Pureplay digital operators to process USD 14 trillion in B2B payments by 2023

New data from Juniper Research suggests that B2B transactions processed by pureplay digital operators are likely to reach USD 14 trillion by 2023, up from USD 6.7 trillion in 2018. This expectation results from banks’ purchase departments struggling to quantify returns on investments from the implementation of digital technologies that would replace or augment existing mechanisms. As a result, they rely heavily on manual processes and traditional suppliers. This has allowed new entrants (e.g. Modulr and Soldo) to gain a foothold in the space, taking advantage of their lack of legacy systems and the use of updated and real-time payment technology that integrates with companies’ accounting software.