Endava releases state of the industry payments report

Endava releases state of the industry payments report

- Report reveals the top focuses for companies in the next year are strengthening security, digitizing payments, and improving usage of analytics

Dubai, United Arab Emirates -- Endava (NYSE: DAVA), a global provider of digital transformation, agile development and intelligent automation services, today released their 2022 Global Payments Study. The report covers the norms of today’s business-to-business (B2B) payments on a worldwide scale, the challenges of operating a manual process, the benefits of digitization, and what payments could look like in the future.

“Over the past two years, companies began to challenge their reliance on the legacy systems they were supposedly tied to and wondered how they could improve their daily processes,” said Scott Harkey, Executive Vice President, Financial Services & Payments, Endava. “Our data reveals a payments landscape where organizations are no longer satisfied with the status quo and are using modernization initiatives to increase efficiency.”

Key insights from the report include:

- Checks and cash are no longer the dominant methods they once were, equaling roughly a fifth of global payment volume combined.

- Paper-based methods comprised less than a third of payments volume for all the regions in the study.

- North America trails APAC, MEA, LatAm, and Europe in payments modernity. North