For all of the talk of accelerated digitization and modernization of the enterprise over the past year, corporates still face plenty of friction in their business-to-business (B2B) payment workflows. These pain points lurk anywhere in the payment cycle, impacting buyer-supplier relationships, reconciliation, cash allocation and everything in between.
At the heart of many of those challenges is data. PYMNTS and Flywire have collaborated on a new research report, Payments 2021: Assessing The Digital Gaps In Business Payment Flows. More than one-fifth of decision makers surveyed at technology firms, education institutions and travel companies identify a lack of access to real-time data as a major source of friction in their own payment operations. That lack of access to data is exacerbating other challenges, from managing vendor relationships to reconciling receivables.