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The paper check continues to be a prominent — and, in many cases, dominant — payment method in B2B transactions. Although new technology is appealing, treasury and finance professionals tend to stick with what works for them, and their vendors,” said AFP President and Chief Executive Jim Kaitz in a statement this week.
” However, the latest analysis from the Association for Financial Professionals (AFP) suggests businesses are reluctant to let go of that cash. The AFP’s newest Corporate Cash Indicators report , released this week, found trade dispute concerns to be among the largest factors hampering U.S.
The problem is getting worse, according to the Association for Financial Professionals’ (AFP) latest Payments Fraud and Control Survey Report. While the continued strength of BEC scammers may not come as a surprise, the research finds that the scam no longer only reigns in targets with a request for wire transfer.
Corporate treasurers are building up cash reserves as concerns about the economy grow, according to a new survey conducted by the Association for Financial Professionals (AFP). The AFP’s latest Corporate Cash Indicators index , released Monday (Oct. In response, treasurers are stockpiling company cash.
A +7 point increase in the AFP’s Corporate Cash Indicators report means U.S. According to the Association for Financial Professionals, whose latest index was released last week, businesses in Q3 piled up their cash reserves and are likely to continue doing so in the fourth quarter, albeit at a slower pace.
The findings were detailed in the latest 2016AFP Liquidity Survey , underwritten by State Street Global Advisors (SSGA). “Bank relationships continue to grow in level of strategic importance for organizations,” said AFP CEO and President Jim Kaitz in a statement. The report was published on Tuesday (July 12).
The Association for Financial Professionals (AFP) came out with some scary statistics this month: B2B payments fraud is not only on the rise, but at its highest levels ever since the AFP began recording this information. The huge increase last year was so big that I didn’t think it would continue this way.
Yet data from the 2016 Association of Financial Professionals’ Electronic Payments Survey released last September actually found a 1 percent increase in corporates’ use of paper checks compared to two years ago. According to the AFP, 71 percent of businesses have experienced actual or attempted check fraud.
“Most businesses and accountants still rely on antiquated, paper-based methods to manage some stages of their process,” he said in an emailed interview with PYMNTS, pointing to the continuing popularity of checks and wire. About 44 percent of payments received are in the form of a paper check too, the report noted.
“Specifically, in certain categories like B2B check payments, the decline is slowing at a much more gradual pace than [in] the past,” he said, citing recent data from the Federal Reserve, whose payments study , released in December 2016, found a slowdown in the reduction of check use in the U.S. The expansion of ACH across the U.S.,
“Paying vendors with one-time-use credit cards means numbers are only used once, and then disappear forever,” continued Sadovskiy. Nearly a third of businesses said their commercial cards were targeted by fraudsters in 2016. And it requires a lot of man-hours to do so.
Research from Atradius released in 2016 found that risks down the supply chain are 75 percent higher than they were pre-financial crisis. According to Dr. Wieser, Europe’s payment strategy is moving in the right direction to continue facilitating B2B trade. It makes liquidity and cash management much easier,” he explained.
The payment rail and technology options for B2B eCommerce platforms are vast, and continue to grow. ” B2B eCommerce platforms, he continued, “don’t want to only do bank cards, and don’t only want to do bank transfers. They want to combine them.”
Yet every year, new evidence emerges that paper checks continue to dominate the supplier payment space. Organizations are realizing that the best way to combat this relentless crime wave is to move to electronic payments,” Vigue continued. The latest to do so is Blair Jeffery, chief operating officer at digital payments firm Noventis.
In what has become a highly cited statistic from the Association for Financial Professionals (AFP), there was actually 1 percent increase in the use of paper checks for B2B payments between 2013 and 2016. And the way the world of B2B payments works today is very often with paper checks. Businesses love [checks],” he stated.
percent increase marked in February 2016. percent) coming from a mobile device as of September 2016. Corporate payments fraud , marking 2016 as the year in which more U.S. corporations were hit with payment fraud than ever before, according to the Association for Financial Professionals (AFP). Small business borrowing.
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