The total value of B2B cross-border payments is expected to reach $35trn in 2022, recovering from the hit to the market caused by the Covid-19 pandemic, according to a new study from Juniper Research.
The company claims the total value of B2B cross-border payments in 2020 will be $27trn and will only exceed the value reached in 2019 by 2022, showcasing the economic ripples the pandemic has caused.
B2B Payments: Domestic, Cross-border & Instant Payments 2020-2025 finds that instant payment tools, services where funds are transferred within 10 seconds, will be responsible for 9.3% B2B transactions, up from the 6% in 2020.
Despite the usage rate, instant payment services will only account for 6.3% of B2B transactions by volume in 2022.
Research author Nick Maynard said, “Instant payments schemes are built on ISO 20022, which unlocks additional messaging capabilities. These can be used to inject transparency and build new services such as automation, which will add significant value to complex accounts payable processes.”
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