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Paper out, digital in for business payments

Electronic B2B now mainstream, companies say

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Paper out, digital in for business payments

The high cost of check transactions is driving treasury and finance professionals away from paper checks, according to a survey by the Association for Financial Professionals.

Nearly 80% of organizations are in the process of transitioning their business-to-business payments from paper checks to electronic payments, according to the survey.

In addition, more than two out of three organizations would replace paper checks with electronic payments if there was a cost benefit of doing so, while 88% cite increased efficiency as the primary reason for transitioning to electronic payments from paper checks.

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Webinar: Real-Time Payments in the U.S. Market

Time/Date: June 16, 2021 2:00 p.m. ET

The U.S. has come a long way in its journey to real-time payments, with TCH and Zelle in market and FedNow just around the corner. COVID-19 has accelerated that demand to move to real-time. Yet many financial institutions remain unconvinced of the need to move, with less than 3% of financial institutions signed up today.

In this Banking Exchange hosted webinar Celent’s Gareth Lodge, Senior Analyst, Global Payments, and Alacriti’s Mark Ranta, Payments Practice Lead, discuss the findings in the Celent research report, Real-Time Payments in the US Market: Speeding Up or Slowing Down? A Call to Arms.

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