PROVIDENCE – Technology that lets customers make electronic payments and transfer funds in real time is a top priority for business leaders, and informs their choice of banking partners, according to Citizens Commercial Banking’s Real-Time Payments Outlook.
The second annual survey, published Aug. 18 by the Citizens Bank brand, found that 9 out of 10 business leaders are interested in implementing real-time payments for their billing and payment processing.
Of those surveyed, accessing real-time payments was the second-most important factor in choosing a banking partner, following how well a bank can provide solutions throughout their business life cycle. Real-time payments outranked low-cost financing and industry expertise when choosing a banking partner, according to business leaders.
Top uses of real-time payments included managing cash more accurately and for general accounts payable activities.
Other key findings from the survey included:
- Eighty-one percent of respondents expect real-time payments will transform how business is done.
- Seventy-seven percent think digital currency will play a valuable role in the future.
- Sixty-six percent expect to stop making or accepting payments by cash or paper checks.
The survey included results from 252 business leaders across the country representing a range of industries and annual revenues.
Nancy Lavin is a staff writer for the PBN. Contact her at Lavin@PBN.com.
