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Complete Story
10/29/2023
CFOs See Instant Payments as ‘Cash Management’ Tool
PYMNTS
The last few months have been ones of marked change for B2B payments, and the rise of embedded finance points the way for what’s to come in 2024 and beyond.
Chris Wyatt, chief strategy and product officer at Finexio, said the B2B space traditionally has lagged consumer-facing innovations. But the gap is narrowing. We may not see the actual demise of checks anytime soon, but faster payments and improved communications between buyers and suppliers will do much to cut down on the reliance on paper-based payments.
Changes in Place and Yet to Come
Changes that have been impacting commercial payments — and will shape them in the years to come — have been tied to the growing enthusiasm for real-time transactions, especially since the FedNow® Service launched at the end of July, he said. Elsewhere, data-rich messaging has improved remittance information sent between companies, which has improved the transparency of the payments themselves.
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