On an average 19.3% of payments in the region by transaction count are made by cheques. The figure is highest in India (44.8%) and lowest in New Zealand (7.8%). Majority of corporates in the region clearly recognise the benefits of being able to send and receive payments real time. 6 out of 10 say that real time payment solutions will enhance their cash flow capability.*
* Visa Cash Flow Visibility Index 2016 (A survey where a total of 806 of the top 1,000 revenue ranked corporations across Australia, Mainland China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Singapore and Taiwan were interviewed)
Payables automation is software or technology capability that works independently or in conjunction with existing financial management systems. It automates accounting and payment processes that begin with information extraction from an invoice, verification against purchase orders, business systems, and approvals to making payments. Payables automation leads to cutting down of staff time, payment cycles and costs while increasing controls throughout the AP cycle.