New report summarizes how the accounts payable function processes B2B or commercial payments, including a matrix to help rank and prioritize solutions
Banks wanting to sell payment solutions to businesses may fail to satisfy the operational requirements of accounts payable (AP), resulting in missed targets for implementations, usage, and adoption. However, by understanding the needs and operating constraints of AP, banks can avoid roadblocks and increase the likelihood of adoption and unrealized return on investment (ROI).
In a new Impact Report, Accounts Payable Solution Adoption: Determining Success or Failure, research and advisory firm Aite-Novarica Group summarizes how the AP function processes B2B or commercial payments, identifies what will trigger this department’s objections to new solutions and services, and includes a matrix of key considerations for assessing and ranking commercial payments offerings.
“AP’s conduct and performance directly impact a company’s working capital,” said Paul Kizirian, Strategic Advisor at Aite-Novarica Group and author of the new report. “Solutions that enhance the function’s ability to time payments according to terms and logic will help improve the company’s financial strength. Solutions that pledge to pay vendors as soon as possible will not be perceived well.”
About Aite-Novarica Group:
Aite-Novarica Group is an advisory firm providing mission-critical insights on technology, regulations, strategy, and operations to hundreds of banks, insurers, payments providers, and investment firms—as well as the technology and service providers that support them. Comprising former senior technology, strategy, and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base, leveraging deep insights developed via our extensive network of clients and other industry contacts. Visit us on the web and connect with us on Twitter and LinkedIn.