financial services

RBS official: Paper checks may be done

Posted 4/30/13

PROVIDENCE – Banks may finally be succumbing to the pressure from developments in technology to transition more fully from paper checks to electronic payments, James Gifas, head of RBS Citizens Treasury Solutions said in a press release.

“People have been talking about the demise of checks for years in the payments space, but paper-based payments have been holding on for dear life despite all predictions to the contrary,” said Gifas. “Finally, the ground is shifting. The pain points that have kept companies using checks, long past what many predicted, are now disappearing.”

The cost and complexity of changing to new accounts receivable systems has been an obstacle in changing to electronic payments, Gifas said. But continuing developments in technology have made the transition smoother.

"Payments networks themselves, such as Bottomline Technologies' Paymode-X, have mitigated the corporate burden of onboarding suppliers by assuming the process on their end, and making it easy for companies to enroll,” Gifas said.

"And companies are realizing that they don't have to overhaul their internal operations. They can keep their current invoicing systems – and this is often the most complicated piece of the picture,” he said. “So they don't have to spend money to revamp their invoicing.”

Advantages banks have with electronic payments include reduction in error, fraud and the time needed for funds to clear, Gifas said.

Calendar
PBN Hosted
Events

Applications are now being accepted for the 14th Annual Business Excellence Awards Program. Deadline to apply is October 1st. And save the date for the Awards Dinner - November 12th at the Providence Marriott.
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News
    Advertisement