Get the full 2022 AFP® Digital Payments Survey report — or just check out the highlights — to help improve your treasury efficiency and take advantage of new business opportunities.
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.
Discover how J.P. Morgan can empower your business to thrive.
To learn more about digital payments, visit jpmorgan.com/payments or contact your local J.P. Morgan representative.
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Visit jpmorgan.com/disclosures/payments for further disclosures and disclaimers related to this content.
