Of Special Interest
- Consumer confidence in banks, credit card providers and investments remain stable as demand supercharges digital finance says Toluna research
- Nuapay data reveals strong consumer demand for Open Banking and better payment experience
- US banks see IT modernisation as a way to improve customer experience
- Risk mitigation in global trade depends on digitisation-Andrew Raymond, CEO, Bolero International comments
- Juniper Research new study says the volume of B2B payments facilitated by non-banks will exceed 53 billion in 2022, from a COVID-related low of 38 billion in 2020
- CMA issues fifth publication over 3 years of the service quality league table of personal and business current account providers
- Barclays says scammers take advantage of COVID-19, cashing in on nations’ uncertainty
- S&P Global report says financial market infrastructure sector's earnings likely to cool off In second half
- Global banking market capitalisation slumps by over 30% amid pandemic says Buyshares research
- Digital wallet spend in Europe & North America to increase by 40% in 2019, finds study
- Juniper forecasts mobile money transactions will exceed 200 billion by 2024
- Banks can save the world from climate change, says former UN climate chief
- Research by NatWest reveals gender divide over attitudes to saving
- Europe’s big bank problem: too much capital is trapped in the US, says Scope
- Later-Life lending market set to almost double in the next 10 years, finds report
- Barclays/Cebr report challenges nation to think differently about wealth
- Fifth of UK investors looking to debt investment, new research reveals
- Regtech will play a more important role in PSD2, says Mitek
- Banks turn to Fintech partnerships to improve customer experience, finds Fraedom
- New industry code to tackle fraud must deliver, says Which?
- New TTF report highlights loss of trust in financial services
- Arxan highlights financial app vulnerability epidemic
- SAS asks whether banks really need to choose between operations and innovation
- Which? raises alarm as almost 1,700 free ATMs become fee-charging
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
18th August 2020
Juniper Research new study says the volume of B2B payments facilitated by non-banks will exceed 53 billion in 2022, from a COVID-related low of 38 billion in 2020
A new study from Juniper Research has found that the volume of B2B payments facilitated by non-banks will exceed 53 billion in 2022, from a COVID-related low of 38 billion in 2020; representing 42% growth. 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, more innovative players offering more cost-effective solutions.
The new research, "B2B Payments: Domestic, Cross-border & Instant Payments 2020-2025", analyses 20 leading challenger B2B payment providers examining their B2B payment offerings and digital innovation.
The top 3 non-bank vendors identified by Juniper Research as Innovative Leaders were:
These leading vendors offer digital capabilities that are unmatched in terms of efficiency, cost and value; allowing them to rapidly gain market share and threaten established market structures according to Jupiter Research.
Research author Nick Maynard comments “Fintech vendors have risen to prominence by offering both greater efficiency and ease of use, calling into question the fundamental approach that banks take. Banks must turn to APIs for greater automation, as well as more competitive pricing, to retain some influence in this highly lucrative market.”
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 radically 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.