The Federal Reserve is in its fifth triennial study to evaluate current payment trends and new requirements by businesses and consumers. The purpose of the study is to recognize and drive improvements in strategically important, end-to-end transaction processing demands.
In 2014, payment speed, security, and efficiency rose to the top as the most critical payment attributes for buyers and suppliers. Players in the supply chain are looking to their financial institutions and payment service providers to provide higher levels of transparency in their transactions; faster, smarter payments; and, the ability to mask their sensitive financial data to protect against fraud. So far, these traditional providers have come up short, and businesses are looking for alternative providers to meet their needs.
What Businesses Want:
- 75% of all business payees want real-time or one-hour payments speed.
- 75% of all business payees expressed a willingness to pay a fee for payments that have faster availability.
- 67% of all business buyers will use a new payment method if it is accepted by most of the supply chain.
- 81% of all businesses indicated that they would rather share an email address or a phone number to make or receive payments.
- 82% of businesses stated that it is important to receive timely notification that a payment has been made when the payment was received by the payee.
Traditional payment providers and banks are struggling to respond to these demands, and in some cases, are even disincentivized to improve service levels and processing speeds for fear that it will negatively impact profits. Fortunately, non-bank providers like Traxpay continue to challenge the status quo and offer faster, smarter, and more secure commercial transactions, anytime, anywhere, any how. The future of B2B payments is now and it has never looked brighter!