In the commercial payments realm, invoices need validation, discrepancies warrant resolution and someone (or an authorized system) ultimately approve the release of funds. Smart contracts are being used to carry approved payment instructions from business workflows into bank payment systems.

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For accounts payable and treasury teams, reducing the work between approval and execution smooths the continuum of payments and ultimately supply chain dynamics. A payment instruction generated within the invoice workflow can spare employees from entering the same information into a separate banking process, provided the connection preserves the company’s authorization requirements.

PYMNTS Intelligence’s May report, “Ready and Willing: B2B Payments Are Headed for Real-Time Rails. Here’s How They’re Getting There,” produced with The Clearing House, found that 53% of surveyed firms not already using RTP rails for B2B payments expected to begin within two years.

Across the full sample, 22% selected better integration with accounting, enterprise resource planning or treasury systems as the improvement that would most enhance B2B payment performance. Among businesses with annual revenue of at least $25 million, the share reached 29%.

And, separately, PYMNTS Intelligence August research with Plaid found that 70% of surveyed firms expected to adopt or expand automated payment matching within 12 months. The survey covered 150 executives across seven payment-intensive industries. Planned investment extends automation into matching payments with financial records.

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