CFOs are unsatisfied with their payments systems: 9 out of 10 plan to upgrade

97% of European companies experience problems with their current payments systems, according to research by bank orchestration platform Numeral, in partnership with Opinion Way.

The overwhelming majority of CFOs are planning to invest in upgrading their payments systems within the next 18 months.

And they seem to have many reasons to do so. Among the most frequent pain points, CFOs encounter challenges like ensuring that payments initiated are correctly executed, managing payments errors, and managing payment returns.

55% of companies are planning to invest 100k USD or more to upgrade their own payment platform: the figure goes up to 88% if we only consider companies who are still managing their payments operations “primarily manually”.

88% of Finance and Treasury executives have significant hopes for these investments, they would like to capture very or extremely important benefits, thanks to the improvement of their payment operations.

Payments have become an IT topic: the involvement of engineering teams spans from 9% for companies that manage less than 100k payment per year to 43% for bigger companies that manage more than 100 million transactions per year.