The global economy runs on efficient cross-border account-to-account (A2A) payments, and yet the average global straight-through processing (STP) rate is as little as 26% according to LexisNexis® Risk Solutions recent study into the True Impact of Failed Payments. Deteriorating macroeconomic conditions and rising inflation pressures leave little room for payments failures, costly errors and operational delays.
Some of the key findings from our study include:
$12 USD is the average global fee for each rejected or repaired payment
49% say broken or failed payments have a severe impact on cost to the business
64% state broken or failed payments have some impact on staff workload
51% reveal balancing accuracy with speed of payment is very challenging
70% of study respondents are not satisfied with their payment failure rate
Our report illustrates how fast payments solutions, such as payment processing APIs, are enabling payments teams to realize higher straight-through processing rates, facilitate frictionless payments and achieve measurable performance gains.
Find out more on how failed or delayed payments has impacted businesses globally and what solutions are being used to tackle these challenges.