Selecting the right payment methods and tools to send and receive payments can create market differentiation, customer loyalty, and operational efficiencies
Payments are becoming more than just how businesses move money—payments have become an important part of a solid business strategy. Implementing a robust integrated receivables or account receivables (AR) automation solution can increase straight-through processing (STP) rates and eliminate unnecessary manual intervention to apply payments.
In a new report Reconciling Receivables: The Biggest Pain Point for Businesses, research and advisory firm Aite-Novarica Group provides an overview for businesses that utilize or plan to use an integrated receivables or AR automation solution, and the financial institutions and fintech firms that serve them. This report is based on a February 2021 quantitative survey of 213 U.S.-based midsize and large businesses, as well as a survey of 81 U.S.-based businesses with annual revenue between US$100 million and US$500 million.
“To remain a preferred partner for business clients, financial institutions must provide access to the tools and capabilities that help businesses solve the biggest payments pain points,” said Erika Baumann, Director of Commercial Banking & Payments at Aite-Novarica Group. “Financial institutions (that do not currently have a solution) should consider the advantages of partnering with a technology provider that helps bring a robust solution to market quickly, through either a referral arrangement or white-labeling of a platform that integrates into existing cash management tools.”
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.