Research reveals B2B payments industry open to innovation

Monday 26 June 2017 10:52 CET | News

A new whitepaper by Ixaris Technologies has revealed that the B2B payments market is growing and more willing to adopt new technologies to cut costs.

The company has officially launched the CFO Payment Pulse at Money 20/20 Europe on Monday, 26 June 2017. The whitepaper was carried out in partnership with Accountancy Age and Financial Director with contributions from 142 CFOs and treasury managers from various companies across all industries. 

The research shows that 66% of respondents want payment integration with banking and account systems. When it comes to choosing new technologies, a majority of CFOs (77%) cited ease of use as a key factor in the decision making process. Cost per transaction is the second most popular preference (42%), followed by supplier acceptance and cash flow management support (35% each).

When it comes to payments methods, the majority of respondents use direct debits and credit transfers (86% and 78% respectively). However, spending on commercial cards, currently used by two-thirds of respondents, is expected to grow in 2017-2018, the report shows. Furthermore, one in five respondents use virtual cards or virtual accounts to pay their bills. 

The whitepaper shows that commercial payments are a big opportunity for banks and sees collaboration with innovators and new entrants, along with progressive regulations, as important drivers for growth.

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Keywords: B2B payments, Ixaris Technologies, B2B payments market, Money 20/20, commercial cards
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: World
This article is part of category

Banking & Fintech