The poll of both banks and their corporate customers, conducted on behalf of LogicaCMG by gtnews, contradicts the widespread industry perception that corporate customers are unwilling to pay for new or improved banking services - a theory that has held back new investment in the payments industry. Currently, in Europe alone, corporate customers annually spend EUR90 billion handling paper invoices and remittances. However, if they had access to information such as reference data for remittance matching, they could save up to 80 per cent of this by switching to paperless mechanisms and automatically matching payments to payables and receivables. The poll also highlights that while banks have suffered heavy criticism from the media over recent profit announcements, 85 per cent of banks felt they offered value for money for their payment services and half of their corporate customers agreed.
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