Manufacturers Favor Digital Giants Over Banks to Deliver Real-Time Payments

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The industrial sector’s payment methods are experiencing a considerable transition, with an increasing emphasis on real-time payments.

In fact, instant payments have surpassed other methods such as automatic clearing house (ACH) payments, wires, and checks as the leading method for business-to-business (B2B) transactions in the sector, with over 99% of manufacturers already utilizing real-time payments for their B2B transactions. Real-time payments account for 15% of outbound B2B transactions and 14% of incoming B2B transactions.

The paper examines the B2B payments environment in the manufacturing industry and how real-time payments’ role is changing in the field using data from a survey of 125 manufacturing organizations.

According to the report, a sizable percentage of manufacturers (86%) are either actively investing in real-time payment capabilities or plan to do so over the next 12 months, with the speed and dependability of real-time payments highlighted as important drivers driving this move.

Furthermore, 91% of firms identify improved supplier relationships as a key factor for implementing real-time payments.