New research from American Express surveyed financial leaders across sectors on challenges and priorities related to payment digitisation and automation with a focus on fraud prevention and security.
Across all survey participants, security topped the list of the most important considerations for organisations when exploring new business-to-business (B2B) payment methods; prioritised by three-fifths (60%) of respondents followed by cost (48%) and accuracy (45%).
Businesses continue to show an appetite for modernising and diversifying their payment processes to unlock a range of benefits. Customer demand is driving this innovation, with just over half (51%) of the businesses surveyed emphasising the importance of offering their B2B customers a choice of ways to pay when purchasing goods and services from them.
Over the past two years, seven in 10 (69%) of businesses have considered or adopted automation with the goal of saving time, minimising errors, and reducing costs. Additionally, 57% have either integrated or considered using virtual cards, a digital alternative to physical cards.
American Express surveyed 750 professionals from all sizes of UK businesses to explore current challenges and priorities on topics such as payment digitisation and automation, along with a focus on fraud prevention and security.
