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The new market research suite by Juniper Research offers a comprehensive assessment of the B2B payments market. The extra remittancedata that modern systems support can enable use cases such as automated accounting; drawing businesses to modern payment rails.
“The question is, how will you leverage the amount of information that’s contained within the message to ensure that you’re giving your customers the ultimate advantage of complete data,” Halpin said. That’s where I believe it becomes an assessment for each participant in the payments chain to consider.”.
According to Clark, this is where it’s important to bring a partner on board, with data analysis becoming an integral part of understanding where companies’ biggest points of financial friction exist. That might mean discovering a segment of vendors that are ripe for virtual card payments or integrated remittancedata.
In an earlier interview with PYMNTS, Ben Peters, chief operating officer at insurance payments solutions company VPay, said a lack of remittancedata may be partially to blame for ACH’s lack of ubiquity. In corporate banking and payments, the challenges that arise can be vast. But even as regulators like the Fed in the U.S.,
Officials there are still assessing the business case of adopting ISO 20022, with the Federal Reserve Bank of New York recently telling PYMNTS that there is a struggle to convince the market of ISO 20022’s benefits. and Canada. Proponents of ISO 20022 say that the standard could help the U.S. in its faster payments initiatives.
This includes developing policies and tools to adequately identify, assess, and mitigate potential fraud. Corporate trade exchange (CTX): CTX entries are used for B2B payments, including extensive addenda records with detailed payment information such as invoice numbers, payment amounts, and other remittancedata.
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