Tokenization Sets B2B Payments On A Path To Security, Speed
Payments security is an increasingly critical component for businesses on both sides of a B2B transaction today.
WEX’s Payments Pulse Data report published last year found payment security to be suppliers’ No. 1 priority, according to accounts payable (AP) professionals, cited by nearly three-quarters of respondents. Separate research from TD Bank and Strategic Treasurer published last month found that businesses will focus their innovative efforts in payments around security, as 74 percent said they view the increase in cyber fraud as a growing concern for 2018 and beyond.
Both of these reports confirmed that for businesses, security trumps speed when it comes to payments.
But these surveys also revealed that faster payments are not completely off corporates’ radars: According to WEX, 68 percent of AP professionals said speed of payment is most important to their suppliers. Strategic Treasurer and TD Bank, meanwhile, found more than a third of businesses agreed the speed at which a payment settles was more important than the accessibility of payment data.
With payments accelerating, businesses will have to balance both of these priorities to meet the goals of their financial teams and address the demands of their supplier bases.