Innovative Fintech at the forefront of business payments, finding the latest bottom line and strategic cashier survey
2022 B2B Payments Survey reveals that security, ease of use and breadth of functionality are top priorities for North American companies
PORTSMOUTH, NH, Sept. 14, 2022 (GLOBE NEWSWIRE) — The 2022 B2B Payments Survey, now in its 6th year.th year, conducted by Strategic Treasurer and Bottomline, reveals that more companies are asking banks for an embedded financial experience. APIs are expected to have the biggest impact on B2B payments over the next two to three years, with both larger (51%) and smaller (39%) companies identifying this as their top choice.
An embedded finance experience within ERPs is now an expectation that customers have with demand for this shooting to 39% in 2022 from 29% in 2021. This increased interest in embedded solutions underscores the growing importance of customer convenience and open communication with their banks and finance . institutions.
This year’s key findings also include:
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Companies large and small identified that security (66% v. 50%), ease of use (55% v. 47%) and breadth of functionality (48% v. 25%) have the greatest impact on their decisions to use an innovative fintech solution
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14% of North American companies suffered one or more losses due to serious fraud attempts, with 21% of large companies experiencing one or more losses compared to 11% of smaller businesses
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Banks that now offer B2C payment solutions have risen from 29% of respondents in 2020 to almost half (46%) in 2022
The annual survey, which surveyed 801 bank and corporate executives globally, found that small and large companies agree that fraud detection/prevention (34% vs. 33%) and cash flow forecasting (45% vs. 39%) technologies are there they intend to invest significantly over the next 12 months.
“The sixth iteration of the B2B Payments Survey has highlighted that banks are listening to the changing payment needs of business customers. Over the past year, we have seen more banks offering solutions around APIs, cash flow management and cash forecasting for their customers,” said Gunita Bindra, Vice President of product management and partnerships at Bottomline. “As demand for B2C payment solutions continues to grow globally, the bar for better B2B solutions is effectively being raised. This year’s survey responses are a testament to that, with companies also placing increasing emphasis on ease of use for innovative payment technologies.”
In addition, the survey revealed that more AP systems were breached in 2022. Compromised payment systems and processes increased from 7% in 2021 to 11% in 2022, with 8% of breaches linked to an insider/employee.
“Once again, we see that securing information and processes in B2B payments continues to be top of mind for finance and finance practitioners. This is a rational response,” said Craig Jeffery, founder and managing partner of Strategic Treasurer. “As technology evolves and its adoption progresses, strong fraud prevention and mitigation capabilities are necessary components of any solution that aims to ease burdens and reduce errors in the status quo. Manual processes and siled controls are no longer commercially viable approaches. Automation is the key to efficiency and security for the future of Treasury payments.”
Methodology:
This research has been carried out in collaboration with the Strategic Treasurer and commissioned by Bottomline. The survey consisted of an online survey of 801 executives from banks and companies globally (North America, Europe, Asia-Pacific, Latin and South America, Middle East and Africa).
Small companies are defined as those whose annual revenues are less than $1 billion and large companies are defined as those whose annual revenues are more than $1 billion.
About the bottom line:
Bottomline makes business payments simple, smart and secure for businesses and financial institutions, of all sizes, around the world. More than 10,000 corporate customers, 1,400 business and commercial banks, including 15 of the top 25 global banks, rely on our industry-recognized payment and software platforms to accelerate digital transformation in the complex world of business payments and financial management. Bottom line solutions touch customers and payments in 92 countries on six continents. Our teams serve the world from primary locations in the US, UK, Switzerland, Israel, India, Australia and Singapore. Bottomline is a portfolio company of Thoma Bravo, a highly respected software-centric private equity firm with $122 billion in assets under management. For more information visit www.bottomline.com.
About strategic treasurer:
Strategic Treasurer was founded in 2004 by Craig Jeffery, a financial expert and trusted advisor to treasury teams since the early 1990s. Strategic Treasurer’s partners and employees span the US, UK and continental Europe. This team of experienced senior treasury advisors are recognized and respected leaders throughout the industry. Known for their expertise in financial technology, risk management and working capital as well as other cash management and banking, they effectively identify problems, creatively explore ideas and options and provide effective solutions and implementations for their valued clients. For more information visit strategictreasurer.com.
Resource for journalists only:
B2B Payment Survey Report: https://go.bottomline.com/rs/498-XVR-738/images/2022-b2b-payments-general-results-report-GEN-NA-SRR-2309-2282.pdf
Media Contacts:
John Stevens or Jacqueline Powell
The bottom line
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Cow Casanova
Strategic treasurer
678.466.2215
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