The cheque book recently celebrated its 360th birthday. For many insurers they’re still a key part of the Business to Business (B2B) payments process, especially for one-off or infrequent suppliers. Yet the truth is that this venerable payment mechanism is past its sell-by date.
Cheques can introduce unnecessary extra friction, cost, fraud risk and human error. That’s bad news for supplier relations and could even impact the policyholder experience. So maybe it’s time for a digital replacement.
This article highlights how insurance finance bosses can cut costs, improve supply chain relationships and reduce risk by investing in innovative new platforms.