Do you remember when you used to write checks to pay your bills and everything that went along with that process? Filling in the date, payee, amount, and signature lines, logging the payment in the ledger row that was always too narrow, and balancing the checkbook monthly with a calculator by your side – it was a clunky and time-consuming process. Now it’s likely you use a mix of credit cards, automatic account withdrawals, and maybe even a payment network.
You might be shocked to know that 60% of businesses still use paper checks to pay the majority of vendors. Just as your bill-paying process has changed to include electronic payments, corporates can benefit from doing the same. This shift within B2B AP departments has been surprisingly slow, but the future of FinTech and Banking collaboration holds the key to accelerating that process.
The 2019 B2B Payments Survey, conducted by Strategic Treasurer, found that banks are increasingly partnering with FinTechs to expand offerings to corporate clients, with over 76% of banks currently leveraging FinTechs in some capacity. That same survey also found that 32% of corporates plan to increase the use of FinTech payment solutions in the near future.
Recently Karen Webster from PYMNTS.com and Jessica Moran, general manager of Paymode-X Business Solutions at Bottomline Technologies, discussed the reasons corporates need to move away from using paper checks in AP processes and how partnering with banks and FinTechs will accelerate that process with an integrated approach to payables.
To find out what these industry experts are saying about the future of FinTech and banking collaboration, read the full article or listen to the podcast here: Bank/FinTech Harmony Sets Stage for AP Automation
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