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A recent survey by Citizens revealed that 94% of treasury executives at middle market companies plan to transition to digital payments within the next five years. The survey included 202 treasury executives and found that 77% are currently using instant payments, up from 62% a year ago.
While most midsize businesses still rely on paper payment methods, fewer financial leaders consider physical cash and checks as essential. The survey also revealed that 97% believe digital treasury processes aid in cash flow forecasting, 96% improve financial visibility and control, and 91% have a positive impact on the bottom line.
Citizens Financial Group Inc. conducted the survey, which did not provide regional breakouts. Michael Cummins, Citizens executive vice president, noted that the adoption of digital payment methods continues to rise and will likely accelerate.
The survey showed an increase in the adoption of digital payment methods, with 84% using business-to-consumer payment alternatives, such as Venmo or Zelle, up from 58% a year ago. However, the use of wire transfers has declined from 64% to 40%.
On average, companies are using four different payment methods, with the most common being B2C payment alternatives, instant payments, credit cards, and Automated Clearing House payments. The top concern holding companies back from fully embracing digitalization is perceived fraud and security risks, with 91% expressing concern despite less than one-third being impacted by fraud in 2023.
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