New data from Juniper
Research found that B2B transactions processed by pureplay digital
operators will reach $14 trillion by 2023, up from $6.7 trillion in
2018, as the new entrants offer cheaper and faster services than
established players in the space.
According to the research, B2B
Money Transfer – Domestic & Cross-Border Market Opportunities 2019-2023,
found that bank purchase departments can struggle to quantify ROI
(Return on Investment) from the implementation of digital technologies
to replace, or augment, existing mechanisms. As a result, they are
heavily reliant on manual processes and traditional suppliers.
Conversely, new entrants such as Modulr and Soldo have entered the space
without the baggage of legacy systems and use updated and real-time
payments technology that integrates with companies’ accounting software;
thereby reducing the costs involved, while also increasing accounting
For more insights, download our free whitepaper; B2B
Payments Beyond Banking ~ The $14 Trillion Prize.
ACI – Leads Juniper’s B2B Payment Vendors List
In the research, Juniper assessed 15 payment vendors; comparing the
relative level of their capabilities and offerings in the space.
According to Juniper, the 5 leading vendors are as follows:
1. ACI Universal Payments
First-ranked ACI Universal Payments recently acquired SpeedPay, a US
bill payments company, from Western Union, and post-integration will
augment its portfolio with financial payments direct to consumers.
New Standards, Blockchain Technologies Enabling Banks to Increase
Transparency, Transaction Speed
The research found that established banks are in turn seeking to redress
the balance through remedial measures; citing the ongoing implementation
of SWIFT gpi, a new standard for cross-border payments, as a key
Juniper also argued that in the medium term, measures such as gpi Link,
currently at the proof of concept stage, will reduce systemic
inefficiencies and improve transparency by using blockchain platforms to
initiate and complete transactions. It claimed that banks are
increasingly likely to introduce digital currencies, equivalent in value
to, and redeemable in, fiat currencies, to accelerate the processes.
Juniper Research provides research and analytical services to the global
hi-tech communications sector; providing consultancy, analyst reports
and industry commentary.