Key insights from EDC’s white paper on B2B payments presented to corporates at AFP 2023

With the team at Edgar, Dunn & Company, I thoroughly enjoyed the AFP 2023, the major Association for Financial Professionals event that took place on October 22-25 in San Diego.

With John E Paris, Treasury and Accounts Receivable at Gilbane Building Company, we presented Edgar, Dunn & Company’s recently published white paper on B2B payments. Our presentation highlighted:

• Key trends with the evolution of actors across the B2B payment value chain and the high number of new entrants targeting specific niches
• 6 major pain points faced by corporates (this is based on 100+ interviews with corporates and 50+ interviews with stakeholders in the B2B and payment value chain):

1. Manual processes & payments
2. Cashflow management and payment delays
3. Complexity of ecosystem in B2B processes and payments
4. Lack of integration capability with existing systems
5. No clear visibility on direct and indirect costs
6. Difficulty to change current internal processes

• To address these pain points, we have identified 7 best practices that corporates and payment providers should leverage:

1. Address pain points through the smart use of technology
2. Develop a balanced value proposition for buyers and sellers
3. Create partnerships for a stronger value proposition
4. Propose a modular ‘all-in-one’ / ‘end to end’ and flexible value proposition
5. Leverage indirect sales channels to increase reach and exposure
6. Facilitate the integration of payment solutions with existing B2B platforms
7. Quantify benefits of investment in B2B payments

The 200+ person audience answered poll questions that confirmed the findings of our white paper, and it is always good to have confirmation from corporates!

Edgar, Dunn & Company's white paper on B2B payments is available on our website: https://shorturl.at/xKPYZ and we would love to discuss further with you about how we could assist automate and optimise your AP and AR payments. Don’t hesitate to contact us!