CITIZENS SURVEY FINDS MIDDLE-MARKET COMPANIES EXPECT TO TRANSITION TO EXCLUSIVELY DIGITAL PAYMENTS WITH NEXT 5 YEARS

Citizens recently conducted a survey of over 200 treasury executives at mid-size businesses ($50 million to $1 billion annual revenue), where 94% of respondents who currently use paper checks expect their company to transition exclusively to digital payments within the next five years.

“While most mid-size businesses still use some form of paper payment for tasks such as paying employees, vendors and contractors, significantly fewer financial leaders view physical cash and checks as critical or important payment methods than a year ago,” read the report.

In the survey, nearly all respondents agree that digital treasury processes have helped with cash flow forecasting (97%), enhanced their financial visibility and control (96%) and positively impacted their company’s bottom line (91%).

Other survey findings include: 84% of respondents report using business-to-consumer (B2C) payment alternatives (such as Venmo or Zelle), up from 58% a year ago, while 77% report using instant payments, up from 62% a year ago. Additionally, 77% of respondents report using instant payments, up from just 62% a year ago. Ninety-two percent of respondents report using the real-time payments (RTP) network and 77% report using FedNow, indicating companies are using both channels as instant payment adoption grows.

According to the survey, perceived fraud and security risks are the No. 1 factor holding companies back from leaning in on digitization. Even though less than one-third of respondents were impacted by fraud in 2023, 91% said they were concerned about it.

XMA’S PETER RICHARD AWARDED 2024 HR HERO AWARD

Peter Richard, XMA corporate controller, has been awarded the 2024 Ry Perry HR Hero Award by the Granite State Human Resource Conference, produced by the HR State Council of New Hampshire.

The award is given each year to one HR leader that goes above and beyond in their role and involvement with the New Hampshire community.

“Peter has been a valued member of the XMA team for nearly two decades and has aided the company in growing and evolving immensely during this time,” said XMA General Manager Marc Smith.

In his capacity as corporate controller at XMA Corporation, part of Amphenol Corporation, Richard oversees the company’s financial stewardship, HR leadership and IT governance for both its U.S. and Chinese operations.

He also oversees cybersecurity measures and other IT initiatives to enhance operational efficiency and support business operations.

LEDDY GROUP EXPANDS AGENCY FAMILY WITH ACQUISITION OF MOORE STAFFING SERVICES

Bedford-based Leddy Group, a family-owned regional staffing agency, has acquired Moore Staffing Services, based in Methuen, Massachusetts.

Since 1980, Moore Staffing Services has been a top employment provider in industries like accounting, engineering, health care and manufacturing.

“Leddy Group will undoubtedly be an outstanding partner for Moore’s clients, candidates and employees,” said former COO and president Michael Moore.

Thanks to expansion efforts such as this, Leddy Group now offers employment services in New Hampshire, Vermont, Maine and Massachusetts. The acquisition of Moore Staffing Services will enable Leddy Group to have a far-reaching presence in the Greater Boston Area.

Says Patty McGrail, senior vice president of Leddy Group, “We’re also excited to diversify and continue to grow the Moore Staffing/Leddy Group client portfolio and develop true strategic relationships.”