For Pat Bermingham, CEO at B2B payments service provider Adflex, many of the biggest trends in 2022 have been influenced by the economic uncertainty that everyone faces.
“As profit margins bear the brunt of pressure from inflation, businesses have had to look to drive internal efficiencies to ensure they can stay afloat, without relying on significant price hikes that could deter customers.”
“One way they are doing this is by streamlining accounts payables (AP) processes using automated payment methods such as straight-through processing (STP), which allow a buyer to ‘push’ a payment to a supplier in real time, greatly reducing the amount of time and resources spent on making and receiving each payment.”
“In comparing STP to more legacy methods, we can see that both buyers and suppliers previously needed to access payments through multiple portals and track payments manually. STP automates the process and works seamlessly with business’ back-office enterprise resource planning (ERP) systems through API integration.”
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