Half of Banks Report New Urgency to Offer Embedded Biz Payments Innovation
Modernizing payments is a critical initiative for financial institutions (FIs) and corporations of all sizes. The benefits are wide-ranging: Successful modernization makes business-to-business (B2B) payments, cash management and invoice reconciliation less complex and easier to manage. It can also grant these entities access to supplier portals and real-time reporting on revenue flows.
Organizations encounter opportunities and challenges when looking to innovate and improve B2B payment processes, and PYMNTS finds that these can vary dramatically depending on organizational size. Just 37% of FIs overall say they have the experience and resources to effectively address B2B payments frictions on their own with no need to outsource the development of required solutions, for example, but this share increases to 93% among large FIs, those with more than $100 billion in assets.
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