Brown also discussed the challenges of getting buyers and suppliers on board with new payment methods, citing corporate inertia as a major obstacle. He believes that many are hesitant to adopt real-time payments and new invoicing protocols due to fears of generating more errors. Brown also mentioned the role of artificial intelligence in improving internal processes and protecting companies, noting that NCR Voyix has been using AI to help client banks and credit unions identify suspicious activity and new growth opportunities.
Key takeaways:
- B2B payments need more clarity and speed, with real-time payments having the potential to change some of the fundamentals of transactions.
- The FedNow® Service and The Clearing House’s RTP® Network are gaining traction, potentially shifting buyers and suppliers away from paper checks and improving the velocity of fund flows.
- There are challenges to getting buyers and suppliers on board with real-time payments and new invoicing protocols due to corporate inertia and fear of new payment rails.
- NCR Voyix is using AI to help client banks and credit unions discover patterns with their own enterprise clients, identify suspicious activity, and find new ways to scale into new growth opportunities.