The payments industry has experienced dramatic developments as new, consumer-focused technologies have emerged, offering more efficient payments. These applications are focused on consumers. Business-to-business (B2B) payments, on the other hand, have not seen the same level of innovation.
The B2B payments world has been slower to embrace new technologies, largely because of cost, complexity and lack of time to plan for strategic enhancements. Nevertheless, change is occurring in B2B payments; financial institutions must understand how the changes will impact their business and corporate customers.
In this point of view paper, industry experts from the Commercial Payments Customer Advisory Council (CPCAC) weigh in on the question of evolution or revolution for three of the top trends affecting commercial payments: decline in check usage, same-day ACH payments and payment-centric application program interfaces (APIs).Download