These vendors will account for 12.6% of B2B payments by volume in 2022. Despite the slow recovery elsewhere in the economy due to the pandemic, non-bank B2B payments will exceed 2019 volumes in 2021, showing how the migration from offline to online, and the need for greater efficiency, is helping non-traditional vendors.
As businesses recover from the pandemic, they are fundamentally reassessing their operations to maximise efficiency. As such, banks and traditional money transfer operators face a reckoning, pressed by newer players offering more cost-effective solutions.
The new research, B2B Payments: Domestic, Cross-border & Instant Payments 2020-2025, analyses 20 challenger B2B payment providers examining their B2B payment offerings and digital innovation.
The research found that automation will be crucial in fixing the challenges faced by businesses in their payment processes. This automation must be enabled using open APIs, which can simplify sharing data between different systems.
However, this automation will require a collaborative ecosystem to emerge, whereby B2B payments vendors integrate their systems with ERP and accounting packages, otherwise payment processes will remain highly manual and time-consuming.
Juniper Research provides research and analytical services to the global hi-tech communications sector; providing consultancy, analyst reports and industry commentary.
