Independent Banker - February 2020 - 35

" People are still relying on banks
to push the envelope of innovation
when it comes to delivering B2B
payment solutions. "
-Suresh Ramamurthi, CBW Bank
community banks can implement to
help reduce checks and settle payments
faster. "
This technology includes same-day
ACH and real-time payments, as well
as tools that automatically re-associate
payments with remittance information,
Baumann says. While innovation
in this space is still nascent, industry
experts and B2B-focused community
bankers foresee opportunities in using
cloud, mobile, digital currency and
emerging real-time payments platforms
to provide better, faster and
more diverse payment alternatives to
business customers.
" The days of using checks as a business's
primary payment method are
over, " says Kai W. Catlin, vice president
for deposit and treasury operations at
$707 million-asset Commerce State
Bank in West Bend, Wisc. " Businesses
want to move funds quickly, easily
and safely. "
It's no wonder why. Across North
America, 50% of invoices were past
their due date in 2018, compared with
48.8% in 2017, according to a report
from credit risk company Atradius. A
2019 Intuit study found that roughly
six in 10 small businesses worldwide
face diffi culties when it comes to managing
cash fl ow. Intuit also found that
only one-third of businesses can pay
vendors on time, and 43% have occasionally
not been able to pay their
employees on time.
Experts say that enhancing companies'
abilities to process B2B payments
more quickly and effi ciently could
help speed things up. And there are
big opportunities for community
banks to help their business customers
get their money where it needs to
be in a timely fashion.
" The large and thriving U.S. middle
market historically has been
underserved in its [B2B] payments
needs, " said a recent Deloitte report
on B2B payments. " As a result, many
sellers and buyers are experiencing
signifi cant frustration with the B2B
payments process. "
A business imperative
PYMNTS.com recently reported that
roughly seven out of 10 of companies
(69%) expect their banks-not
fi ntechs-to deliver B2B payment
solutions, and 82% consider banks
to be leaders in the payments innovation
space.
" People are still relying on banks to
push the envelope of innovation when
it comes to delivering B2B payment
solutions, " says Suresh Ramamurthi,
chairman and chief technology offi cer
at $80 million-asset CBW Bank in
Weir, Kan.
" It's been said over and over that
2019 [could be] be the start of the
payments revolution. We've seen
new entrants, disruptors, legislation,
regulations and rising demand from
consumers and businesses alike, not
to mention the expansion of partnerships
between traditional banks and
fi ntech fi rms that are transforming

http://www.PYMNTS.com

Independent Banker - February 2020

Table of Contents for the Digital Edition of Independent Banker - February 2020

Table of Contents
Independent Banker - February 2020 - Intro
Independent Banker - February 2020 - Cover1
Independent Banker - February 2020 - Cover2
Independent Banker - February 2020 - Table of Contents
Independent Banker - February 2020 - 2
Independent Banker - February 2020 - 3
Independent Banker - February 2020 - 4
Independent Banker - February 2020 - 5
Independent Banker - February 2020 - 6
Independent Banker - February 2020 - 7
Independent Banker - February 2020 - 8
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Independent Banker - February 2020 - 35
Independent Banker - February 2020 - 36
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Independent Banker - February 2020 - 70
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Independent Banker - February 2020 - Cover3
Independent Banker - February 2020 - Cover4
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