Report: The state of payment operations 2022
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In coming years, every payment will begin and end in software. For this reason, companies that are looking ahead and focused on scale understand the necessity for modern, automated payment operations.
Simply put, payment operations are the various workflows around the cycle of money movement through a business: initiating payments, setting up approvals, tracking and attributing funds, handling payment failures and returns, reconciling transactions, and more.
Every company, whether they realise it or not, has some sort of payment operations workflow in place. And they track these workflows through a variety of systems, from bank portals and spreadsheets to software. However a company tracks their money movement, one thing remains true: efficient payment operations are mission-critical to building and maintaining a well-functioning company.
More businesses across verticals have begun to lean into – or moving money on behalf of their customers. And with ubiquitous faster payments on the horizon via the launch of in 2023, payment operations needs are becoming more clear.
This report outlines the current state of payment operations: the challenges leaders face in implementing efficient, scalable, and secure payment operations processes, and the upsides they anticipate from a solution engineered for sustainability and growth. Included data were collected by The Harris Poll and Modern Treasury.
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