Report Delivers an Expansive View of the Corporate
Account-to-Account Payment Market Based on Insights from Payment
Executives at Large and Multinational Corporations
ATLANTA, May 19, 2022
/PRNewswire/ -- LexisNexis® Risk Solutions and Capgemini
Invent released findings from their inaugural LexisNexis® Risk
Solutions Corporate Digital Payments Study. The organizations
jointly conducted global market research on corporate
account-to-account (A2A) payments with three objectives: 1) to
evaluate the status of A2A payments for large multinational
corporations; 2) to assess key priorities for payment executives to
transform their payment function; and 3) to identify key trends
that are reshaping the corporate A2A payment market for years to
come.
The LexisNexis Risk Solutions Corporate Digital Payments Study
covers the United States,
Canada, Europe, the Middle
East and Asia-Pacific
regions. Findings are mostly based on insights from a survey of 400
payment managers, focus interviews with payment executives of large
and multinational corporations, and insights from knowledgeable
subject matter experts from LexisNexis Risk Solutions and Capgemini
Invent who provided views on the market.
Digital acceleration continues to fuel the rapid adoption of
digital corporate payments. Corporate non-cash payments represented
around 133 billion transactions in 2021, totaling 13% of all
non-cash payments. A2A payment solutions are the preferred choice
for corporate payments processing with more than 50% of both
accounts payables and accounts receivables handled via A2A
solutions globally and 40% of corporate payments processed fully
automatically. As such, annual corporate non-cash payments are
predicted to reach the 200 billion transactions mark by 2025.
"Payment operations leaders are increasingly taking more
strategic seats at their organizations. They are transitioning
their departments from being cost centers to becoming key creators
of customer value. They are achieving this by adopting payment
automation technology," said Andrew
Burlison, head of payments, LexisNexis Risk Solutions. "The
increased level of automation is enabling payment managers to focus
more on payment strategy and business development. Defining a
payment strategy, improving business performance and optimizing
costs are priorities that come before payment execution. Leveraging
third-party capabilities is key to accelerate the development of
state-of-the-art payments operations and optimize solution
investment."
Key Findings from the LexisNexis
Risk Solutions Corporate Digital Payments Study:
- Corporate digital payments are showing significant growth in
recent years, fueled by corporations going digital during the
pandemic and the ongoing standardization of international payments.
Growth rates in the corporate payment segment are equally
distributed across regions except North
America, which has a lower forecasted growth rate of 6.7%
CAGR due to its significant share of paper and offline-based
payment transactions, which takes time to transition into digital
payment means.
- Europe is the most advanced
region for A2A payments, which are already the standard way of
exchanging value among corporations. While Canada closely mirrors European digital
maturity levels, the U.S. is lagging, with a large share of checks
and non-digital payments still in use, even though the pandemic has
significantly accelerated the shift towards digital payment
solutions. North America and
Europe together account for
two-thirds of worldwide corporate non-cash payments volume.
Asia has a very scattered
landscape, with advanced payment markers (e.g., China, Singapore and Hong
Kong), while cash and non-digital payments remain important
in other countries in the region (e.g., Vietnam, Cambodia and Indonesia). A2A payments are the norm in the
Middle East where payment
infrastructures are efficient.
- Nearly 60% of corporations rate digital transformation as a key
priority for 2022, extending the global trend accelerated by the
pandemic. Increasing the share of non-cash payments and developing
new services are other corporate objectives with a focus on
continuing to reduce payment costs, reducing labor costs and
improving automation.
"While corporations have historically been searching primarily
for simplicity and cost efficiency, they are now looking at more
advanced and valued-added payment solutions, fostered by the rapid
development of new technologies and the necessity to go fully
digital during the pandemic," said Thierry
Delaporte, CEO of Capgemini. "Best-in-class corporations are
already fully embracing new digital payment ecosystems leveraging
cloud payment platforms, real-time data management and end-to-end
integration, increasing the gap with the rest of the market. In
that context, the race is on in 2022 for payment executives to
prioritize the right investments and set up a forward-looking
payments platform, addressing the on-going market developments and
evolving vendor/client expectations."
Download the LexisNexis® Risk Solutions Corporate Digital
Payments Study on the right rail of this page.
Register for our live interactive fireside chat on
Wednesday, May 25 at 9:00 am ET / 2:00 pm BST where our panel
will conduct a deep dive into the results and gain global
perspectives from a finance operations manager at a large
multinational corporation.
About LexisNexis Risk
Solutions
LexisNexis® Risk Solutions harnesses the power of data and
advanced analytics to provide insights that help businesses and
governmental entities reduce risk and improve decisions to benefit
people around the globe. We provide data and technology solutions
for a wide range of industries including insurance, financial
services, healthcare and government. Headquartered in
metro Atlanta, Georgia, we
have offices throughout the world and are part of RELX (LSE:
REL/NYSE: RELX), a global provider of information-based
analytics and decision tools for professional and business
customers. For more information, please visit
www.risk.lexisnexis.com and www.relx.com.
About Capgemini Invent
As the digital innovation, consulting and transformation brand
of the Capgemini Group, Capgemini Invent helps CxOs envision and
build what's next for their organizations. Located in more than 30
offices and 10 creative studios around the world, its 6,000+ strong
team combines strategy, technology, data science and creative
design with deep industry expertise and insights, to develop new
digital solutions and business models of the future.
Capgemini Invent is an integral part of Capgemini, a global
leader in consulting, technology services and digital
transformation. The Group is at the forefront of innovation to
address the entire breadth of clients' opportunities in the
evolving world of cloud, digital and platforms. Building on its
strong 50- year heritage and deep industry-specific expertise,
Capgemini enables organizations to realize their business ambitions
through an array of services from strategy to operations. Capgemini
is driven by the conviction that the business value of technology
comes from and through people. It is a multicultural company of
200,000 team members in over 40 countries. The Group reported 2021
global revenues of EUR 18.16 billion.
Visit us at www.capgemini.com/invent.
Media Contact:
Marcy Theobald
678.232.0948
Marcy.theobald@lexisnexisrisk.com
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SOURCE LexisNexis Risk Solutions