The future is digital

B2B check usage is down 9%¹

• 42% in North America in 2019
• 33% in North America in 2022

With check usage on a rapid decline, for the first time digital payments have overtaken checks In North America²

• 2% differential between paper and digital payments in 2019
• 13% differential between paper and digital payments in 2022

What’s the certainty of businesses converting a majority of B2B supplier payments from checks to digital in the next three years?⁷

• 40+% will convert

• 27% somewhat likely to convert

How’s ACH being sent?³

• 61% Email (down 7% from 2019)
• 26% EDI/CTX or EDI/CCD+
• 17% USPS

54% cite speed of payment as a primary driver in their choice of payment method⁴

Real-time payments: B2B transactions benefit the most⁵

• 69% globally agree
• 62% in North America agree

Transforming to the ISO 20022 payments standard⁶

Respondents unfamiliar with ISO 20022 payments standard

• 33% All regions
• 36% North American
• 29% Other regions

Respondents consider ISO2022 payments standard valuable

• 70% Other regions
• 44% U.S. and Canada

Cross-border payments

Who makes them?⁸

• 81% of respondent businesses make some
• 91% of businesses outside the U.S. and Canada
• 81% of businesses in the U.S. and Canada

How are they made?⁹

• 56% globally via SWIFT wire transfers
• 11% via trade finance/letters of credit

How are they received?¹⁰

• 62% globally via SWIFT wire transfers

Trends in systems integration¹¹

Businesses are realizing cost savings and processing efficiencies by integrating their payments and accounting systems

• 76% of respondents have integrated their check payments system
• 77% of respondents have integrated their ACH systems
• 52% of respondents have integrated their card payments
• 67% of respondents have integrated their wire payments

2022 AFP® Digital Payments Survey Report: ¹page 7, ²page 11, ³page 12, ⁴page 5, ⁵page 5, ⁶page 31, ⁷page 37, ⁸page 15, ⁹page 16, ¹⁰page 17, ¹¹page 25.