The survey was jointly sponsored with Bank of America Merrill Lynch and managed by Strategic Treasurer and interviewed 335 corporate and bank practitioners with the purpose of capturing their views on new payments technology.
45% of surveyed finance leaders said that they select bank partners based on the strength of their business payment offerings. 52% of corporates stated that automation is an important factor in their selection process, with 61% citing invoice delivery/capture as the most important component.
ACH (Automatic Cleaning House) came on top as the preferred corporate B2B payment method, while checks are the least efficient B2B payment method. Corporate cards programs are also on the rise, with one in four banks planning to spend more on card programs in the following years.
23% of finance leaders process more than USD1 billion in accounts payable. The majority of them (66%) originate payments with three or more banks, and 23% with 11 or more banks. The survey shows that payment offerings have become a major influence on corporate banking relationships.
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