PYMNTS

DECEMBER 17, 2019

Paper checks are gradually shrinking their market share in the B2B payments landscape, yet the outdated payment tool remains in-use for up to 80 percent of businesses in the U.S., Today, there are two key methods for how a company can address the pain point of checks. The Check-To-ACH Migration. Checks are clunky.

ACH 52

ACH B2B Third-Party Service Provider ACH Processing 52

Nanonets

JANUARY 31, 2024

Month-end reconciliation is the most important part of the month-end close process. This can be streamlined by preparing a checklist, applying best practices, and automating tasks using reconciliation software. Here is how you can do monthly reconciliation. How to do monthly account reconciliation?

Reconciliation 52

Reconciliation Best Practices Adjustments Correspondent 52

Nanonets

JANUARY 14, 2024

Bank reconciliation is the process of matching the company’s cash ledger with the bank statements. The two ledgers generally don’t match due to factors such as bank fees, interest, outstanding checks, and deposits in transit. What Is a Bank Reconciliation Statement?

Reconciliation 52

Reconciliation Adjustments Checks Duplicate 52

PYMNTS

DECEMBER 29, 2020

Although it occurred under dire circumstances, 2020 was the year that many organizations finally ditched the paper check in B2B payments — or, at the very least, helped to move the needle toward electronic payments. The pandemic and work-from-home requirements left organizations to act fast when it came to sending or receiving paper checks.

B2B 114

B2B Reconciliation Payments Automation 114

PYMNTS

APRIL 30, 2020

This week’s examination of the latest in payments rails innovation finds financial service providers innovating on top of existing rails to address the friction of ACH, checks and other bank transfer infrastructure. ACH Gets A Boost In The Public Sector. Invoiced Tackles The Friction of Check.

Innovation 73

Innovation Global Payments Cross-Border ACH 73

PYMNTS

SEPTEMBER 27, 2019

26) that it has added Automated Clearing House (ACH) functionality, as well as direct billing, to the RoadSync platform. The addition of ACH payments supports users’ ability to offer their clients a recurring payment option and make payments straight from a bank account. The company said in a press release on Thursday (Sept.

ACH 51

ACH Debit Card Reconciliation Automation 51

PYMNTS

MARCH 24, 2017

Amid the slew of announcements coming out of SAP Ariba Live, mobile capture software company Mitek revealed a new collaboration with the company that enables businesses on the Ariba Network to remotely deposit paper checks into their business accounts. And the way the world of B2B payments works today is very often with paper checks.

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Checks FinTech AFP B2B 40

PYMNTS

FEBRUARY 19, 2020

. “Now you’re talking about some significant process efficiencies and visibility that you don’t have in an ACH environment – and certainly not in a check environment.” For corporate recipients, the value proposition of data transmission is a clear means of promoting streamlined reconciliation. ”

Real Time Payments 114

Real Time Payments Visa Payer Payments 114

PYMNTS

FEBRUARY 4, 2020

That’s particularly true in accounts receivable (AR), with B2B suppliers not only needing money to flow in from their buyers, but high-quality transaction data for reconciliation, reporting and analytics. A Reconciliation Headache. According to Dean M. Data’s Favorite Payment Rails.

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Commercial Card Lockbox Reconciliation ACH 61

Nanonets

SEPTEMBER 8, 2023

Ach and Wire are two of the most popular ways of money transfer in the United States. First, let's delve into the mechanics of ACH and Wire transfers, followed by an exploration of their distinctions, guidance tailored for small businesses, and concluding with instructions on establishing ACH and Wire processes.

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Wire Transfer Wire Wires ACH 52

PYMNTS

JULY 21, 2017

Receivable Savvy’s report found 87 percent of suppliers receive payment via paper check, with ACH coming in second (72 percent) and card in third (61 percent). That’s despite 59 percent of suppliers saying their top preference is ACH, and about a quarter saying they prefer to be paid via check.

Checks 47

Checks ACH Payments Same Day ACH 47

PYMNTS

NOVEMBER 16, 2020

It was developed to provide an alternative to the current transaction models, including checks. He's much more concerned about reconciliation of payments and assuring that people have paid so that he can put the goods [on the shelf] or provide service to the people.”. Cash And Checks . PIX has advantages over SITRAF.

Real Time Payments 131

Real Time Payments Wire Transfer Push-to-Card Credit Cards 131

Stax

JULY 9, 2024

From a consumer’s perspective, that means any transaction that doesn’t need a physical credit card, debit card, prepaid cards, or checks. Digital payments feature a multitude of benefits including: Digital payments streamline transactions by eliminating the need for physical handling of cash or checks.

Digital Payments 163

Digital Payments Online and Mobile Banking Contactless Payments Payments 163

PYMNTS

OCTOBER 22, 2020

Second, AR professionals working from home could no longer run credit cards from their desks or accept paper checks in the mail. And third, a further slowdown of the postal system added even greater friction to the paper check, leading to longer days sales outstanding (DSO). But optimization involves more than just ditching paper.

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B2B Lockbox Remittance Data Payments 89

PYMNTS

AUGUST 11, 2020

Moving the needle in the journey away from paper checks isn’t a one-sided battle, either. With the announcement that BPN is expanding to include support for ACH and wire transactions as well as card payments, Visa and Billtrust are casting a wider net of collaborators. But organizations can’t do it alone.

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B2B Payments Wire Wires 110

Tearsheet

OCTOBER 2, 2024

Morgan have recently announced a partnership aimed at facilitating the transition from checks to digital payments for major banks in the United States. Despite the availability of digital alternatives, approximately one-third of B2B transactions continue to use cash and checks. Codat and J.P.

B2B 59

B2B Checks Payment APIs and Integration Push-to-Card 59

PYMNTS

MARCH 29, 2018

Any FinTech operating in the procure-to-pay, vendor payments and accounts payable (AP) spaces can’t deny the fact that paper checks are a headache. But they also can’t deny that checks continue to make up about half of the supplier payments volume (in the U.S., Frankly, we think checks will be around for many years.

Checks 43

Checks B2B ACH Payments 43

PYMNTS

MAY 7, 2018

With Same-Day ACH now a reality in the U.S., In its analysis of the Same-Day ACH rollout, NACHA found no evidence that it led to an increase in fraud attempts or successful breaches. That doesn’t mean that fraud linked to ACH transactions is nonexistent, however. FIs are kept on their toes to mitigate this risk.

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Same Day ACH Fraud Detection ACH NACHA 47

PYMNTS

NOVEMBER 19, 2020

Hadlock gave a high-level view of the paper flow that can quickly grow to a scale that makes handling all the paper – not to mention the checks – a daunting task within an AP department. When we were receiving bills, having to touch each one and write a check for each one, that was just not a scalable business.”.

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Automation ACH Push-to-Card Checks 83

PYMNTS

DECEMBER 9, 2020

And, in the digital-first world that has been wrought amid the pandemic, the B2B use cases of moving money beyond the confines of the paper check have been exploding as data and payment need to be matched up seamlessly. billion transactions across 16 card-based networks, 65 domestic ACH schemes, 7 RTP schemes and five payment gateways.

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Use Case B2B Cross-Border Payments Cross-Border 134

PYMNTS

NOVEMBER 3, 2020

Launched in 2011 and also headquartered in Atlanta, CPS offers a software platform that is designed to facilitate the “issuance, execution and reconciliation” of payments by “virtual card, enhanced ACH, ACH and check,” the companies noted. The centerpiece of CPS’ offerings is the firm’s proprietary AP automation software.

Push-to-Card 56

Push-to-Card ACH Reconciliation B2B 56

Nanonets

APRIL 7, 2023

Some of the common treasury management solutions used during early-stage growth include: Liquidity solutions that combine checking and money market checking accounts, money market mutual funds, and managed fixed-income portfolios. Check Positive Pay to prevent fraudulent checks from being processed in the startup's account.

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Treasury Management Treasury Due Diligence Wire Transfer 98

PYMNTS

JANUARY 10, 2019

. “The beauty of the virtual card is that it’s the only payment modality today that solves the four biggest challenges in [the] payment process: speed, good funds, reconciliation [and] fraud risk,” explained Blair Jeffery, chief operating officer at payments processing company Noventis.

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Reconciliation B2B ACH Addressing 61

PYMNTS

JANUARY 12, 2021

trillion of business-to-business (B2B) payments are transacted in the United States each year through automated clearing house (ACH) payments, checks and wires, with nearly 50 percent of those still occurring through check. The company says that over $18.5

Treasury 73

Treasury B2B Real Time Payments RTP 73

PYMNTS

AUGUST 8, 2019

The competition is heating up between payment technologies in accounts payable, with ACH and virtual cards seeing significant pushes in the B2B payments space to combat the dreaded paper check. Paper checks are familiar, especially to smaller businesses, and can support a longer cash float. Which will come out on top?

Accounts 57

Accounts ACH B2B Payments 57

PYMNTS

OCTOBER 14, 2020

Users at companies can streamline their payments with the ability to transmit various payment types, such as check, Mastercard In Control for Commercial Payments , automated clearing house (ACH) and wire via their accounting infrastructure. Reconciliation also comes with the offering.

B2B 82

B2B Multi-Currency Wire Wires 82

PYMNTS

SEPTEMBER 19, 2018

As evidence, consider the fact that 32 percent of firms use checks more often than any other payment method when it comes to receiving payments. Beyond that, roughly 18 percent use regular ACH, in equal measure as their preferred payment method. So it is with business. Archaic processes? Frustration? Not exactly unanimous votes.

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B2B ACH Checks Real Time Payments 66

PYMNTS

JANUARY 5, 2017

It seems every year for the past five years or so, B2B payments analysts have pondered the future of the paper check — and tried to predict its demise. Yet every year, new evidence emerges that paper checks continue to dominate the supplier payment space.

Checks 40

Checks B2B AFP Same Day ACH 40

PYMNTS

AUGUST 19, 2020

This can come in several forms, but what’s important, said Fordyce, is to optimize the costs and fees associated with cards, checks, ACH and other rails for all parties involved — not just the payer. Offering competitive pricing is critical in today’s market, as businesses’ budgets are growing tighter.

Automation 127

Automation B2B Point-of-Sale (POS) Payer 127

PYMNTS

NOVEMBER 3, 2016

. “It’s not only the cost savings of having to print and mail checks and reconciliation pains that go into that existing process,” he said. “Now, clients are actually receiving a revenue share for making a virtual payment — or even with ACH. “I don’t think checks will ever go away.

Payments Data 73

Payments Data Payments Reconciliation Commercial Card 73

PYMNTS

OCTOBER 3, 2016

In B2B, visibility has been a hindrance so long as adherence to old ways of doing things — think paper checks — remains the norm. FTNI) said it had launched the newest version of its online payment offering, dubbed ETran, which helps firms accept and reconcile credit card and ACH payments.

Accounts 59

Accounts ACH Credit Cards B2B 59

PYMNTS

NOVEMBER 18, 2020

She said data can be the glue that helps ensure payments are interconnected and reconciled automatically – and reconciliation can be likened to the “holy grail” of treasury management. Chayt added that the move toward real-time reconciliation marks a new phase in the evolution of real-time processes. Eyeing Efficiency . Looking Ahead.

Real Time Payments 98

Real Time Payments ISO 20022 Reconciliation Payments 98

PYMNTS

DECEMBER 27, 2018

With electronic payments, a corporation might be left with a tedious reconciliation process. A corporate customer, for instance, might send a payment via automated clearing house (ACH) for a certain amount along with information that indicates when a payment will be deposited and how many invoices it will cover.

Remote Deposit Capture 63

Remote Deposit Capture RDC Lockbox ACH 63

PYMNTS

MARCH 9, 2020

At the same time, DadeSystems CMO Tom Berdan told PYMNTS in an interview, check deposits are declining. A corporate treasurer for, say, a mid-sized manufacturer might see that customers are not paying with checks any longer. And it can send any checks or electronic payments to their bank for deposit and reconciliation.

Treasury 66

Treasury Wire Transfer Reconciliation Checks 66

PYMNTS

FEBRUARY 6, 2020

Recently-launched capabilities like Same Day ACH have unlocked opportunity to wield modern technology and build new solutions on top of existing payment rails in favor of speed and transaction transparency, but there’s another strategy to payments innovation that continues to gain traction. Kramer highlighted the example of the paper check.

Settlement 67

Settlement B2B Same Day ACH ACH 67

PYMNTS

DECEMBER 15, 2020

And while Gordon noted that he's seeing more paper checks being used to settle B2B transactions, the payment method is far from ideal. By purchasing the invoice from the buyer, the company pays vendors via ACH upon delivery, while allowing those suppliers to offer payment terms to their customers.

Legal 111

Legal B2B Underwriting Payment Reconciliation 111

PYMNTS

OCTOBER 2, 2019

Commercial payments, for example, have long relied on inefficient practices — like paper stubs that accompany paper checks, or lists of invoices paid and payments allocated to each invoice. Despite that, there is a better option, as roughly 40 percent of B2B payments are still done by paper checks. How is this different than a wire?

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C2B Faster Payments Real Time Payments Lockbox 81