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HomeInformation TechnologyWhy Big Businesses Like Real-Time Payments but Don’t Use Them

Why Big Businesses Like Real-Time Payments but Don’t Use Them

Businesses of all sizes may profit from real-time payments, and huge companies can make use of these advantages on a massive scale. The Clearing House – Real-Time Payments: How Speed Is Changing The Mix Of Business Payments – September 2022 – Examine real-time payments adoption and utilization at large companies. most recent research reveals that nearly two-thirds of large companies using real-time payments in at least one context believe the technology offers competitive advantages.

Large businesses typically agree that having the capacity to transmit and receive payments in real time is crucial. Nearly all either have immediate intentions to extend its deployment or are currently doing so. However, when combined with automated clearing house (ACH) payments, real-time payments only make up a tiny portion of total payments transmitted and received.

We conducted a survey of 100 executives at businesses that utilize real-time payments for at least one form of payment and that have annual revenues of at least $250 million from June 29 to July 8 for our report, “Real-Time Payments: How Speed Is Changing The Mix Of Business Payments.” The resulting data provides an in-depth look at real-time payments at bigger companies in the distribution, utilities, wireless communication, and financial services sectors. It includes the payment mix that businesses currently use, the benefits they think the technology offers, and other factors that are driving adoption.

When major companies use the technology, real-time payments make up a considerable share of all payments made and received.

Real-time payments are used by the businesses that we studied for 19% of outgoing payments and 18% of incoming payment

Real-time payments are often viewed as being more significant by larger companies than by their smaller competitors.

Compared to 80% of businesses with sales between $500 million and $1 billion and 63% of those with revenues between $250 million and $500 million, 89% of businesses with revenues above $1 billion consider real-time payments capacity to be crucial for receiving payments.

Most significant businesses either have immediate plans to extend real-time payments implementation or are already doing so.

Sixty-nine percent of the businesses we examined either have plans for or are already engaged in expanding their real-time payments capabilities. Another third has this in mind over the next two to three years.

The report “Real-Time Payments: How Speed Is Changing The Mix Of Business Payments” underlines the growing significance of real-time payments for both inbound and outbound payments at large enterprises and offers a thorough analysis of the current status of this technology in the context of big businesses.

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