The State of Payment Operations 2023
Our third annual report explores the persistent gap between what new payments technology enables and how real companies manage money movement day-to-day.
A new era of payments is here but many B2B companies are struggling to catch up.
Clear needs, complex barriers
While most financial decision makers understand the need for modern payment operations, their companies are being held back, primarily by legacy infrastructure and operational inefficiencies.
Insights from 500+ financial leaders
To create this report, Modern Treasury drew upon our unique viewpoint into payment operations along with new data from an online survey conducted by The Harris Poll.
Payment operations is an umbrella term for the entire lifecycle of a company’s money movement.
Setting up approval processes
Tracking and attributing sent and received funds
Resolving payment failures and returns
Reconciling transactions to bank statements
Booking payments to the general ledger
Regulation compliance at each step
Old-school payment operations are a pain point, especially bloated tech stacks and manual reconciliation.
Respondents use an average of 6.6 systems (e.g., bank portals, spread-sheets, treasury management tools, ERP and accounting solutions, communication tools, etc.) to manage payment operations.
of respondents agree that it is hard to get a complete financial view of money movement across multiple bank accounts.
Operational lag is costing organizations time and money.
of decision makers said managing payments takes too long from start to finish.
of decision makers agree their finance team wastes a lot of time on payment operations.
An investment in modern payment operations is a priority with clear returns for businesses.
of respondents said improving payment operations was a priority of their company.
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