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A new study from Juniper Research has found that the global spend on B2B cross-border payments will exceed $40 trillion by the end of 2024, increasing from $37 trillion in 2022. The 9 percent growth will be driven by the rising popularity of eCommerce marketplaces, where eCommerce merchants are based in international locations, selling goods internationally via locally based eCommerce services.

Cross-border transactions have typically been slow, expensive, and difficult to track, a problem that has been exacerbated by the complex accounts payable processes common with larger enterprises.

However, the rise of cross-border instant payments, where payments are transacted in 10 seconds or under, is significantly improving this difficult situation.

Currently, instant payments are restricted to certain cross-border destinations, accounting for just 8 percent of cross-border transactions.