New Poll Shows Nearly Two-Thirds of Banks Corporate Customers Would Pay More for Improved Payments S

Wednesday 24 March 2004 17:42 CET | News

A new poll of the global finance industry shows that nearly two thirds of corporate customers would pay additional fees to banks for improved, more detailed information about their payments, while a third could consider switching banks for such information.

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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Keywords: ,
Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce