[November 13, 2018] |
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WEX Survey Looks at Senior Finance Executives' Take on Payments Security
WEX
(NYSE: WEX), a leading provider of corporate payment solutions, unveiled
Part II results of its annual Payments Pulse (News - Alert) study, distilled from a
third-party survey fielded to gauge views of the payments landscape from
chief financial officers and senior financial executives worldwide.
The survey of more than 1,000 CFOs and senior financial executives from
the U.S., Europe and Asia/Oceana revealed that for this group, security
is paramount in payments solutions or platforms. Security-both of
information and settlements-is raised by executives as a concern in
multiple aspects of payments processing. In fact, according to those
surveyed, security of transactions is the single most important
attribute of payments.
More than half of American executives-53 percent-and almost half of the
European executives we polled-49 percent-"strongly agree" that they are
very concerned about information security relating to payments. In stark
contrast, 26 percent of the Asian executives surveyed answered that they
"strongly agree." Still, between 58 percent and 68 percent of
respondents from all regions rated security of transactions as the most
important attribute of a payments solution.
The data uncovered additional key trends, including:
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CFOs value security enhancements and speed: Executives in all
regions anticipate that new technology will impact their business when
it comes to security: namely, more secure payments (62 percent) and
faster and more secure cross-border payments (57 percent).
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Information security and payments fraud are top of mind. In the
U.S. the concern about information security (52 percent "strongly
agree" that they are very concerned) is aligned with the incidence of
payments fraud or misuse-52 percent have experienced one or the other
in the past six months. In Asia, just 26 percent of the executives we
questioned express the same level of concern-wich makes senses, since
only 24 percent have experienced fraud or misuse in the same time
period.
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Financial services executives have high expectations of payments
providers when it comes to security. Across the board, there is
agreement that security of transactions is the most important
attribute of payments for their business, with 62 percent ranking it
"very important." When selecting a payments provider, the Asia/Oceania
executives surveyed strongly valued security of a provider's systems
and transactions (though it was second to cost/fee structure in
impacting their choices).
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The cloud is now, and CFOs think blockchain may be the future.
Almost all of those surveyed-92 percent-indicate that their business
is currently using cloud-based payments platforms. A full 84 percent
trust cloud-based systems more than locally hosted ERP/AP systems to
keep account payables secure. Surveyed executives are very optimistic
regarding the effect of blockchain on their own businesses, expecting
the technology to pave the way for more-secure payments
"The insights we glean from our Payments Pulse surveys allow WEX to be
at the forefront of what's important to financial executives regarding
the payments ecosystem," said Jay Dearborn, President of Corporate
Payments, WEX. "The overwhelming concern for payments security and
integrity aligns with WEX's emphasis on providing clients with
worry-free and secure payments solutions. When businesses work with us,
they have peace of mind in knowing that their transactions are being
processed by one of the most-trusted payments solutions providers in the
world."
Methodology WEX commissioned Zogby Analytics to conduct an
online survey of CFOs and senior financial executives in the U.S.,
Europe and Asia/Oceania. From April 13 to April 24, 2018, 501 CFOs and
senior financial executives from the U.S., 206 from Singapore, Hong Kong
and Australia (combined), and 207 from France, Germany, Italy, Spain and
the U.K. (combined) completed the survey. Based on a confidence interval
of 95%, the margin of error (MOE) is ± 4.4 percentage points for the
U.S., ± 6.8 percentage points for Europe and ± 6.8 percentage points for
Asia/Oceana.
About WEX Powered by the belief that complex payment systems
can be made simple, WEX Inc. (NYSE: WEX) is a leading provider of
payment processing and business solutions across a wide spectrum of
sectors, including fleet, travel and healthcare. WEX operates in more
than 10 countries and in more than 20 currencies through more than 3,500
associates around the world. WEX fleet cards offer 11.5 million vehicles
exceptional payment security and control; purchase volume in its travel
and corporate solutions grew to $30.3 billion in 2017; and the WEX
Health financial technology platform helps 300,000 employers and more
than 25 million consumers better manage healthcare expenses. For more
information, visit www.wexinc.com.
About Zogby Analytics Zogby Analytics is respected
nationally and internationally for its opinion research capabilities.
Since 1984, Zogby has empowered clients with powerful information and
knowledge critical for making informed strategic decisions. The firm
conducts multiphased opinion research engagements for banking and
financial services institutions, insurance companies, hospitals and
medical centers, retailers and developers, religious institutions,
cultural organizations, colleges and universities, IT companies, and
federal agencies. Zogby's dedication and commitment to excellence and
accuracy are reflected in its state-of-the-art opinion research
capabilities and objective analysis and consultation.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181113005046/en/
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