomline
[email protected]
Ky Casanova
Strategic Treasurer
678.466.2215
[email protected]
