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Billtrust is “Best-in-Class” Vendor According to Aite Report

Aite Matrix Evaluation: Leading Providers of Integrated Receivables Solutions

This excerpt provided compliments of this Best-in-Class vendor: Billtrust

October 2019
Erika Baumann

Introduction

While paper checks still constitute the largest percentage of business-to-business (B2B) payments, the shift toward electronic payment methods, especially ACH and real-time payments in the U.S., is continuing to build momentum. This trend is forcing businesses of all sizes, but especially the largest ones with high receivables volume across multiple payments types, to look for more efficient ways to receive, consolidate, and reassociate payments with their related remittance information. Businesses are seeking a robust solution from their bank, and if their bank is not able to meet their needs, they are going directly to a vendor that can help them solve their payments challenges. This is creating disintermediation that is forcing banks to consider competition with the leading integrated receivables vendors in the market. Due to market demand, creating an integrated receivables solution has become a high priority for many financial institutions that are looking for a partner to help them meet client needs.

This Impact Report explores some of the key functionality and trends within the integrated receivables market and looks at market growth and what functionality is top of mind for vendor roadmaps. The Impact Report also compares and contrasts the leading vendors’ offerings and strategies, and it highlights their primary strengths and challenges. Finally, to help financial institutions make more informed decisions as they select new technology partners, the report recognizes specific vendors for their strengths in critical areas.

Methodology

Leveraging the Aite Matrix, a proprietary Aite Group vendor assessment framework, this Impact Report evaluates the overall competitive position of each vendor, focusing on vendor stability, client strength, product features, and client services. 

The following criteria were applied to develop a list of vendors for participation:

  • Bank awareness of the vendor as a provider of a viable integrated receivables solution
  • Successful implementation of a cash management solution at a minimum of one U.S.-based financial institution or business
  • Ability to offer a full out-of-the-box integrated receivables solution as opposed to just components of one 

Participating vendors were required to complete a detailed product request for information (RFI) composed of both qualitative and quantitative questions, conduct a minimum 60-minute product demo, and provide active client references.

The Market

The following market trends are shaping the present and future of the integrated receivables market (Table A).

Table A: The Market

Market trendsMarket implications
Corporate customers are experiencing lower STP rates.Corporate customers of all sizes are finding value in the payments automation of an integrated receivables solution.
Corporate customers are demanding improved payments data and analytics.Banks are reassessing basic reporting capabilities and trying to provide a more consolidated view of payments activity that is actionable and value-added.
Corporate customers are including integrated receivables as a must-have when selecting a bank partner.Banks that do not have a robust integrated receivables solution are at a market disadvantage.
Banks are finding it difficult to prioritize thebuild of a robust integrated receivablessolution.Banks are shifting toward more vendor-builtsolutions to replace lacking solutions and/or cometo market more quickly with a market-leadingsolution.
Check volume is declining.Electronic payments such as ACH are increasing and often have remittance information delivered via a separate channel, such as email.
Source: Aite Group

Key Statistics

This section provides information and analysis on key market statistics.

Annual Revenue Estimates Analysis

The integrated receivables vendor landscape is continuing to evolve and grow. Even some of the most established providers generate less than US$50 million in revenue annually. As adoption continues to grow, these numbers will continue to increase. Unlike technologies such as cash management platforms that every bank must have, significant new market opportunities are still available in the integrated receivables space. These market opportunities lie within both the corporate landscape and the financial institution landscape (Figure 1).

Figure 1: Annual Revenue Estimates Breakdown

Annual Revenue Estimates Breakdown (N=6): More than US$50 million: 50%, US$10 million to US$50 million: 17%, Less than US$10 million: 33%
Source: Vendors

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