Consumer-initiated cross-border payments are to grow nearly ***** as fast as its B2B counterpart between 2024 and 2032, although remaining small in comparison. This is according to a market model that aims to capture the full size of worldwide international payments, focusing especially on the business side of things. The B2B cross-border payments market, so the source estimates, is to increase by ** percent with B2B e-commerce being one of the main drivers within this segment. The source described consumer cross-border payments as “a significantly smaller market”, but it did predict this particular market would grow by roughly ** percent in seven years. Wholesale includes payments performed by banks, investors, and hedge funds. Banks listed several reasons on why they wanted to modernize international transactions, most notably lower costs and reaching new markets. Cross-border payments a bigger market than remittances International transactions covering B2B, B2C, and documentary trade comprised about ** percent of the total cross-border payments market in Europe, the Middle East, and Africa in 2022. This was for all three areas combined, with no separate figures being available. Remittances — the C2C segment — were worth around ** billion U.S. dollars that year for the region. Note this includes international business transactions, and does not exclusively cover C2C transactions alone. Commercial-based cross-border payments also outpaced consumer transactions in Asia-Pacific — the region with the highest value of cross-border transactions in the world. Several options to modernize international transactions A big theme for cross-border payments in 2023 is the question of how to help speed up processes and combat international payment system fragmentation. Central banks believed that CBDC held the most promise to make international payments more efficient. The potential of such digital variants of existing FX, such as the U.S. dollar or the euro, was regarded higher than other trends — such as linking real-time payment systems together, the use of stablecoins or the upcoming ISO 20022. Central banks do acknowledge potential legal issues or technical implementations. As this is still very much in testing, the uptake of CBDC worldwide was relatively low even in countries which had already launched such a virtual currency.

The Cross Border Payments Market Report is Segmented by Transaction Type (B2B, C2C, and More), Channel (Bank Transfers (SWIFT, ACH, RTP), Cards, and More), Enterprise Size (SMEs, Large Enterprises), End-User (Business Enterprises, Individuals / Consumers, Government), and Geography. The Market Forecasts are Provided in Terms of Value (USD).

B2B Payments Market size was valued at USD 23.39 Billion in 2024 and is projected to reach USD 74.07 Billion by 2032, growing at a CAGR of 15.50% during the forecast period 2026 2032.Global B2B Payments Market DriversThe B2B payments market is undergoing a significant transformation, driven by a convergence of technological advancements, evolving business needs, and a dynamic regulatory landscape. This shift is moving businesses away from slow, manual processes toward fast, secure, and highly efficient digital solutions. Understanding these key drivers is crucial for businesses aiming to remain competitive and for fintech companies developing the next generation of payment tools.Growing Digitization of Businesses: The most fundamental driver of the B2B payments market is the widespread digitalization of businesses. For decades, business-to-business transactions were bogged down by paper-based processes like manual invoicing and physical checks, which are not only slow but also error-prone and costly. The digital revolution has prompted businesses of all sizes to abandon these antiquated methods in favor of electronic payment solutions. These digital platforms automate workflows, from invoice generation and approval to payment processing and reconciliation, leading to significant gains in efficiency. By reducing the reliance on manual data entry and physical mail, businesses can accelerate their transaction cycles, lower operational costs, and free up finance teams to focus on more strategic tasks.Rising Cross-Border Trade: As global supply chains and international trade continue to expand, so does the demand for seamless cross-border B2B payments. Traditional international payment methods, such as wire transfers, are often slow, expensive, and lack transparency, plagued by hidden fees and fluctuating exchange rates. The complexities of different currencies, regulatory requirements, and banking systems across countries create significant friction. This has fueled the adoption of innovative payment solutions that offer faster, more secure, and cost-effective ways to transact globally. Platforms leveraging technologies like blockchain or specialized fintech services are emerging as viable alternatives, simplifying the process and enabling businesses to operate on a global scale with greater ease and confidence.

B2B Payments Market Outlook

According to our latest research, the global B2B payments market size in 2024 is valued at approximately USD 1.53 trillion. The market is exhibiting robust momentum, driven by the accelerating digital transformation across business ecosystems. With a compound annual growth rate (CAGR) of 10.2% from 2025 to 2033, the B2B payments sector is forecasted to reach a significant USD 3.65 trillion by 2033. The growth of this market is primarily fueled by the increasing adoption of digital payment solutions, the expansion of cross-border trade, and the growing demand for real-time transaction processing.

One of the most prominent growth factors in the B2B payments market is the rapid digitization of financial processes among enterprises. Companies are increasingly moving away from traditional, paper-based payment methods in favor of digital alternatives that offer greater efficiency, security, and transparency. The proliferation of advanced payment technologies, such as blockchain, artificial intelligence, and real-time payment systems, has enabled businesses to streamline their accounts payable and receivable processes. This transition not only reduces transaction times and operational costs but also enhances cash flow management, which is critical for maintaining a competitive edge in todayÂ’s fast-paced business environment. The integration of payment automation tools and platforms further accelerates the shift toward digital B2B payments, making it easier for organizations to manage high transaction volumes and complex workflows efficiently.

Another key driver propelling the B2B payments market is the globalization of supply chains and the surge in cross-border business activities. As companies expand their operations internationally, the need for seamless, secure, and cost-effective payment solutions becomes paramount. Cross-border payments are inherently more complex due to currency conversions, regulatory compliance, and varying banking infrastructures across regions. To address these challenges, fintech innovators and incumbent financial institutions are collaborating to develop interoperable solutions that facilitate faster and more transparent cross-border transactions. The emergence of digital wallets, multi-currency payment gateways, and blockchain-based remittance services has significantly reduced the friction associated with international B2B payments, enabling businesses to engage in global trade with greater confidence and efficiency.

The evolving regulatory landscape and heightened focus on security and compliance are also shaping the growth trajectory of the B2B payments market. Regulatory bodies worldwide are introducing new standards and frameworks to enhance transparency, reduce fraud, and protect sensitive financial data. Compliance with regulations such as PSD2 in Europe and similar directives in other regions has compelled businesses to adopt more secure payment infrastructures. This has led to increased investments in advanced security technologies, including tokenization, end-to-end encryption, and biometric authentication. As data breaches and cyber threats continue to rise, businesses are prioritizing the adoption of secure payment solutions to safeguard their transactions and maintain trust with trading partners. The convergence of regulatory compliance and technological innovation is thus a crucial factor driving the sustained growth of the B2B payments market.

In the realm of B2B Travel Payments, companies are increasingly seeking solutions that cater to the unique demands of the travel industry. This sector requires payment systems that can handle high transaction volumes, multiple currencies, and complex itineraries with ease. The integration of digital payment platforms and real-time processing capabilities is transforming how travel businesses manage their financial transactions. By adopting advanced B2B Travel Payments solutions, companies can streamline their operations, reduce costs, and enhance customer satisfaction. As travel businesses continue to expand globally, the need for efficient and secure payment systems becomes even more critical, driving innovation and growth in this niche market.

From a regional perspective, North America remains the dominant market for B2B payments, owing to its mature financ

The B2B Payments Market Report is Segmented by Payment Type (Domestic Payments, Cross-Border Payments), Payment Mode (Traditional, Digital), Enterprise Size (Small and Medium Enterprises (SMEs), Large Enterprises), End-User Vertical (Banking, Financial Services and Insurance (BFSI), Information Technology and Telecom, and More), and Geography. The Market Forecasts are Provided in Terms of Value (USD).

U.S. B2B Payments Market is expected to reach USD 1191 Billion by 2035, is projected to grow at a CAGR 4.6% During the forecast period

When paying for products or services provided by foreign companies, over ** of U.S. enterprises use electronic checks and bank transfers. According to a survey from 2023, ** percent of B2B companies based in the United States used eChecks for cross-border transactions. About the same percentage opted for bank transfers. However, the preference rate for eChecks was extremely low, at * percent. The gap suggests that digital payment providers could expand their customer base, which appears interested in digital solutions. Over ** percent of surveyed B2B professionals considered digitization for cross-border transactions a key priority. The most wanted payment condition With the B2B payment market size surpassing *** billion U.S. dollars by 2030, payment providers must focus on the B2B purchase experience, tailoring it to companies’ needs. A bit like consumers are lured by buy-now-pay-later options, enterprises look for convenient trade credit options allowing them to postpone the payment. In a worldwide survey, ** percent of B2B buyers stated they wanted to purchase goods and services with trade credit. Personalization matters Of all the ways B2B platforms can personalize the purchase experience, payment methods were the second most appreciated by companies worldwide, preceding product recommendations and other marketing actions. To ** percent of the surveyed professionals, personalized payment services were as important as shipping options.

B2B Cross-Border Payments Market Outlook

According to our latest research, the global B2B Cross-Border Payments market size reached USD 43.2 billion in 2024, reflecting the robust expansion of international business transactions and digital transformation across key industries. The market is projected to grow at a CAGR of 10.8% during the forecast period, reaching an estimated USD 107.6 billion by 2033. This sustained growth is driven by the increasing globalization of supply chains, the rapid adoption of digital payment solutions, and the need for faster, more transparent, and cost-effective cross-border payment processes.

The growth of the B2B Cross-Border Payments market is underpinned by several critical factors. One of the most significant drivers is the ongoing globalization of trade, which compels businesses to engage in transactions with partners, suppliers, and customers across different countries. This has created a pressing demand for efficient cross-border payment solutions that can handle multiple currencies, comply with varying regulatory requirements, and offer real-time settlement capabilities. The proliferation of e-commerce platforms and the digitalization of procurement processes have further accelerated the need for streamlined payment mechanisms, reducing friction in international transactions and enabling businesses to expand their global reach seamlessly.

Another key growth factor is the rapid advancement in financial technology, which is transforming the traditional landscape of cross-border payments. Fintech companies and established financial institutions are leveraging blockchain technology, artificial intelligence, and advanced analytics to offer innovative solutions that enhance transparency, reduce transaction costs, and mitigate risks associated with currency fluctuations and fraud. The integration of APIs and open banking frameworks is enabling seamless connectivity between banks, payment service providers, and corporate clients, facilitating faster and more secure cross-border payments. These technological advancements are not only improving operational efficiency but also providing valuable data insights that help businesses optimize their payment strategies and cash flow management.

Regulatory developments and the harmonization of international payment standards are also playing a pivotal role in shaping the market. Initiatives such as SWIFT gpi, ISO 20022 adoption, and the implementation of anti-money laundering (AML) and know-your-customer (KYC) regulations are enhancing the security, traceability, and interoperability of cross-border transactions. These measures are building trust among businesses and financial institutions, encouraging greater participation in global trade. Furthermore, the rise of emerging markets as key players in the global economy is driving demand for localized payment solutions that cater to the unique requirements of different regions, further fueling market growth.

Regionally, Asia Pacific continues to dominate the B2B Cross-Border Payments market due to its large manufacturing base, dynamic e-commerce sector, and increasing adoption of digital financial services. North America and Europe also hold significant market shares, driven by the presence of multinational corporations and advanced banking infrastructure. Meanwhile, Latin America and the Middle East & Africa are witnessing steady growth, supported by the expansion of trade corridors and investments in digital payment ecosystems. Each region presents distinct opportunities and challenges, shaped by local regulatory environments, technological maturity, and the evolving needs of businesses operating in cross-border contexts.

Payment Type Analysis

The Payment Type segment in the B2B Cross-Border Payments market is characterized by a diverse array of transaction methods, including bank transfers, cards, digital wallets, and other emerging solutions. Bank transfers have traditionally dominated the market, accounting for a substantial share of cross-border B2B payments due to their perceived security, established infrastructure, and widespread acceptance among large enterprises and financial institutions. These transfers are particularly favored for high-value transactions and complex trade settlements, where compliance with regulatory requirements and documentation is critical. However, the reliance on legacy systems often results in slower processing times and higher transaction fees,

The global B2B payments market size surpassed USD 1.63 trillion in 2025 and is projected to witness a CAGR of around 10.5%, crossing USD 4.42 trillion revenue by 2035, driven by increasing digitization in developing economies.

B2B Payments Platform Market Outlook

The global B2B payments platform market size was estimated at USD 1.3 trillion in 2023 and is projected to reach approximately USD 3.5 trillion by 2032, growing at a CAGR of 11.5% during the forecast period. The growth of this market is primarily driven by the increasing digitization of payment processes, the rising demand for transparency, and advancements in payment technologies.

One of the major growth factors for the B2B payments platform market is the increasing adoption of digital payment solutions by businesses worldwide. Companies are increasingly shifting from traditional paper-based payments to digital methods to improve efficiency, reduce costs, and enhance security. The integration of advanced technologies like blockchain, artificial intelligence, and machine learning into payment platforms has further streamlined transactions, reducing the chances of fraud and errors.

Another significant factor contributing to the market's growth is the rising globalization of businesses. As companies expand their operations across borders, the need for efficient and secure cross-border payment solutions has become crucial. B2B payment platforms that support multiple currencies and comply with international regulations are in high demand. This has led to the development of platforms that offer real-time foreign exchange (FX) services and automated compliance checks, thus simplifying the complexities of international transactions.

Additionally, the COVID-19 pandemic has accelerated the digital transformation of businesses, including their payment processes. The lockdowns and social distancing norms have forced companies to adopt digital payment methods to continue their operations smoothly. This shift has provided a significant boost to the B2B payments platform market. Moreover, the increasing focus on improving cash flow management and working capital efficiency is driving the adoption of advanced payment solutions that offer real-time tracking and reporting features.

From a regional perspective, North America dominates the B2B payments platform market, accounting for the largest market share. The presence of major market players, advanced technological infrastructure, and high adoption rate of digital payment solutions contribute to this dominance. However, the Asia Pacific region is expected to witness the highest growth rate during the forecast period, driven by the rapid economic development, increasing internet penetration, and growing adoption of digital technologies by businesses in countries like China, India, and Japan.

Payment Type Analysis

The B2B payments platform market can be segmented by payment type into domestic payments and cross-border payments. Domestic payments currently hold a larger share in the market due to the higher volume of transactions taking place within national borders. Businesses prefer domestic payment platforms for their reliability, lower costs, and faster processing times. The well-established banking infrastructure and regulatory frameworks in numerous countries further support the efficiency of domestic payments.

Cross-border payments, although representing a smaller market share, are poised for significant growth. The expansion of global trade and the rise of multinational companies have underscored the importance of efficient cross-border payment solutions. Traditional cross-border transactions are often plagued by high fees, delays, and complex regulatory requirements. Modern B2B payment platforms address these challenges by offering cost-effective, fast, and compliant solutions that facilitate seamless international transactions.

Innovations such as real-time payments, blockchain technology, and AI-driven risk management are transforming cross-border payments. Real-time payments enable instant fund transfers, which are essential for businesses needing quick access to capital. Blockchain technology enhances transparency and security, reducing the risk of fraud and errors. AI-driven risk management tools help businesses navigate the complex regulatory landscape of cross-border transactions, ensuring compliance and reducing the chances of legal issues.

Another key trend in cross-border payments is the rise of multi-currency payment platforms. These platforms allow businesses to hold and transfer funds in multiple currencies, reducing the need for frequent currency conversions and associated fees. This feature is particularly beneficial for companies operating in multiple countries, as it simplifies fina

Cross-Border Payment Service Market Outlook

The global Cross-Border Payment Service market size was valued at approximately USD 25 billion in 2023 and is projected to reach around USD 60 billion by 2032, growing at a CAGR of 10.5% during the forecast period. This growth is propelled by increasing globalization, advancements in financial technology, and a growing demand for seamless international transactions. The surge in international trade, coupled with the rise of e-commerce, has necessitated the efficient handling of cross-border payments, thereby driving the market forward.

One of the primary growth factors for the cross-border payment service market is the increasing globalization of businesses. As companies expand their operations beyond their domestic markets, there is a burgeoning need for efficient and reliable cross-border payment solutions. These services enable businesses to manage their international transactions smoothly, ensuring that they can operate seamlessly on a global scale. Furthermore, the rise of multinational corporations and the growing trend of outsourcing have also contributed significantly to the expansion of this market.

Advancements in financial technology (FinTech) are also playing a crucial role in driving the growth of the cross-border payment service market. Innovations in blockchain technology, artificial intelligence, and machine learning are revolutionizing the way cross-border payments are processed. These technologies are not only enhancing the speed and efficiency of transactions but are also improving security and reducing the costs associated with international payments. This technological evolution is making cross-border payments more accessible and convenient for businesses and consumers alike.

The increasing popularity of e-commerce is another significant factor contributing to the growth of the cross-border payment service market. As more consumers shop online from international retailers, the demand for efficient and cost-effective cross-border payment solutions is on the rise. E-commerce platforms are partnering with payment service providers to offer seamless international payment options, thereby enhancing the overall customer experience. The convenience and accessibility of online shopping are driving the need for robust cross-border payment systems.

From a regional perspective, the growth of the cross-border payment service market is being driven by the Asia Pacific region, which is emerging as a key player in the global market. The rapid economic growth in countries like China and India, coupled with the increasing adoption of digital payment solutions, is propelling the market forward. Additionally, the presence of a large number of small and medium-sized enterprises (SMEs) in the region is contributing to the rising demand for cross-border payment services. North America and Europe are also significant markets, driven by the high volume of international trade and strong technological infrastructure.

Digital Money Transfer and Remittances are increasingly becoming integral components of the cross-border payment landscape. With the rise of global migration and the need for individuals to send money back to their home countries, digital platforms are offering more efficient and cost-effective solutions. These platforms leverage advanced technologies to provide faster transaction times and lower fees compared to traditional methods. As a result, digital remittance services are gaining popularity among users who prioritize convenience and affordability. This trend is particularly evident in regions with high migrant populations, where the demand for reliable and secure money transfer services is on the rise. The integration of digital solutions in remittances is not only enhancing user experience but also contributing to financial inclusion by providing access to financial services for underserved communities.

Transaction Type Analysis

The cross-border payment service market is segmented by transaction type into Business to Business (B2B), Business to Consumer (B2C), Consumer to Business (C2B), and Consumer to Consumer (C2C). Each of these segments plays a vital role in the overall market dynamics, catering to different needs and preferences of end-users.

The B2B segment is a major contributor to the cross-border payment service market. Businesses engaging in international trade rely heavily on efficient and secure payment soluti

Find detailed analysis in Market Research Intellect's B2B Cross-Border Payment Platform Market Report, estimated at USD 8.5 billion in 2024 and forecasted to climb to USD 20 billion by 2033, reflecting a CAGR of 10.5%.Stay informed about adoption trends, evolving technologies, and key market participants.

North America B2B Payments Market compound annual growth rate CAGR of 8.6%, has been estimated to make approximately USD 1298 Billion till 2035

B2B Payments Market Outlook

The global B2B payments market size was valued at $1.2 trillion in 2023 and is projected to reach $2.5 trillion by 2032, growing at a compound annual growth rate (CAGR) of 8.5% during the forecast period. The market is experiencing significant growth driven by the increasing adoption of digital payment solutions, the expansion of global trade, and the necessity for efficient and secure transaction methods in the business ecosystem. This growth is further bolstered by technological advancements in payment processing and the increasing focus on reducing transaction times and associated costs.

A critical growth factor for the B2B payments market is the rapid digital transformation across various industries. Businesses are increasingly opting for digital payment solutions to streamline their financial operations, reduce fraud, and enhance transaction transparency. The proliferation of electronic invoicing and advanced analytics tools has allowed firms to manage their cash flows more effectively and make real-time financial decisions, thus fueling the adoption of B2B payment solutions.

Another significant factor contributing to the market's expansion is the globalization of trade. As companies increasingly engage in international trade, there is a growing need for efficient cross-border payment solutions that facilitate seamless transactions and currency exchanges. The rise of e-commerce and online marketplaces has also played a vital role in driving demand for advanced B2B payment platforms, as businesses require robust and secure payment methods to handle high transaction volumes and varied payment preferences of international buyers and suppliers.

The regulatory landscape is also influencing the growth trajectory of the B2B payments market. Governments and regulatory bodies worldwide are implementing stringent policies to ensure secure and transparent financial transactions. Compliance with these regulations necessitates the adoption of advanced payment systems that can provide real-time tracking, reporting, and fraud detection features. This regulatory push is prompting businesses to upgrade their payment infrastructure, thereby contributing to market growth.

The emergence of a Cross-Border Payment Platform is revolutionizing the way businesses handle international transactions. These platforms are designed to simplify the complexities associated with cross-border payments by offering seamless currency conversion and compliance with diverse regulatory standards. By leveraging advanced technologies such as blockchain and artificial intelligence, these platforms enhance transaction security and reduce processing times, making them an attractive option for businesses engaged in global trade. The integration of these platforms with existing financial systems allows for real-time tracking and reporting, providing businesses with greater transparency and control over their international financial operations. As global trade continues to expand, the demand for efficient cross-border payment solutions is expected to rise, further driving the growth of the B2B payments market.

Regionally, North America holds a significant share in the B2B payments market, attributed to the presence of major market players and the early adoption of innovative payment technologies. The Asia Pacific region is anticipated to witness the highest growth rate during the forecast period, driven by the rapid digitalization of economies, the expansion of SMEs, and government initiatives promoting cashless transactions. Europe and Latin America are also expected to exhibit substantial growth, supported by the increasing focus on enhancing payment infrastructure and the rise of fintech innovations.

Payment Type Analysis

The B2B payments market is segmented based on payment types into domestic payments and cross-border payments. Domestic payments, which involve transactions within a single country, are prevalent due to their lower complexity and reduced regulatory requirements. These payments are often preferred by small and medium enterprises (SMEs) that primarily operate within local markets. The convenience and lower transaction costs associated with domestic payments are key drivers behind their extensive adoption across various industry verticals.

Cross-border payments, on the other hand, are growing in prominence as businesses increasingly engage in international trade. These payments invol

B2B Payments Market Share size and share are expected to exceed USD 4269 Billion by 2035, with a CAGR of 9.7% during the forecast period.

Asia Pacific B2B Payments Market size and share is Predicated to be USD 750 Billion in 2035, is expected to expand at a compound annual growth rate 6.2% during the forecast period.

Global B2B payments platform market worth at $4.81 Billion in 2024, is expected to surpass $18.43 Billion by 2034, a CAGR of 14.38% from 2025 to 2034.

Cross Border Payments Market size was valued at USD 30 Billion in 2024 and is projected to reach USD 80 Billion by 2032, growing at a CAGR of 15.5% during the forecasted period 2026 to 2032.Globalization of Trade and CommerceThe ever-increasing interconnectedness of the global economy is perhaps the most significant driver of the cross-border payments market. With the rise of international e-commerce, businesses of all sizes are now able to sell their products and services to customers worldwide. This surge in cross-border trade, coupled with the complexity of global supply chains, creates a constant and growing demand for efficient and reliable payment solutions. From B2B payments for raw materials to B2C payments for consumer goods, the sheer volume of these transactions necessitates a seamless and scalable payment infrastructure.Rising Remittance FlowsRemittances, the money sent by migrant workers and expatriates to their home countries, represent a massive and consistent flow of cross-border payments. The global migrant population is continually growing, and with it, the need for fast, affordable, and secure ways to send money home. Traditional methods, often slow and expensive, are being replaced by digital alternatives that offer better exchange rates and lower fees. This demand for more efficient remittance channels is a powerful force driving innovation, particularly in mobile-first solutions tailored to the needs of the unbanked and underbanked populations.

The B2B cross-border payment platform market is experiencing robust growth, driven by the increasing globalization of businesses and the need for efficient, secure, and cost-effective international transactions. The market size in 2025 is estimated at $150 billion, exhibiting a Compound Annual Growth Rate (CAGR) of 15% from 2025 to 2033. This significant expansion is fueled by several key factors. The rising adoption of e-commerce and digital payment solutions across borders is a primary driver. Businesses are increasingly seeking streamlined payment processes to manage international transactions efficiently, reducing processing times and costs. Technological advancements, such as the development of innovative payment platforms leveraging AI and blockchain technology, are further accelerating market growth. Furthermore, the expanding network of global partnerships and collaborations between fintech companies and traditional financial institutions is facilitating wider market penetration and enhanced service offerings. While regulatory complexities and security concerns remain potential restraints, the overall market outlook remains positive, projecting substantial growth throughout the forecast period. The competitive landscape is characterized by a mix of established players and emerging fintech companies. Major players like PayPal, Google Checkout, Worldpay, and others are leveraging their existing infrastructure and brand recognition to capture market share. However, agile fintech startups are rapidly innovating, offering specialized solutions and disrupting traditional payment methods. This competitive dynamic fosters innovation and drives down costs, ultimately benefiting businesses engaged in international trade. Geographical expansion into emerging markets with high growth potential also plays a crucial role in shaping the market dynamics. The continuous development of new solutions catering to specific industry needs, such as those supporting cross-border B2B e-commerce transactions within specific sectors, will likely further fragment the market and create new opportunities for specialized players. The next decade will witness a significant transformation of how businesses handle cross-border payments, with seamless integration of technology and a focus on improving security and transparency as key trends.

The number of digital B2B payments in Latin America is forecast to increase by nearly ** billion after 2023, as businesses move away from cash. This is according to research from Capgemini Research Institute for Financial Services Analysis. In 2023 - the most recent year estimated by the source - **** billion cashless transactions were carried out in the Latin America region, including Mexico. The source does not clearly state clear whether this includes both domestic and cross-border payments. It does point towards the importance of Swift and ISO 20022, as these initiatives hope to improve B2B cross-border payments in regions such as Latin America.