Research from Aite Group in its latest report, Global Business-Initiated Payments: Volume and Trends, assesses actual global payments volume by region from 2006 to 2010 and estimates volume for 2012, 2014, 2016, and 2018. Actual figures from 2006 through 2010 and estimates through 2018 indicate a compound annual growth rate (CAGR) of 7% for global non-cash business-initiated payments.
For its report, Aite Group identified 20 leading payments technology providers through desk research, ongoing subscriber-client interactions, and outreach to corporate treasurers. It also spoke with 10 senior treasury representatives and has therefore been able to assess companies' payments transaction requirements and identify bank and third-party solutions as well as leading payments technology vendors that support banks.
The great majority of business -initiated payments are domestic payments, meaning the recipient is located in the same country as the business that originated the payment. Domestic business-initiated transactions are growing at an overall 6.9% CAGR. Emerging economies are leapfrogging developed countries in creating payments infrastructure for the first time, though. Banks in these countries and their technology vendors use new technology such as mobile devices to enable payments transactions. The new technology solutions use cards or cell phone numbers to direct and transport payments.
In Canada and the United States, credit transfers—electronic funds transfer (EFT) and Automated Clearing House (ACH), respectively—are now replacing paper checks. Commercial card payments are also growing, but not as quickly as banks and card networks would like.
European countries vary greatly in their use of payments instruments. Some countries have nearly eliminated paper check transactions, while others retain significant transactions of this type. The implementation of the Single Euro Payments Area (SEPA) means lower-cost credit transfers and direct debits, which reduces paper check usage..
Aite Group
For its report, Aite Group identified 20 leading payments technology providers through desk research, ongoing subscriber-client interactions, and outreach to corporate treasurers. It also spoke with 10 senior treasury representatives and has therefore been able to assess companies' payments transaction requirements and identify bank and third-party solutions as well as leading payments technology vendors that support banks.
The great majority of business -initiated payments are domestic payments, meaning the recipient is located in the same country as the business that originated the payment. Domestic business-initiated transactions are growing at an overall 6.9% CAGR. Emerging economies are leapfrogging developed countries in creating payments infrastructure for the first time, though. Banks in these countries and their technology vendors use new technology such as mobile devices to enable payments transactions. The new technology solutions use cards or cell phone numbers to direct and transport payments.
In Canada and the United States, credit transfers—electronic funds transfer (EFT) and Automated Clearing House (ACH), respectively—are now replacing paper checks. Commercial card payments are also growing, but not as quickly as banks and card networks would like.
European countries vary greatly in their use of payments instruments. Some countries have nearly eliminated paper check transactions, while others retain significant transactions of this type. The implementation of the Single Euro Payments Area (SEPA) means lower-cost credit transfers and direct debits, which reduces paper check usage..
Aite Group
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