Over the next year, 52% of respondents in Visa’s global survey plan to reduce reliance on cheques and 45% plan to increase their use of commercial card programmes. Almost three quarters (70%) of survey respondents rely on commercial payment cards to reduce processing and administrative costs; two-thirds look to eliminate paper-based invoicing; 57% want to facilitate receivables and payments; and just under half (46%) believe that commercial cards provide transaction data for better vendor pricing negotiation. Companies also use commercial card programmes to increase visibility into cash positions and improve forecasting. The survey also showed that 74% of respondents are satisfied with their commercial payment card programmes. Currently, 50% of respondents use commercial payment cards to make payments as part of their overall cash management strategies. The US leads adoption with 58% of respondents use commercial payment cards; Canada follows closely behind at 54%. Forty-six percent of respondents in Asia Pacific use commercial card programmes, whereas 44% of their counterparts in Central and Eastern Europe, Middle East and Africa and 38% and 30% respectively in Europe and Latin America and Caribbean rely on cards.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.