B2B Payments Results 2021

CORPORATIONS:

Checks Are Still Far Too Common - 36% of companies still make more than half of their B2B payments by check.

Most B2B Payments Are Electronic - Nearly 2 in 3 (65%) of firms make more than 50% of all B2B payments electronically.

Efficiency—Top Driver for the Third Year - For a third year, 47% of companies rate efficiency as the top driver to evaluate new automation solutions.

Serious Payment Fraud Attempts - 49% of firms reported serious payment fraud attempts. 15% of all companies suffered a loss.

B2B VENDORS:

Accounts Payable: Trouble Paying Vendors - Updating bank information; missing vendor information; timely approval of invoices x2.

Accounts Receivable: Timely Payment & Remittance Clarity - 51% don’t receive payments according to terms; 46% receive unusable remittance information.

BANKS:

Top Tech Priorities for Banks - Bankers ranked top 1st and 2nd impact on B2B payments as: APIs (88%) and Mobile Banking (51%)

B2B Payments Drive Bank Relations - 68% of corporates indicate B2B payment solutions are very important bank selection factors.

Most Firms (74%) Want B2C Solutions from Banks - The reasons: 77% to manage refunds/returns; 54% for claims; 46% for rebates.

ALIGNMENT:

Corporates Align with Banks on APIs - 72% of firms ranked APIs in 1st and 2nd top impact in coming years; followed by AI/ML (56%).

DISCONNECT:

Banks Have Heightened Security Concerns - 70% of banks have higher concern over payment fraud in past year than corporates (52%).