Independent Banker - November 2020 - 18

PORTFOLIO
Building up to faster
business payments
Payments
While the data shows that businesses
still largely rely on traditional payment
methods, many financial professionals believe faster
payments boast huge benefits to business customers.
Here's how businesses could put them to good use.
By Colleen Morrison
ometimes broad, transformational change begins
as a whisper. Businesses have started a quiet murmur
about real-time payments.
Today, 97% of businesses still use checks to pay their
major business suppliers, according to the most recent
Electronic Payments Survey Report from the Association
for Financial Professionals (AFP), so real-time payments
may not be at the top of their priority list. Yet, rumblings of
18 Q ICBA Independent Banker Q November 2020
S
change have begun. The same study notes that more than
60% believe faster payments will have a positive impact
on their organizations, particularly when looking at business-to-business
transactions.
" In terms of planned adoption, most businesses aren't
quite there yet, " says Deborah Matthews Phillips, ICBA's
senior vice president of payments and technology policy
and ICBA Bancard's senior vice president of industry
relations. " But real-time payments systems in other geographies
have proven that once the technology exists, adoption
will follow. Community banks that want to be ahead of that
trend are acting today. "
Case in point: $534 million-asset Royal Bank in Elroy,
Wis., went live with The Clearing House's Real-Time Payments
(RTP) Network as a receive-only institution in July.
Photo by Clique Images/Stocksy

Independent Banker - November 2020

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

Table of Contents
Independent Banker - November 2020 - Intro
Independent Banker - November 2020 - Cover1
Independent Banker - November 2020 - Cover2
Independent Banker - November 2020 - Table of Contents
Independent Banker - November 2020 - 2
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Independent Banker - November 2020 - Cover3
Independent Banker - November 2020 - Cover4
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