Accuity: Consumer digital payments are ‘light years ahead’ of the B2B sector
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.”