B2B Payments Study: Fraud is Top Driver
The payments and bank connectivity market study revealed that only 20 percent of corporations with revenues over $1 billion were following a standardized and controlled payment management workflow across all of their entities. Disparate systems and multiple bank relationships were cited as key factors contributing to the overly complex payments landscape.
The study also revealed that 89 percent of respondents operate across multiple geographies, 25 percent utilize more than 10 cash management banks, and 23 percent have more than 1,000 bank accounts.
These and other results indicate that corporates are facing cost, control and liquidity challenges due to non-standardized processes.
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