Three out of four financial institutions are either already shopping for new receivables technology or planning to start soon.
And by soon, we mean within the next year and a half.
New research from Datos Insights, commissioned by CheckAlt, reveals that 75% of U.S. banks and credit unions are entering what experts are calling a “modernization window” for their payment and receivables systems. This isn’t just about keeping up with the Joneses—it’s about keeping your commercial clients from jumping ship to competitors with shinier tech.
The study surveyed senior decision-makers at financial institutions with $30 billion or less in assets during the first half of 2026, and the findings paint a clear picture: the old approach to receivables isn’t cutting it anymore.
From Penny-Pinching to Revenue Protection
“The data shows a concentrated evaluation window for receivables and payment processing technology,” said Benjamin Nestor, Strategic Advisor for Commercial Banking & Payments at Datos Insights. Translation? A whole lot of banks are asking the same questions at the same time.
But here’s what’s really interesting: this isn’t primarily about slashing costs anymore. Financial institutions are realizing that clunky receivables systems are actually costing them clients—and revenue.
The research found that a whopping 88% of FIs believe better receivables and payment capabilities could actually drive commercial banking revenue growth. On the flip side, nearly 30% identified losing commercial clients to tech-savvier competitors as their biggest concern if they don’t modernize.
That’s a significant mindset shift. We’ve gone from “how do we spend less?” to “how do we avoid watching our best clients walk out the door?”
What Commercial Clients Actually Want
Modern businesses aren’t asking for the moon—they just want visibility, speed, and workflows that don’t feel like they were designed during the dial-up era. They want to see their payments in real-time, access information quickly, and manage everything without needing a decoder ring.
“Receivables and payment processing decisions are becoming more strategic for banks and credit unions,” explained Patrick Law, president and CEO of CheckAlt. “Modernization is no longer only about operational efficiency. It’s increasingly tied to how institutions retain commercial clients, compete for treasury relationships, and support long-term revenue growth.”
The numbers back this up: 67% of financial institutions plan to boost their technology spending on receivables and payment processing. When nearly seven out of ten banks are opening their wallets wider, you know something fundamental is changing.
Integration Is Everything (And Also the Hardest Part)
When asked what matters most in a receivables technology provider, 80% of financial institutions put seamless core integration at the top of their list. Makes sense—nobody wants to bolt on a fancy new system that doesn’t play nice with their existing infrastructure.
But here’s the catch-22: while institutions know they need to modernize, nearly 60% cited competing IT priorities as the main roadblock. IT departments are already juggling chainsaws, and adding another major project to the mix feels about as appealing as a root canal.
This is why the implementation approach matters just as much as the technology itself. Financial institutions need solutions that acknowledge their resource constraints and work within the reality of their existing tech stack—not vendors who promise the world and deliver a migraine.
The Clock Is Ticking
“The next 18 months represent an important planning window for financial institutions evaluating how receivables can support commercial client relationships, treasury growth, and long-term revenue strategy,” said Jason Schwabline, chief commercial officer at CheckAlt. “The decisions made during this period will shape how institutions compete for commercial business in the years ahead.”
In other words: this isn’t a fire drill, but it’s not a leisurely stroll either. Banks and credit unions that use this window wisely—to clarify their priorities, evaluate their options, and understand what successful implementation actually requires—will be in a much stronger position when the dust settles.
Those that keep kicking the can down the road? They might find themselves explaining to their board why their best commercial clients are now banking somewhere else.