WEX Survey Looks at Senior Finance Executives’ Take on Payments Security
November 13 2018 - 6:45AM
Business Wire
Part II of 2018 ‘Payments Pulse’ Survey
Indicates the Strong Emphasis Placed on Combating Payments Fraud
and Security Breach
WEX (NYSE: WEX), a leading provider of corporate payment
solutions, unveiled Part II results of its annual Payments Pulse
study, distilled from a third-party survey fielded to gauge views
of the payments landscape from chief financial officers and senior
financial executives worldwide.
The survey of more than 1,000 CFOs and senior financial
executives from the U.S., Europe and Asia/Oceana revealed that for
this group, security is paramount in payments solutions or
platforms. Security—both of information and settlements—is raised
by executives as a concern in multiple aspects of payments
processing. In fact, according to those surveyed, security of
transactions is the single most important attribute of
payments.
More than half of American executives—53 percent—and almost half
of the European executives we polled—49 percent—“strongly agree”
that they are very concerned about information security relating to
payments. In stark contrast, 26 percent of the Asian executives
surveyed answered that they “strongly agree.” Still, between 58
percent and 68 percent of respondents from all regions rated
security of transactions as the most important attribute of a
payments solution.
The data uncovered additional key trends, including:
- CFOs value security enhancements and
speed: Executives in all regions anticipate that new technology
will impact their business when it comes to security: namely, more
secure payments (62 percent) and faster and more secure
cross-border payments (57 percent).
- Information security and payments
fraud are top of mind. In the U.S. the concern about
information security (52 percent “strongly agree” that they are
very concerned) is aligned with the incidence of payments fraud or
misuse—52 percent have experienced one or the other in the past six
months. In Asia, just 26 percent of the executives we questioned
express the same level of concern—which makes senses, since only 24
percent have experienced fraud or misuse in the same time
period.
- Financial services executives have
high expectations of payments providers when it comes to
security. Across the board, there is agreement that security of
transactions is the most important attribute of payments for their
business, with 62 percent ranking it “very important.” When
selecting a payments provider, the Asia/Oceania executives surveyed
strongly valued security of a provider’s systems and transactions
(though it was second to cost/fee structure in impacting their
choices).
- The cloud is now, and CFOs think
blockchain may be the future. Almost all of those surveyed—92
percent—indicate that their business is currently using cloud-based
payments platforms. A full 84 percent trust cloud-based systems
more than locally hosted ERP/AP systems to keep account payables
secure. Surveyed executives are very optimistic regarding the
effect of blockchain on their own businesses, expecting the
technology to pave the way for more-secure payments
“The insights we glean from our Payments Pulse surveys allow WEX
to be at the forefront of what’s important to financial executives
regarding the payments ecosystem,” said Jay Dearborn, President of
Corporate Payments, WEX. “The overwhelming concern for payments
security and integrity aligns with WEX’s emphasis on providing
clients with worry-free and secure payments solutions. When
businesses work with us, they have peace of mind in knowing that
their transactions are being processed by one of the most-trusted
payments solutions providers in the world.”
MethodologyWEX commissioned Zogby Analytics to conduct an
online survey of CFOs and senior financial executives in the U.S.,
Europe and Asia/Oceania. From April 13 to April 24, 2018, 501 CFOs
and senior financial executives from the U.S., 206 from Singapore,
Hong Kong and Australia (combined), and 207 from France, Germany,
Italy, Spain and the U.K. (combined) completed the survey. Based on
a confidence interval of 95%, the margin of error (MOE) is ± 4.4
percentage points for the U.S., ± 6.8 percentage points for Europe
and ± 6.8 percentage points for Asia/Oceana.
About WEXPowered by the belief that complex payment
systems can be made simple, WEX Inc. (NYSE: WEX) is a leading
provider of payment processing and business solutions across a wide
spectrum of sectors, including fleet, travel and healthcare. WEX
operates in more than 10 countries and in more than 20 currencies
through more than 3,500 associates around the world. WEX fleet
cards offer 11.5 million vehicles exceptional payment security and
control; purchase volume in its travel and corporate solutions grew
to $30.3 billion in 2017; and the WEX Health financial technology
platform helps 300,000 employers and more than 25 million consumers
better manage healthcare expenses. For more information, visit
www.wexinc.com.
About Zogby AnalyticsZogby Analytics is respected
nationally and internationally for its opinion research
capabilities. Since 1984, Zogby has empowered clients with powerful
information and knowledge critical for making informed strategic
decisions. The firm conducts multiphased opinion research
engagements for banking and financial services institutions,
insurance companies, hospitals and medical centers, retailers and
developers, religious institutions, cultural organizations,
colleges and universities, IT companies, and federal agencies.
Zogby’s dedication and commitment to excellence and accuracy are
reflected in its state-of-the-art opinion research capabilities and
objective analysis and consultation.
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version on businesswire.com: https://www.businesswire.com/news/home/20181113005046/en/
WEXElisabeth Andrews,
207-523-6121elisabeth.andrews@wexinc.com
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