The world is moving fast. From same-day e-commerce delivery to instant streaming services, technological advancements have improved digitalization across multiple industries. This is also true for payments.
The increasing adoption of instant payments and Same Day ACH is an impetus for change, ushering the payments industry toward streamlined, electronic payments. Instant payments also represent an opportunity for businesses to gain better control of their cash flows. However, the pace of business-to-business (B2B) instant payment adoption will depend on how interoperability and connectivity issues are addressed.
Historically, B2B payments are costly and overloaded with manual processes, making them inefficient. This is due to complex invoice and remittance data requirements, as well as interoperability and connectivity issues with business partners, which slows down a business’ ability to effectively manage cash flows.