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The corporate payment industry is rapidly moving toward electronic
processing of business-to-business transactions. That’s
the findings of the first-annual Corporate Payment Progress Index (CPPI)
created by VICOR Inc., a leading provider of corporate
payment-processing software. VICOR is part of the Metavante Commercial
Treasury Solutions division.
The CPPI is the first and only industry metric that quantitatively
tracks and measures the overall progression of corporate payments. The
inaugural 2006 CPPI stands at 55 on a 0-100 scale. That level indicates
a generally satisfied corporate payments environment with transaction
costs under control and investment in payment systems evenly distributed
among the four major payment methods: electronic-funds transfer, or ACH;
check, wire transfer, and purchasing card. The index indicates that 40
percent of business-to-business transactions are handled by
electronic-payment systems.
The CPPI also estimates that in 2008, the index will stand at 65, with
ePayments forecast at 55 percent of B2B transactions. The 65 level
indicates the industry is approaching a major milestone which is
characterized by high satisfaction, low costs and a larger investment in
ePayment systems.
“We’ve known for a
while that the payments industry is progressing, but we had no method to
determine where the industry stands today or a method to determine the
direction and rate at which the industry is moving.”
said Robert F. Kirk, VICOR president. “With
the CPPI, we now have vital, quantitative data on the state and progress
of payments to share with such key stakeholders as financial
institutions, technology providers and corporate payment managers.”
The CPPI uses a sophisticated model that incorporates three major
business drivers: cost per transaction, ePayment investment plans and
satisfaction level. Each of these three drivers are calculated based
upon a weighted average across the market share of the four major
payment methods.
Among the findings of the inaugural CPPI:
--
Major drivers of the 2006 CPPI are the Cost and Satisfaction Indices
- with each contributing 42 percent of the CPPI.
--
Major drivers of the 2008e CPPI show a more even distribution among
three sub-indices with:
--
Cost at 37 percent
--
ePayment Investment at 25 percent, an upward projection from 16
percent in 2006
--
Satisfaction at 38 percent
--
As a shift occurs to electronic payments from paper, check-system
investment is expected to decline with reallocation of capital
expenditures to ePayment systems.
--
Straight-through processing, or end-to-end automation of the
payments process, is seen as six-to-eight years away.
The CPPI, conducted with assistance from Celent LLC, comprises data from
more than 200 corporate payment managers who represent a broad range of
industries and participated in the comprehensive survey.
For those interested in a deeper understanding of the CPPI, VICOR will
present the results and associated analysis at the AFP Annual Conference
in Las Vegas on Oct. 18, as well as briefings and webinars through the
end of the year. For more information, visit www.vicor.com.
About VICOR
VICOR, a Metavante company, is a leading provider of solutions that
optimize the processing of complex payments for businesses and financial
institutions. By managing multiple payment types and formats across
diverse distribution channels, VICOR helps businesses and financial
institutions save time and money, attract new customers, generate
revenue, and leverage existing technologies. In 2005, VICOR’s
solutions processed over $1.4 trillion in payment volume, 222 million
payment transactions and 335 million payment related documents. VICOR
owns and manages the Corporate Payments Progress Index (CPPI), an
industry initiative that quantitatively measures the progress of
corporate payments. VICOR is headquartered in Richmond, Calif. For more
information about VICOR and its solutions, contact 510-621-2000 or visit www.vicor.com.
Metavante Corporation delivers banking and payments technologies to
financial services firms and businesses worldwide. Metavante products
and services drive account processing for deposit, loan and trust
systems, image-based and conventional check processing, electronic funds
transfer, consumer healthcare payments, and electronic presentment and
payment. Headquartered in Milwaukee, Metavante (www.metavante.com)
is wholly owned by Marshall & Ilsley Corporation (NYSE: MI).
Metavante and VICOR are registered trademarks of Metavante
Corporation.
The corporate payment industry is rapidly moving toward electronic
processing of business-to-business transactions. That's the findings
of the first-annual Corporate Payment Progress Index (CPPI) created by
VICOR Inc., a leading provider of corporate payment-processing
software. VICOR is part of the Metavante Commercial Treasury Solutions
division.
The CPPI is the first and only industry metric that quantitatively
tracks and measures the overall progression of corporate payments. The
inaugural 2006 CPPI stands at 55 on a 0-100 scale. That level
indicates a generally satisfied corporate payments environment with
transaction costs under control and investment in payment systems
evenly distributed among the four major payment methods:
electronic-funds transfer, or ACH; check, wire transfer, and
purchasing card. The index indicates that 40 percent of
business-to-business transactions are handled by electronic-payment
systems.
The CPPI also estimates that in 2008, the index will stand at 65,
with ePayments forecast at 55 percent of B2B transactions. The 65
level indicates the industry is approaching a major milestone which is
characterized by high satisfaction, low costs and a larger investment
in ePayment systems.
"We've known for a while that the payments industry is
progressing, but we had no method to determine where the industry
stands today or a method to determine the direction and rate at which
the industry is moving." said Robert F. Kirk, VICOR president. "With
the CPPI, we now have vital, quantitative data on the state and
progress of payments to share with such key stakeholders as financial
institutions, technology providers and corporate payment managers."
The CPPI uses a sophisticated model that incorporates three major
business drivers: cost per transaction, ePayment investment plans and
satisfaction level. Each of these three drivers are calculated based
upon a weighted average across the market share of the four major
payment methods.
Among the findings of the inaugural CPPI:
-0-
*T
-- Major drivers of the 2006 CPPI are the Cost and Satisfaction
Indices - with each contributing 42 percent of the CPPI.
-- Major drivers of the 2008e CPPI show a more even distribution among
three sub-indices with:
-- Cost at 37 percent
-- ePayment Investment at 25 percent, an upward projection from 16
percent in 2006
-- Satisfaction at 38 percent
-- As a shift occurs to electronic payments from paper, check-system
investment is expected to decline with reallocation of capital
expenditures to ePayment systems.
-- Straight-through processing, or end-to-end automation of the
payments process, is seen as six-to-eight years away.
*T
The CPPI, conducted with assistance from Celent LLC, comprises
data from more than 200 corporate payment managers who represent a
broad range of industries and participated in the comprehensive
survey.
For those interested in a deeper understanding of the CPPI, VICOR
will present the results and associated analysis at the AFP Annual
Conference in Las Vegas on Oct. 18, as well as briefings and webinars
through the end of the year. For more information, visit
www.vicor.com.
About VICOR
VICOR, a Metavante company, is a leading provider of solutions
that optimize the processing of complex payments for businesses and
financial institutions. By managing multiple payment types and formats
across diverse distribution channels, VICOR helps businesses and
financial institutions save time and money, attract new customers,
generate revenue, and leverage existing technologies. In 2005, VICOR's
solutions processed over $1.4 trillion in payment volume, 222 million
payment transactions and 335 million payment related documents. VICOR
owns and manages the Corporate Payments Progress Index (CPPI), an
industry initiative that quantitatively measures the progress of
corporate payments. VICOR is headquartered in Richmond, Calif. For
more information about VICOR and its solutions, contact 510-621-2000
or visit www.vicor.com.
Metavante Corporation delivers banking and payments technologies
to financial services firms and businesses worldwide. Metavante
products and services drive account processing for deposit, loan and
trust systems, image-based and conventional check processing,
electronic funds transfer, consumer healthcare payments, and
electronic presentment and payment. Headquartered in Milwaukee,
Metavante (www.metavante.com) is wholly owned by Marshall & Ilsley
Corporation (NYSE: MI).
Metavante and VICOR are registered trademarks of Metavante
Corporation.