A new report found that 75% of banks and credit unions with $30 billion or less in assets are actively evaluating or planning to evaluate receivables and payment technology within the next 18 months.
The report, commissioned by CheckAlt and conducted by Datos Insights, found that many financial institutions view receivables modernization as a way to strengthen commercial banking relationships. It also found that 67% expect to increase technology spending during the next 12 to 18 months. According to the report, businesses are increasingly seeking faster payment processing, real-time account information and more streamlined payment workflows.
The survey included both banks and credit unions, with the findings highlighting how smaller financial institutions are approaching technology investments as they compete for commercial banking business.
"The data shows a concentrated evaluation window for receivables and payment processing technology," Benjamin Nestor, strategic adviser of commercial banking and payments at Datos Insights, said. "For banks and credit unions, the decision is increasingly tied to commercial client expectations, operational efficiency, revenue opportunity, and the practical realities of integration and execution."
When evaluating technology providers, respondents ranked seamless integration with their core banking system as the most important consideration. Eighty percent of respondents identified core integration among their top priorities, well ahead of security, fraud prevention and compliance capabilities (49%) and total cost of ownership (43%).
According to the report, seamless core integration supports real-time payment posting, reporting and reconciliation, while poor integration can create manual work and slow exception handling.
Despite growing interest in modernization, many financial institutions continue to face significant implementation challenges, the report said.
Almost 60% of respondents said competing IT priorities were the biggest obstacle to modernizing receivables and payment operations. Limited internal resources or technical expertise followed at 31%, while 29% reported integration complexity with core banking and other systems.
The report also found that 29% of respondents identified losing commercial clients to competitors with stronger receivables and payment capabilities as the greatest risk if modernization efforts are delayed. Increased operational costs and inefficiencies ranked second at 25%.
According to the report, the financial impact of losing a commercial relationship can extend beyond payment processing because those clients often use treasury management services, maintain deposits and obtain loans through the same financial institution.
The report found that 88% of respondents believe stronger receivables and payment capabilities could increase commercial banking revenue by helping financial institutions retain commercial clients, attract new business and expand treasury management relationships.
"We worked with Datos Insights to better understand what is driving those decisions and where financial institutions are focusing their attention," Patrick Law, president/CEO of CheckAlt, said. "The findings reinforce that modernization is no longer only about operational efficiency. It is increasingly tied to how institutions retain commercial clients, compete for treasury relationships and support long-term revenue growth."
The report was based on a survey of 65 senior decision-makers at U.S. banks and credit unions with $30 billion or less in assets conducted during the first and second quarters of 2026.
The full report is available here.
Joyce Moed can be reached at joyce.moed@arc-network.com.
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