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B2B Payments Market: Piggybacking on the Globalization of Commerce

Have you used a postcard recently to communicate with your relatives? Probably not. However, similar archaic practices are still being used in B2B cross-border payments businesses. A recent survey by the Association for Financial Professionals revealed that over half of all B2B payments (51%) are still made through paper checks. Conventionally, B2B payments technologies have been moving at a snail’s pace, and conventional systems are riddled with inefficiencies and high costs.

Moreover, the complexities increase exponentially if cross-border payments are considered. Consider this: The global cross-border payment volume reached $127 trillion, according to the McKinsey 2018 Global Payments report. It is noteworthy that the global cross-border transactions are concentrated in B2B payments segment that ...

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