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Much innovation in B2B has been focused on getting rid of paper checks. At least for now, companies are not writing as many checks, but that’s not due to any wholesale shift to digital channels, according to McCarthy. Lower business volumes translate, naturally, into lower check volumes. What Happens In A Recession.
As a result, he predicted that the entrenchment of faster payments will be a linear progression that moves from consumer-to-consumer (C2C) to consumer-to-business (C2B), then to business-to-consumer (B2C) to business-to-business (B2B). Yet, Kresse pointed out that, ultimately, individual consumer behavior drives changes in business behavior.
Fiserv comes to the conversation with 30 years of insider industry knowledge, and on the heels of a year in which it moved more than $75 trillion across 30 billion digital payments in peer-to-peer (P2P), consumer-to-business (C2B) and business-to-consumer (B2C) transactions. In other words, it’s seen some stuff. Alphabet Soup.
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