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In another statement, Bob Meara, senior analyst, banking practice at Celent, said B2B payments continue to be dominated by paper checks but need technologies to reduce some of the friction associated with the paymenttool. “A
Although a recent uptick in B2B payments innovation has accelerated corporates’ migration away from the paper check, old habits die hard, and the legacy paymenttool remains a mainstay in the accounts payable (AP) department.
While approaching the notorious challenges of paper checks (the check is in the mail) with digital tools like email and remotedepositcapture can help, industry experts largely agree that paper checks are fading out. “This is a safer transaction for everyone,” he said.
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