Capgemini Invent and LexisNexis® Risk Solutions Explore the Evolution of Corporate Payments in the Digital Economy with New Research
Report Delivers an Expansive View of the Corporate Account-to-Account Payment Market Based on Insights from Payment Executives at Large and Multinational Corporations
ATLANTA, May 19, 2022 /PRNewswire/ -- LexisNexis® Risk Solutions and Capgemini Invent released findings from their inaugural LexisNexis® Risk Solutions Corporate Digital Payments Study. The organizations jointly conducted global market research on corporate account-to-account (A2A) payments with three objectives: 1) to evaluate the status of A2A payments for large multinational corporations; 2) to assess key priorities for payment executives to transform their payment function; and 3) to identify key trends that are reshaping the corporate A2A payment market for years to come.
The LexisNexis Risk Solutions Corporate Digital Payments Study covers the United States, Canada, Europe, the Middle East and Asia-Pacific regions. Findings are mostly based on insights from a survey of 400 payment managers, focus interviews with payment executives of large and multinational corporations, and insights from knowledgeable subject matter experts from LexisNexis Risk Solutions and Capgemini Invent who provided views on the market.
Digital acceleration continues to fuel the rapid adoption of digital corporate payments. Corporate non-cash payments represented around 133 billion transactions in 2021, totaling 13% of all non-cash payments. A2A payment solutions are the preferred choice for corporate payments processing with more than 50% of both accounts payables and accounts receivables handled via A2A solutions globally and 40% of corporate payments processed fully automatically. As such, annual corporate non-cash payments are predicted to reach the 200 billion transactions mark by 2025.
"Payment operations leaders are increasingly taking more strategic seats at their organizations. They are transitioning their departments from being cost centers to becoming key creators of customer value. They are achieving this by adopting payment automation technology," said Andrew Burlison, head of payments, LexisNexis Risk Solutions. "The increased level of automation is enabling payment managers to focus more on payment strategy and business development. Defining a payment strategy, improving business performance and optimizing costs are priorities that come before payment execution. Leveraging third-party capabilities is key to accelerate the development of state-of-the-art payments operations and optimize solution investment."
Key Findings from the LexisNexis Risk Solutions Corporate Digital Payments Study:
"While corporations have historically been searching primarily for simplicity and cost efficiency, they are now looking at more advanced and valued-added payment solutions, fostered by the rapid development of new technologies and the necessity to go fully digital during the pandemic," said Thierry Delaporte, CEO of Capgemini. "Best-in-class corporations are already fully embracing new digital payment ecosystems leveraging cloud payment platforms, real-time data management and end-to-end integration, increasing the gap with the rest of the market. In that context, the race is on in 2022 for payment executives to prioritize the right investments and set up a forward-looking payments platform, addressing the on-going market developments and evolving vendor/client expectations."
Download the LexisNexis® Risk Solutions Corporate Digital Payments Study on the right rail of this page. Register for our live interactive fireside chat on Wednesday, May 25 at 9:00 am ET / 2:00 pm BST where our panel will conduct a deep dive into the results and gain global perspectives from a finance operations manager at a large multinational corporation.
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information-based analytics and decision tools for professional and business customers. For more information, please visit www.risk.lexisnexis.com and www.relx.com.
About Capgemini Invent
As the digital innovation, consulting and transformation brand of the Capgemini Group, Capgemini Invent helps CxOs envision and build what's next for their organizations. Located in more than 30 offices and 10 creative studios around the world, its 6,000+ strong team combines strategy, technology, data science and creative design with deep industry expertise and insights, to develop new digital solutions and business models of the future.
Capgemini Invent is an integral part of Capgemini, a global leader in consulting, technology services and digital transformation. The Group is at the forefront of innovation to address the entire breadth of clients' opportunities in the evolving world of cloud, digital and platforms. Building on its strong 50- year heritage and deep industry-specific expertise, Capgemini enables organizations to realize their business ambitions through an array of services from strategy to operations. Capgemini is driven by the conviction that the business value of technology comes from and through people. It is a multicultural company of 200,000 team members in over 40 countries. The Group reported 2021 global revenues of EUR 18.16 billion. Visit us at www.capgemini.com/invent.
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