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While more businesses are not only shifting away from paper, but operating with an embrace of digitization, the AFP and JPMorgan warned that checks remain popular and are far from being gone for good in the corporate payments ecosystem.
The Federal Reserve is pushing for adoption of the ISO 20022 global payments messaging standard, a move industry analysts say could streamline B2B payments, especially cross-border. “The wire infrastructure will be the first infrastructure to abandon its propriety formats and move to ISO 20022.” “The U.S.
A 2016 survey by the Association for Financial Professionals (AFP) reports 62 percent of respondents anticipated faster payments would have a somewhat or extremely positive impact. The service is designed to shrink transaction times from days to seconds, and some expect it will brighten business prospects when it does become more widespread.
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