NEW YORK, Oct. 6, 2022 /PRNewswire/ -- BNY Mellon, in collaboration with Aite-Novarica Group, today released a study examining commercial payment trends, finding that businesses are embracing a range of emerging digital tools such as real-time payments (RTP) and digital wallets.
The report also found significant regional differences in channel usage. The adoption of instant payments is expected to increase, both in the U.S. via the RTP® network and the soon-to-be-launched FedNow service, and in Europe and the U.K. with the SEPA Credit Transfer Instant and Faster Payments services.
Cryptocurrencies – tipped as a game changer for payments – shows growth mainly forecasted among existing users. Meanwhile, the usage of cash and checks is declining on a net basis, although they are embedded in many businesses' workflows, notably in the U.S.
Key findings of the survey include:
"These study findings show that companies currently embracing emerging payment technologies are already reaping the benefits, while those slower to adopt them need more support to make the switch," says Carl Slabicki, Co-Head of Global Payments within Treasury Services at BNY Mellon. "That is why we are positioning ourselves as gateway for businesses to access all possible payment solutions as quickly and easily as possible."
"The report paints a picture of a payments landscape that is complex and incredibly varied from region to region," said Gilles Ubaghs, author of the study at Aite-Novarica Group. "No single payment method is emerging as the preferred solution and that fragmentation is likely to continue for some time before we see any consolidation in payment types."
The findings of the report are based on feedback from 790 employees of mid-size and large organizations in seven North American and European countries.
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BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment and wealth management and investment services in 35 countries. As of June 30, 2022, BNY Mellon had $43.0 trillion in assets under custody and/or administration, and $1.9 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.
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SOURCE BNY Mellon