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NACHA has tapped AeroPay Express as its newest Preferred Partner for B2B Electronic Payment Enablement, the organization said Thursday (Sept. As a Preferred Partner, AeroPay Express is part of a larger group that supports NACHA’s efforts to promote payments innovation.
rollout comes as GoCardless opens up its ACH recurring debit payment service, allowing companies to use its platform to allow consumers to make recurring ACHpayments instead of using credit cards to pay. ACH debit is becoming an increasingly popular choice for B2B payments in the U.S.
Companies attempting to more transparently view their cash flows can no longer afford to spend time processing paper checks, and their use of digital paymenttools has thus inched upward. Eighty-four percent indicated that they would utilize real-time payment services to power other technological innovations.
Last June, NACHA and the Credit Research Foundation said that at present, paper checks make up half of B2B transactions received in the accounts receivable department; ACH accounts for less than a third. Use of faster payments technologies, too, remains limited in the B2B sphere.
Security is top-of-mind for many firms in the United States and appears to be affecting executives’ choices when determining which paymenttools to use. financial executives say concerns regarding cybersecurity attacks and payments fraud are holding their organizations back from using digital payments to a greater degree.
Meanwhile, other companies are stepping up their investments in a variety of faster payment options, from blockchain-powered tools to P2P solutions to ACH. These investments in faster payments are focused on allowing the transfer of funds between parties to not only progress faster, but with greater efficiency and security.
The October edition of the PYMNTS Faster Payments Tracker™ , powered by NACHA, looks at notable developments in the global remittance market, including new real-time paymenttools for SMBs, blockchain and the latest trends in faster payments infrastructures, including the recent rollout of Same Day ACH Phase 2.
Even as B2B payments progresses toward digitization, paper checks stick around. Meanwhile, commercial cards, while they can help digitize B2B payments, remain pretty low on the totem pole of accounts payable payment rails. Research from NACHA found accounts receivable professionals expect cards to account for 12.5
Their 2017 survey contains data points that all point to one conclusion: Companies are forced to reshape their payment strategies thanks to a combination of factors, including the rising threat of payments fraud, increased globalization and high payment volumes. But how businesses reshape their payment practices varies.
.” Despite the warning, many experts have assured that faster payments do not necessarily mean faster — or an increase in — fraud, particularly as financial institutions (FIs) adopting faster and real-time payment capabilities enhance their anti-fraud efforts at the same time. In the case of Same Day ACH in the U.S.,
With companies paying suppliers on strategic schedules, real-time transactions aren’t always necessary — or beneficial — for the B2B payments space. Yet there is some adoption of faster payment technologies among corporates. In the U.S., It’s not huge, but it’s not dismissible, either.
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