GAUGING THE MARKET
“ As part of offering faster payment technologies , businesses should consider introducing early payment rewards . For instance , INNIO ’ s story underscores the potential ; they saved € 11m in 2022 from early payment discounts , primarily due to reducing invoice processing time from 20 days to under four .
“ However , the lack of awareness around fraudulent payments is a concern . Schemes such as fake invoices and vendor impersonation are becoming increasingly common and finance teams must be savvy to the payments they are receiving . Our research with Forrester highlighted the role that AI is playing in tackling fraudulent activity , helping to identify irregularities in payment data , managing exception handling and responding to abnormal or exceptional conditions requiring special processing . Faster payments offer a positive step for boosting supplier relations , but finance teams must implement it safely to defend against the rising tide of fraud .”
As financial institutions increasingly adopt faster payment technologies , there ’ s also a notable rise in consumer use of mobile contactless payments . Recent data from Accenture shows that one in three Brits used their phones for contactless transactions last year , reflecting a broader trend towards convenience in financial transactions .
This shift highlights the need for both advancements in payment systems and robust security measures to protect users in this evolving digital landscape .
18.3 billion contactless payments were made in the UK in 2023 , a 7 % increase from 2022 . While younger people are more likely to use contactless payments , older generations are catching up with the ease of Apple Pay and Google Pay .
While this is an easy way for people to handle their spending , it does raise the issue of consumer protection and app security .
Jack Kerr , Director at Appdome , said : “ The surge in mobile banking is undeniable . In
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