Boston, July 16, 2012 – A new report from Aite Group identifies key metrics and industry challenges and suggests opportunities for banks, third-party vendors, and other industry participants to develop solutions and improve processing. The report is based on a NACHA-commissioned Aite Group survey of 240 U.S.-based companies of all revenue sizes.
When it comes to B2B payments and the remittance details that receivers require to close invoices, the remittance market is ill-defined and lacks benchmarks. Remittance market participants require details about myriad factors in remittance delivery and receipt. These details arrive in myriad ways at various intervals, and often not in completion, adding additional layers of complexity to an already cumbersome process.
“Banks and technology vendors have many opportunities to improve companies' payables and receivables processes,” says Nancy Atkinson, senior analyst with Aite Group and author of this report. “Solutions should focus on the transmission and receipt of remittance details, keeping in mind that email is the preferred remittance channel."
This 56-page Impact Report contains 40 figures and five tables. Clients of Aite Group’s Wholesale Banking service can download the report by clicking on the icon to the right.