The 2010 business-to-business electronic check payments (AFP) Electronic Payments Survey, which was underwritten by JP Morgan, shows the payments landscape continues to undergo dramatic change. Of the 484 respondents, 57% indicated that business-to-business (B2B) check payments are down from 74% percent in the 2007 survey.
According to the survey, among organizations that make cross-border payments, the most widely used payment method is wire transfers (79%).
Financial professionals cite a number of benefits from their organizations’ increased use of electronic payments, including cost savings (52%), improved cash forecasting (40%), and fraud control (37%).
According to the survey, top barriers to the adoption of paper payments are: difficulty convincing suppliers to accept electronic payments (83%), inability of trading partners to send or receive automated remittance information with electronic payments (77%), no standard format for remittance information (72%), and shortage of IT resources for implementation (70%).