The Aite Group has issued a new report, the Top Trends in Wholesale Payments: Much More Than Processing Efficiency, which identifies businesses key trends for paying one another for goods and services.
The research is placed into three different categories: more of the same, in transition and big leap. Fraud prevention and compliance requirements fell under “more of the same,” while the “in transition” category stated a move toward electronic payment and a concern on small-to-medium enterprises. Emphasis on straight-through-processing and corporations outsourcing payment types both fell under the “big leaps” category.
“Financial institutions spend millions annually to support the various payment methods in use,” says Nancy Atkinson, a senior analyst with Aite Group and co-author of the report. “Each of the largest U.S. financial institutions spends $300 million or more per year on payments processing. Greater proportions of that spend are being directed to create and leverage interfaces to clients for a competitive advantage.”
“The stakes are high as institutions try to comply with regulations that impact B2B payments,” says Eva Weber, an Aite Group analyst and co-author of the report. “It is difficult to predict exactly where regulators might turn next, but it is clear that they value tools that allow institutions to automate processes, that report on them regularly, and also update them quickly with new rules and guidance.”