Bob Dylan was recently awarded the Nobel Prize in Literature for the vast body of work throughout his career. His songs captured the social unrest¹ of a nation in transition. Today, the payments landscape in the United States is also undergoing a major metamorphosis. Decades old payment systems are showing their age and being challenged by new demands. A new generation is questioning why the old norms of payments are relevant.

Change is most noticeable in peer-to-peer (P2P) transactions where the old manual method of issuing payments by writing checks is quickly being replaced by home banking and smartphones.

Given the nature of commercial business-to-business (B2B) payments and the long established payment patterns between B2B trading partners, change has been slower, but is finally beginning to occur.