Abstract
This Financial Insights report compares and contrasts the approaches that seven
leading corporate banks - American Express, Bank of America, Bank of New York
Mellon, Citi, Deutsche Bank, JPMorgan, and Wells Fargo - have taken to address
corporate demand for more efficient payment systems. With over $19.4 trillion
in business-to-business spending via paper check forecast for 2008, there are
enormous opportunities for the sale of products and services to reduce invoice
processing costs for buyers, accelerate collections for suppliers, and cut the
time required to resolve disputes and reconcile payments.
According to Aaron McPherson, practice director, Financial Services at
Financial Insights, and one of the authors of the report, "Unlike past failed
attempts at selling financial supply chain services, this time, the banks are
aggressively acquiring technology and talent to make a new run at the market. A
focus on flexibility and customer service will maximize the success of the new
round of financial supply chain management initiatives."
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