International firm Juniper Research said global transaction value of the B2B payments market will exceed $111trillion in 2027, from just over $88trillion this year.
A B2B payment is any payment made between businesses for goods or services, regardless of whether it is domestic or international, or by means of different payment methods.
In a study conducted by the firm predicted the growth of 26 per cent will be driven by rising prices caused by rampant inflation, as well as by strong economic growth in developing markets.
The report identified the increased automation of accounts payable and receivable as being critical to the growing efficiency of payments processing; creating a significant opportunity for B2B payment vendors.
The research predicted that, with the average business making over 1,400 domestic payments per year globally in 2027, improving efficiency in payments processes will be critical.
It found that instant payments, and the additional remittance data that the ISO 20022 standard provides, will unlock greater opportunities to seamlessly organise and reconcile payments, by enabling automated reconciliation.
Research co-author, Nick Maynard explained further: “By leveraging new technologies within the accounts payable and receivable processes, businesses can unlock significant cost savings, which is critical during a time of economic uncertainty.”