Summary
This IDC Perspective provides insights into B2B digital payment management. While the B2C sphere has converted to digital payment management relatively seamlessly, B2B is still slow to adopt modernized processes in payment management solutions. As the digital finance transformation continues, fraud attempts are increasing, real-time or near-real-time payments are becoming the standard, and cross-border payments are becoming necessary to keep up with competition. Businesses must face the daunting task of procuring the right digital payment management solution while facing the obstacles of security, user-friendliness, compliance, and convenience. "With more options becoming available, choosing the right B2B digital payment solution can be a daunting task. Businesses should pay special attention to integration capabilities, compliance features, and security measures. Armed with information about the most popular, most secure, and most convenient payment options currently available will help decision makers determine the best fit for the organization. Digital transformation is inevitable but does not have to be intimidating," says Jordan Steele, research manager, Worldwide Financial Applications Support at IDC.
