The ability to offer real-time payments has become the most important factor business leaders consider when choosing a banking partner, according to Citizens’ annual payments and treasury survey.
More than 60 percent of businesses said in a recent Citizens Bank survey that they expect to stop using cash or paper check payments in the future, adopting real-time payments instead.
The growth of small businesses offers opportunities for banks and credit unions, with many expected to look at fintech partnerships to expand services for these customers.
With access to a real-time payments system an important selling point for some business customers, Massachusetts’ community banks find themselves at a fork in the road following the Federal Reserve’s decision to launch its own payments network.
