The migration of corporate payments from paper to electronics presents a unique business
opportunity. Research shows that corporations are seeking efficiencies from the wire
transfer process. By making improvements to realize these efficiencies, the financial services
industry can position the wire transfer system for potential growth in the future. The
Clearing House Payments Company and the Federal Reserve Banks believe that this effort
will be successful only if all parties in the wire transfer process work together to achieve
this goal.
“Business-to-Business Wire Transfer Payments: Customer Preferences and Opportunities for
Financial Institutions” summarizes market research (“research”) conducted by The Clearing
House Payments Company (www.theclearinghouse.org) and the Federal Reserve Banks
(www.frbservices.org). This study evaluates the preference of wire transfers as a payment
method among U.S. businesses and offers an in-depth view of the issues facing businesses
that routinely make wire transfer payments.
This is the first comprehensive research project to examine the use of the wire transfer
systems for business-to-business (B2B) payments and builds on earlier studies from the
Association of Financial Professionals, the Federal Reserve Banks and The Clearing House,
which identified the barriers to straight-through-processing of wire transfer payments. This
new research focuses on wire transfer payments to determine:
what drives corporations to select one type of payment over another
what changes are needed to make wire transfer a more attractive payment alternative
what is the value of including remittance information1 with the wire transfer payment,
and
what is the willingness of corporations to pay for this capability
A total of 381 decision makers from a diverse group of companies that met qualifying
criteria responded to the survey. In addition, eight focus groups were held in multiple U.S.
cities with more than 60 individuals participating from companies of various sizes, types
and industries.
Click here to get the entire project
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