A new study from Juniper Research has found that savings from the adoption of payment automation systems will allow reinvestment in revenue-generating activities; driving an 18% growth in UK B2B payments by 2028, from 8.7 billion in 2024.
Automation of payment processes reduces the time spent by employees on transactions; saving money and generating extra revenue and efficiency at a key time of financial pressure within the UK economy.
AI to Dominate in Automation
The report urges vendors to prioritise making AI automation in payment processes a standard part of their B2B payment solutions. An example is AP (Account Payable) automation, which can detect and correct invoice errors; speeding up payment approvals. This saves businesses money by reducing late fees; gaining early-payment discounts, and freeing up employees’ time for more productive work.
Report author Michael Greenwood added: “Additional services, such as accounting automation, are key to differentiating solutions, given the limited variation in payment channels used. By adopting these solutions based on AI, vendors can stand out in a crowded UK market.”
Differing Messaging Standards Necessitate AI Use
The report highlighted the challenges faced within the UK market, due to the differing messaging standards. While SEPA (Single Euro Payment Area) operates on ISO20022, the two primary domestic channels, Faster Payments and Bacs, do not. This means an automation solution will have to be compatible with multiple standards; increasing development time and costs. Machine learning will be vital to understanding the differences in messaging formats; allowing systems to automatically identify the standard being used and streamline this process.
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Find out more about the new report: UK B2B Payments Market 2024-2028, or download a free sample.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
