WEX Inc. (NYSE: WEX), a leading provider of corporate payment solutions, released the results of a third-party survey to gauge views of the payments-processing ecosystem from chief financial officers and senior financial executives across the globe.
The survey of more than 900 CFOs and senior financial executives from the U.S., Europe and Asia/Oceana revealed that strong faith in the cloud prevails in this group. Large majorities of surveyed executives (the lowest is Asia, with 76 percent) trust cloud-based systems more than locally hosted ERP/AP systems to keep account payables secure. A vast majority of surveyed businesses (with Asia again the lowest, at 86 percent) are currently using cloud-based payments platforms.
Safety, in fact, came up as a primary concern, with 53 percent of American executives and 49 percent of European financial executives likely to be very concerned about information security as it relates to payments, compared to just 26 percent of their Asian counterparts. But overall, between 58 percent and 68 percent of respondents from all regions rated security of transactions as the most important attribute of a payments solution.
The data uncovered six additional key trends:
“We at WEX recognize the importance of maintaining a forward-looking perspective on what’s happening on the payments landscape,” said Jay Dearborn, President, WEX Corporate Payments, WEX Inc. “The survey findings support our belief that the e-Payables industry and trend is showing no signs of deceleration, and new technologies are key to delivering faster, more secure payments and settlements to companies. We continue to innovate in terms of product development in order to provide our customers with the service they expect, as well as the nimble product innovation capabilities and payments security they deserve.”
MethodologyWEX Inc. commissioned Zogby Analytics to conduct an online survey of CFOs and senior financial executives in the U.S., Europe and Asia/Oceania. From April 13 to April 24, 2018, 501 CFOs and senior financial executives from the U.S., 206 from Singapore, Hong Kong and Australia (combined), and 207 from France, Germany, Italy, Spain and the U.K. (combined) completed the survey. Based on a confidence interval of 95%, the margin of error (MOE) is ± 4.4 percentage points for the U.S., ± 6.8 percentage points for Europe and ± 6.8 percentage points for Asia/Oceana.
About WEX Inc.Powered by the belief that complex payment systems can be made simple, WEX Inc. (NYSE: WEX) is a leading provider of payment processing and business solutions across a wide spectrum of sectors, including fleet, travel and healthcare. WEX operates in more than 10 countries and in more than 20 currencies through more than 3,300 associates around the world. WEX fleet cards offer 11.5 million vehicles exceptional payment security and control; purchase volume in its travel and corporate solutions grew to $30.3 billion in 2017; and the WEX Health financial technology platform helps 300,000 employers and more than 25 million consumers better manage healthcare expenses. For more information, visit www.wexinc.com.
About Zogby AnalyticsZogby Analytics is respected nationally and internationally for its opinion research capabilities. Since 1984, Zogby has empowered clients with powerful information and knowledge critical for making informed strategic decisions. The firm conducts multiphased opinion research engagements for banking and financial services institutions, insurance companies, hospitals and medical centers, retailers and developers, religious institutions, cultural organizations, colleges and universities, IT companies, and federal agencies. Zogby’s dedication and commitment to excellence and accuracy are reflected in its state-of-the-art opinion research capabilities and objective analysis and consultation.
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