Most corporate payments today are still paper-based. 83.5% of payments (by volume) are still made by check and 50%-60% of businesses receive and pay by checks according to Federal Reserve and The Clearing House Payment Company
These payments are likely to migrate to electronic payments such as wire transfer or Automated Clearing House (ACH) over time. While many of these check payments may migrate to ACH, statistical analysis of the survey data reveals that for at least a portion of these payments, wire transfers would be a potential substitute for checks if they were more convenient.
Even if only 2 percent of the check volume moves to the wire transfer systems, that would represent a 47 percent increase in wire transfer volume.
The research shows that small and large companies alike want a more streamlined process for making wire transfer payments and favor a single remittance information standard to eliminate existing inefficiencies in the process. And, importantly, these companies are willing to pay for such efficiencies.
MTOs could disrupt the multi-trillion $ B2B payments industry by utilizing the ZED Network to deliver faster, cheaper and more transparent B2B payments worldwide.
Additionally, corporations are facing daunting tasks in paying their agents, affiliates, contractors, and partners worldwide, especially in developing countries.
Utilizing ZED Network’s MTO network and our ever growing Coverage Area, our MTO clients could work with their corporate clients to deliver faster, cheaper and more transparent B2C payments to their recipients worldwide