B2B money transfers ‘to hit $218 trillion by 2022’

Global cross-border B2B transactions are expected to exceed $218 trillion by 2022, up from $150 trillion this year, new research from Juniper has suggested.

This is being driven by the money transfer market being ripe for disruption, according to the study, as new technologies and regulatory changes are beginning to refine traditional banking practices. The FinTech sector is also helping to drive the increase, having a profound effect on traditional cross-border transactions.

The proportion of cross-border B2B transfer values facilitated by FinTech startups and disruptive technologies is expected to grow from 7.5 per cent in 2017 ($10.4 trillion), to 13.3 per cent ($29 trillion) by 2022.

Visa and Mastercard are also driving the market, according to Juniper, with both firms partnering with Fintech firms to make cross-border payments easier for business customers. Visa has signed a deal with Billtrust to provide virtual cards for B2B transactions, while Mastercard is working with Optal to offer virtual accounts to businesses.

Research author, Lauren Foye, explained: “Whilst traditional banks still facilitate the vast bulk of B2B cross-border transactions, new technologies, such as virtual accounts, eInvoicing, and blockchain technology will aid in driving businesses to solutions which provide savings in time, efficiencies, and transparency.”

    Share Story:

Recent Stories

The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.

The Rise of Instant Payments
Instant payments are creating new business opportunities for banks by providing more touchpoints than ever. With these evolutions underway, Featurespace brought leading industry experts together to discuss how they are protecting customers from fraudsters in real time, utilizing innovative and disruptive solutions to reduce fraud. Click here to find out more.

Offloading Cyber Risk in the Cloud
As cyber attacks and data breaches are in the news on an increasingly regular basis - with regulatory penalties and customer trust on the line for financial services firms - it has never been more crucial to be compliant in the cloud.

This video, with Akamai’s EMEA director of security technology and strategy Richard Meeus, will help explain what your company can be doing to make sure it’s not embroiled in the next big fine or front-page scandal.