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Paper checks are gradually shrinking their market share in the B2B payments landscape, yet the outdated paymenttool remains in-use for up to 80 percent of businesses in the U.S., noted PYMNTS in a previous Faster Payments Tracker. The Check-To-ACH Migration. ACH’s Embedded Frictions. Checks are clunky.
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.
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.
New faster payment initiatives are popping up around the world, from Saudi Arabia to Brazil to Australia. According to the latest PYMNTS Faster Payments Tracker , Same Day ACH volume has seen a 24 percent increase year over year between the first quarter of 2018 and the first quarter of 2019. In the U.S.,
Automated payment processing : Once a claim is approved, the automated tool calculates the settlement amount based on the applicable policy and triggers the payment process. Digital payments: The claim processing platform is integrated with digital paymenttools such as direct bank transfers or mobile payment systems.
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