Power of Direct Insite
Direct Insite Blog
At Direct Insite, we’re pleased to participate in the BAI Payments Connect 2015 Conference scheduled for March 2-4 in Phoenix, Arizona.
BAI Payments Connect brings together payment professionals and industry influencers to talk about the disruptive changes that are happening in the payments space and to provide participants with fresh, actionable insights they can use to bring meaningful improvements to their organizations.
A new report by leading banking research and advisory firm Celent confirms what Direct Insite is experiencing: rising bank demand for integrated receivables management solutions.
“The slow but steady growth in electronic business-to-business payments has brought burdensome reconciliation challenges for businesses. This has not gone unnoticed by banks,” says Bob Meara, a senior analyst with Celent’s Banking practice and coauthor of the report. “Large banks in particular show strong interest in delivering enhanced receivables management capability.”
To help organizations and banks understand the critical issues facing accounts receivable and accounts payable processes in modern enterprises, we partnered with Blue Hill Research to learn how corporate end users and banks view AR and AP processes.
As the end of 2014 looms near, we wanted to uncover the top issues and goals companies have in accounts receivable and accounts payable processes. We worked with Blue Hill Research to explore two distinct perspectives, including corporations and banks, when it comes to AR and AP processes. For corporations, we discovered the three most important priorities for receivables and payments processes, which include:
When we think about business banking relationships, some of the first things that come to mind are things like lockboxes, disbursement accounts, and positive pay arrangements. But what about things that help operationally with receivables and payments processes? Are they in the mix? That was one of the questions we wanted to explore in a collaborative survey pilot between Blue Hill Research and Direct Insite.
Despite the continuing push of companies to eliminate paper processes to reduce costs and support “green” initiatives, the adoption of electronic payments and remittances has been painfully slow.
An overreliance on paper-based payment processes represents a missed revenue and growth opportunity for enterprise organizations. Although e-invoicing is gaining traction in the enterprise space, traditional mail-in check payments still account for approximately 60 percent of all business-to-business invoice payments.
Corporations and banks increasingly recognize the inefficiencies with receivables processes.
Electronic payments adoption is maddeningly slow.
During Bill Clinton’s first campaign for president, his advisors famously hung signs in his campaign headquarters that read, “It’s the economy, stupid!” Clinton’s advisors did not want staff to become distracted by marginal campaign issues, and lose sight of what would truly motivate voters that year.