Exec Summary

• B2B payments are a great source of growth for card and RTP networks, with 90% of volume remaining on check and ACH. But investors and innovators hoping to flip volume must assess the market with a great deal of skepticism. No one wants to pay a bill more quickly. There are 2 key factors to look at when assessing B2B payments: 1) Who holds the power in the relationship (ex Supply Chain Channel Master) and 2) How is it sold and bundled with other services (ex Quickbooks/SAP procurement).
• I don’t see this as an impact to any current GDV flows in next 3 yrs, only growth impairment. It takes time to change contracts.