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Join Visa & Bottomline as we host an interactive session on the key steps to success in cross-border payments.
As global business continues to expand, so too does the volume of cross-border payments. There are currently $120 trillion in global B2B payments processed annually. There is a predicted $10T opportunity* in the global high value cross-border payments space according to a survey commissioned by Visa, with almost six-in-ten respondents (59%) expecting overall revenues from cross-border payments to increase in the next five years as a result of faster payments. This is also supported by the combined research of Aite Group & McKinsey & Company which predicts that revenue for cross border based on transaction & FX fees will rise to an estimated $261B by 2025. Global businesses are still looking to their banks to fulfil their cross-border requirements. However, the main channels used to make international payment are still leveraging legacy methods that can be both ‘clunky’ and expensive. Therefore, it is of paramount importance that innovative players start exploring new strategies such as Visa B2B Connect via Bottomline APIs to improve efficiency and maximise on revenue potential.
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*Sources: McKinsey Global Payments Map and Visa analysis.
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