According to a study conducted by Deloitte, banks, payment technology companies and Fintech companies are working together to bring digital solutions to market to improve the whole process of making or receiving payments.
These card and digital account payments can be more than 70% more cost effective than a traditional purchase order process, particularly when you consider the downstream benefits such as better data for analytics and reporting (reported by 63% of buying organisations), improved cash flow (73%), and reduced manual work through process automation (74% reported reduced approvals and 68% experienced a reduction in administration).
82% of survey respondents reported that cards were an efficient way to streamline the overall procure-to-pay workflows, increasing the average speed of cards over traditional processes by 1.4 times.
Findings also unveil that 61% of suppliers responding reported spending less effort in chasing payments, 60% claim better customer relationships, and 51% post improved reconciliation.
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