Innovation in the payments arena has provided more rails upon which to move money. In B2B payments, though, legacy tools continue to lead.
New research from Tipalti, conducted by Levvel Research, found that when it comes to cross-border B2B payments, wire transfers remain the most common method (cited by 69 percent of survey respondents), despite the high fraud risks and sluggish speed of the tool. Local and global ACH transfers are used by 29 percent (the same portion of businesses that write checks to make international payments), while 17 percent use prepaid debit cards.
All of these payment methods come with their drawbacks. It’s why payment innovators are working to either develop and deploy entirely new payment rails or establish technologies that can sit on top of legacy rails to improve their performance. Below, PYMNTS explores the latest advancements in the payment rail innovation efforts of the B2B payments industry.