The Federal Reserve System and the Clearing House Payments Co. recently conducted a joint research study into the wire transfer process to understand and anticipate the future of wire payments. (The Clearing House is a company that provides payment services and is jointly owned by several U.S. banking affiliates.)
The study, Business to Business Wire Transfer Payments: Customer Preferences and Opportunities for Financial Institutions, examines the issues facing organizations that routinely make wire transfer payments, the motivations driving payment decisions and potential opportunities for growth in wire payments.
Among other findings, the study concludes that most corporate payments today are paper-based, but they are likely to migrate to electronic payments such as wire transfers and ACH, over time. Small and large companies are looking for a more streamlined way to make wire transfers, and they are willing to pay for a more efficient process.
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