Endava publishes a report on the state of industry payments; Data shows organizations are rethinking conventional business processes and practices

LONDON–()–Endava (NYSE: DAVA), a global provider of digital transformation, agile development and intelligent automation services, today released its 2022 Global Payments Study. The report covers current business-to-business (B2B) payments standards globally, the challenges of operating a manual process, the benefits of digitization, and what payments could look like in the future.

“Over the past two years, companies have begun to question their reliance on the legacy systems they were supposed to be tied to and wondered how they could improve their day-to-day processes,” said Scott Harkey, vice -Executive President, Financial Services and Payments, Endava. “Our data reveals a payments landscape where organizations are no longer content with the status quo and are using modernization initiatives to increase efficiency.”

Key insights from the report include:

  • Checks and cash are no longer the dominant methods they once were, accounting for around a fifth of combined global payment volume.

  • Paper-based methods accounted for less than one-third of payment volume for all study regions.

  • North America lags APAC, MEA, Latin America, and Europe in payments modernity. North America scores lower due to relatively high check volume (16%).

  • Organizations often rely on multiple tools to make payments. Bill payment portals provided by banks are the most widely adopted, but many also use electronic payment software.

  • Top priorities for businesses in the coming year are strengthening security, digitizing payments and improving the use of analytics.

The future of payments

To help anticipate the future of B2B payments, Endava asked respondents about their organization’s key initiatives and how they plan to change the current volume of payment methods in the future. The highest priority initiative was strengthening security, consistent with the high number of organizations citing fraud as a major challenge in domestic and international payments.

Digitizing payments was the second priority initiative for responding organizations. To do this, organizations plan to aggressively increase the use of methods such as digital wallets, real-time payments (RTP), cards, virtual cards and Automated Clearinghouse (ACH) and reduce dated paper methods like checks and cash. Of those currently using them, a significant percentage of organizations also plan to increase the use of cryptocurrency in the future. However, many organizations have identified crypto (as a means of paying vendors) as not applicable to their business.

Outlook by industry

Looking at the study by industry, Endava’s data shows that retailers were more likely to have issues with payment errors, data management, late payments and compliance. These issues often stem from inconsistencies in how payments are processed. Compared to the average, companies in the mobility industry suffer from the management of customer requests, disparate technologies, fraud and payment errors.

Insurers and non-banking financial organizations have more quantifiable challenges than companies in other sectors. These include unpaid days past due, lack of visibility into payments, duplicate invoices, and reliance on paper-based processes. Many of these issues are more directly related to billing.

Geographic trends

North America:

  • Endava experts say RTP and digital wallets are ripe for growth in North America.

  • On the consumer side, Americans have mostly moved away from cash and checks for their C2B and P2P payments, but this modernization has yet to be applied to businesses.

  • Younger generations, who are much more likely to expect a digital payment experience, can bring about a shift in these antiquated habits when they take on roles as small business owners and finance professionals.


  • Endava’s research shows that bank-to-bank next-day transfers account for a greater volume of payments in the EU than in any other region.

  • Cash and checks represent a lower volume in the EU compared to other regions.

  • These payment methods are rare in Europe because digital alternatives for transferring money are easy to use and ubiquitous.

Middle East and Africa

  • Parts of the MEA region have some of the highest RTP payment volumes of all locations included in the study.

  • Saudi Arabia quickly adopted the use of real-time payments despite only introducing the service in 2019.

  • The percentage of cash transactions among surveyed MEA organizations is high, as is the use of alternative methods, which may include cash on delivery, a popular payment option in both countries.

To learn more about geographic and industry-specific trends in regions such as North America, Europe, Middle East and Africa, Latin America, and Asia-Pacific, download the report on: https://www.endava.com/en/Industries/Payments/2022-Global-Payments-Report.

Data Summary

The data for this study comes from a 2022 survey of more than 1,000 organizations of all sizes and verticals (excluding banking institutions). Respondents were at the senior management level and above and possessed intimate knowledge and decision-making ability about their organization’s funding and payment strategy and processes.


Endava reinvents the relationship between man and technology. Leveraging next-generation technologies, our agile, multidisciplinary teams deliver a combination of product and technology strategies, intelligent experiences, and world-class engineering to help customers become experience-driven digital businesses. helping them on their journey from idea generation to developing and deploying products, platforms and solutions. Endava collaborates with its customers, integrating seamlessly with their teams, catalyzing ideation and delivering robust solutions.

Endava serves its customers in Payments and Financial Services, TMT, Consumer Products, Retail, Mobility and Healthcare. As of June 30, 2022, 11,853 Endavans were serving customers from locations in Asia Pacific, the Middle East, North America and Western Europe and delivery locations in Argentina, Bosnia and Herzegovina, Bulgaria, Colombia, Croatia, Malaysia, Mexico, Moldova, North Macedonia, Poland, Romania, Serbia, Slovenia and Uruguay.

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