PYMNTS

NOVEMBER 5, 2018

What is clear, though, is that ACH is a growing part of businesses’ accounts payable (AP) and other payment operations, with industry service providers pushing corporates away from paper checks. New data has emerged about how SMBs use other payment rails , including cards and wire transfers.

Small Business 68

Small Business Same Day ACH Wire Transfer NACHA 68

EBizCharge

MAY 31, 2024

What is remittance data? Remittance data is the detailed information accompanying a payment, indicating the purpose of the payment and instructing the recipient on how to apply it against outstanding invoices. Remittance data comes in many forms, such as checks, bank transfers, or electronic remittance formats.

Automation 52

Automation Remittance Data Correspondent Wire Transfer 52

PYMNTS

OCTOBER 31, 2019

It’s a service designed around the ubiquity of the paper check, and with checks still a popular payment tool in B2B transactions, lockbox services remain in high-demand. But the tool’s ability to accept data along with a payment (i.e., Just like the check is not going to disappear anytime soon, neither will the lockbox.”.

Lockbox 43

Lockbox Remittance Data Checks RTP 43

PYMNTS

FEBRUARY 4, 2020

That’s particularly true in accounts receivable (AR), with B2B suppliers not only needing money to flow in from their buyers, but high-quality transaction data for reconciliation, reporting and analytics. Even the least sophisticated accounting systems have an ability to organize remittance data into usable information.

Commercial Card 61

Commercial Card Lockbox Reconciliation Push-to-Card 61

PYMNTS

OCTOBER 26, 2018

For corporates, it’s the remittance detail of a transaction that supports settlement, reconciliation and enhanced data analytics for CFOs and treasurers to gain better insight and visibility into corporate finances. In corporate banking and payments, the challenges that arise can be vast.

Remittance Data 60

Remittance Data ACH Request for Information RTP 60

PYMNTS

JUNE 29, 2018

B2B payments in the insurance industry suffer from many of the same challenges that other markets do: namely, check-based payments. Of course, checks remain prevalent in this market, says Ben Peters, Chief Operating Officer at insurance payments solutions company VPay. “We see really high adoption of virtual cards.”

Faster Payments 40

Faster Payments Same Day ACH ACH Remittance Data 40

PYMNTS

JULY 16, 2020

In addition to overcoming the inertia against change and modernization within the enterprise, CFOs can find significant resistance to migrating away from paper checks toward v-cards thanks to a lack of vendor acceptance. “We’re very often talking about a $10,000 invoice being paid, and for a supplier to pay 2.5 ”

ACH 68

ACH Remittance Data Payments Strategy Checks 68

PYMNTS

DECEMBER 20, 2018

While the assumption is that suppliers, especially smaller ones, may lack the resources necessary to adopt ePayments solutions (or are simply too stuck in their old ways to make a change), paper checks remained the most common B2B payment method.

B2B 65

B2B Push-to-Card Payments Checks 65

PYMNTS

SEPTEMBER 7, 2020

Mastercard in May launched its Track Business Payment Service , again with a focus on working capital optimization for both buyers and suppliers and added value through enhanced remittance data collection and automation. Summer Trips: Canceled.

Commercial Card 98

Commercial Card Push-to-Card Small Business Card Issuer 98

PYMNTS

OCTOBER 23, 2017

TransCard CEO Greg Bloh knows that paper checks are a sticky challenge in B2B payments. There are well-documented instances of how much reliance organizations still have on checks, even though this has been something that has been trying to be addressed for 10 to 15 years,” he recently told PYMNTS.

B2B 45

B2B Payee ACH Payer 45

PYMNTS

MARCH 28, 2017

Our focus has been on the elimination of paper check volume, on building partnerships with major financial institutions, on invoice and payment capabilities, and adding global companies to the platform,” he said. The trick for Viewpost, he added, will be pushing for supplier acceptance, and its continuing drive to reduce paper checks.

Push-to-Card 51

Push-to-Card B2B Payments Commercial Card 51

PYMNTS

AUGUST 3, 2017

A report released by the Federal Reserve last month revealed news that checks and ACH surpassed use of credit and debit cards among business payers, while separate data from NACHA released in June found cards make up just 11 percent of all B2B payments. The vast majority of payments are still made by paper check.”.

Cash Management 43

Cash Management Commercial Card Push-to-Card B2B 43

PYMNTS

JULY 27, 2017

In an often-cited report released by NACHA last month, accounts receivables executives said they are gearing up for ACH payments to over take paper checks when it comes to how their business customers pay. Plus, the VP added, ACH payments don’t always come with remittance data. “A

ACH 40

ACH Checks Payments B2B 40

PYMNTS

OCTOBER 23, 2019

It’s the reason why paper checks remain a constant in B2B payments: Although businesses may not particularly like them, organizations already know how to send, receive and reconcile them. Below, PYMNTS looks at the latest solutions that take one of those two paths as innovators address friction in checks, ACH and other rails.

Faster Payments 40

Faster Payments B2B RTP ACH 40

PYMNTS

MARCH 3, 2020

The Outsourcing Decision. From onboarding to reconciliation, there is no shortage of opportunities for the buyer-supplier relationship to break down, and for vendors to actually lose money when they make a sale.

Accounts 74

Accounts Underwriting Reconciliation Credit Limit 74

PYMNTS

JUNE 22, 2016

“The root of these inefficiencies is that businesses rely on paper for most of their orders and invoicing, and they receive customer remittance data in inconvenient formats, such as paper, email or fax, that must be rekeyed for reconciliation,” IOFM explained.

Automation 42

Automation Accounts Payments Disputes 42

PYMNTS

DECEMBER 5, 2019

Among the most pervasive is that wire, ACH and check acceptance are free, whereas cards, and the interchange fees associated with them, are expensive — particularly when accepting those virtual card payments does not come with a corresponding acceleration of when payments are received.

Faster Payments 53

Faster Payments Commercial Card ACH Payments 53

EBizCharge

JUNE 19, 2024

Remittance advice refers to a document a customer sends to a business to indicate that an invoice has been paid. This notification can come in various forms, such as a letter, an email, or a slip attached to a check. Why is remittance advice important? Remittance advice is critical in financial management for any AR team.

Payer 52

Payer Reconciliation Correspondent Wire Transfer 52

PYMNTS

MARCH 16, 2016

The main drivers behind CPA’s ISO 20022 initiative are to provide the Canadian financial community with enriched, robust remittance data, to enhance domestic and cross-border interoperability and to increase efficiency,” said Mark Brule, director of the CPA’s payments innovations operations.

ISO 20022 40

ISO 20022 ISOs Message Standards Cross-Border 40

Fintech Labs Insights

OCTOBER 6, 2015

The eCheck is cutting-edge technology combining the best of check writing with the convenience of email, giving businesses a fast, easy payment solution. “ eChecks: The Electronically-Delivered Checks: Financial institutions process 20 billion paper checks worth $30 trillion every year in the U.S. ” Key takeaways.

Remittance Data 22

Remittance Data Checks Payment Solutions Security 22

PYMNTS

AUGUST 7, 2018

businesses, more often than not, pay their suppliers via paper check still draws quizzical reactions from professionals abroad. understand that paper checks are slow, expensive and risky, and yet they endure. The revelation that U.S. The corporate and financial services communities in the U.S.

B2B 40

B2B Federal Reserve Payee FedWire 40

PYMNTS

MAY 7, 2020

Although a recent uptick in B2B payments innovation has accelerated corporates’ migration away from the paper check, old habits die hard, and the legacy payment tool remains a mainstay in the accounts payable (AP) department. “Checks will be around for a while. Preserving Check Workflows.

Checks 67

Checks B2B Payment APIs and Integration Remote Deposit Capture 67

PYMNTS

NOVEMBER 5, 2018

5) announced the launch of the Billtrust Business Payments Network (BPN), an open buyer/supplier payments platform that Billtrust CEO Flint Lane said will do what other B2B payment platforms have struggled to do: put paper checks on the path to extinction by streamlining and digitizing payments between businesses — and doing it at scale.

B2B 78

B2B Checks Push-to-Card Payments 78