2020 Business Payments Barometer Reveals Digitization Is Biggest Driver of Change for Businesses
Digitization and Transformation
Bottomline Technologies recently released the 2020 Business Payments Barometer report. Now in its 5th year, the Business Payments Barometer highlights the trends and priorities of 800 financial decision-makers across Great Britain. The report uncovers how corporates are responding to changes and challenges in the payments landscape, where their priorities lie, and how they are managing and protecting their payments.
While last year’s Barometer revealed a focus on new payment services and Brexit, this year’s report reveals that digitization will be the biggest driver of change for business payments and processes: mobile payments, greater access to technology and innovative fraud prevention measures topped the list of areas where digitization will have the most significant impact.
Other highlights, broken down by business size, include:
- 25% of small businesses (10-249 employees) don’t feel prepared to handle upcoming payment initiatives like new overlay services, the new UK payments architecture and adoption of ISO 20022.
- Medium to large businesses with employees numbering between 250 and 9,999 found that although fraud appears to have dropped by 9% that’s offset by an increase in the amount of average financial damage caused by successful fraud attempts.
- For enterprises (10,000+ employees), 75% of respondents in this category feel they are prepared to respond to the upcoming anti-money laundering directive (AML5) with a greater focus on sanctions screening practices.
The report also delves into the challenges businesses face as they navigate the impact from the global COVID-19 pandemic and how it’s forcing/accelerating businesses to adopt of digital tools and processes in response to business disruption.
For a quick snapshot into additional insights and results, check out the 2020 Business Payments Barometer Infographic and stay tuned to SmartPayments.com for an in-depth look at the full report.
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