Treasury Services survey shows drop in business-to-business electronic check payments
Jan 11, 2011
The 2010 AFP Electronic Payments Survey, which was underwritten by J.P. Morgan, shows the payments landscape continues to undergo dramatic change. Of the 484 respondents, 57% indicated that B2B check payments are down from 74% percent in the 2007 survey.
Key findings from the survey include:
- The use of paper checks to make and receive business-to-business (B2B) payments continues to decline
- Among organizations that make cross-border payments, the most widely used payment method is wire transfers (79%)
- Financial professionals cite a number of benefits from their organizations' increased use of electronic payments, including cost savings (52%), improved cash forecasting (40%), and fraud control (37%)
- Top barriers to the adoption of paper payments are: difficulty convincing suppliers to accept electronic payments (83%), inability of trading partners to send or receive automated remittance information with electronic payments (77%), no standard format for remittance information (72%), and shortage of IT resources for implementation (70%)