Three reasons you need to streamline payments
The payments space is in the midst of an evolutionary shift. Technological disruption, the growing challenges posed by new market entrants and a seemingly never-ending stream of divergent regulatory updates have created new hurdles and sources of friction for large organisations – which is why firms can no longer afford to be weighed down by payments systems and processes that are too complex or overly manual.
According to one 2018 study conducted by Davies Hickman, B2B payments have become particularly complicated over recent years. More than half of 100 large organisations surveyed told researchers they have more than 500 supplies, and 44% said they received more than 2,000 invoices each month for processing.