Capgemini has warned that stablecoins, tokenised deposits, and CBDCs could put USD 230 billion of payments revenue at risk.
Capgemini has reported that stablecoins, tokenised deposits, and central bank digital currencies (CBDCs) are moving from experimentation towards commercialisation, creating pressure on traditional bank payments revenue. The company’s World Payments Report 2027 estimates that these instruments could account for approximately 4% of global payments volume by 2030, affecting revenue streams including foreign exchange spreads, correspondent banking, float income, and transaction processing fees.
The report also identifies a gap between banks’ investment in payment innovation and corporate customer satisfaction. While 60% of banks have prioritised B2B payment innovation over the past three years, only 32% of corporate clients report being satisfied with their primary banking partner. Corporates continue to seek greater visibility over payment execution, liquidity, settlement outcomes, compliance, and reconciliation.
Corporates report challenges in cross-border payments
According to the report, 74% of corporates describe cross-border payments as slow, costly, or unpredictable. The end-to-end process takes approximately 3.5 days, while 57% of respondents report limited access to live payment status, cash positions, or transparent pricing. Corporates identify predictable settlement outcomes, real-time payment visibility, and fraud protection among their key requirements. These challenges also carry a financial cost. The report estimates that a typical cross-border B2B payment can incur costs equivalent to 2% of the transaction value. The research covered 1,110 large corporates with annual revenues above USD 1 billion, which operate across an average of 14 markets, maintain 11 banking relationships, and conduct 34% of their B2B payment volume through cross-border transactions.
Capgemini refers to stablecoins, tokenised deposits, and CBDCs collectively as ‘accelerated intelligent money’. These instruments can combine value transfer, built-in rules, and real-time settlement while supporting 24/7 execution. The report estimates that broader adoption could unlock up to USD 4 trillion currently held in settlement and liquidity accounts supporting cross-border payment flows.
Banks face competition from non-bank providers
Despite the emergence of alternative payment instruments, banks remain the preferred provider for many corporates. The report finds that 71% of corporate respondents would select a bank rather than a fintech for tokenised payments where cost and service quality are equivalent. However, nearly 60% of corporate clients are willing to source stablecoin services from non-bank providers if their banking partners fail to keep pace. The report also finds that non-bank providers already handle 36% of corporate B2B payment volume.
Tokenised deposits are identified as the main near-term priority among banks because they can remain on banks’ balance sheets and operate within existing regulatory structures. However, only 21% of banks classified as leaders are actively scaling at least one accelerated intelligent money instrument, while the remaining banks are still piloting, evaluating, or not considering these instruments. The report states that these banks use cross-network transaction monitoring more frequently and are more likely to deploy AI-based surveillance for unusual wallet activity, alongside real-time anti-money laundering (AML), and know your customer (KYC) checks.
The research also highlights capability gaps. Only 56% of the banks classified as leaders report having the talent and skills required to support digital assets, tokenisation, smart contracts, and interoperability across financial networks.
