No Remittance Data Means Lots Of B2B Payments Friction
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.