A new study from Juniper Research predicts a 40 per cent growth in the value of B2B payments by 2028, rising from $89 trillion in 2024 to $124 trillion within in four years.

This growth is attributed to the adoption of digital payments in developing markets. Instant payments are expected to revolutionise B2B payments by enabling cheaper and more secure cross-border trade. By 2028, instant payments are projected to reach 42% of all cross-border payments, at $16 trillion; up from just 17% in 2024, at $5 trillion.

"The key advantage of the messaging language used in ISO 20022 is that messages are easier for machines to read. This makes it simpler to develop AI-based solutions around these payments; driving innovation," says Michael Greenwood, the report's author.

The adoption of ISO 20022, a universal standard for instant payments’ financial messaging, is anticipated to drive third-party providers to build additional value-added services that create efficiencies for businesses. The extra remittance data that modern systems support can enable use cases such as automated accounting.

In many emerging markets, there are gaps in the access to banking for smaller businesses, restricting digital access and innovation.

Juniper says B2B payment providers are encouraged to focus on offering B2B payment capabilities via popular local digital wallets and mobile money services to better serve smaller businesses. This approach can provide improved access to low-cost digital payments, and can help B2B providers to create value-added services offering access to credit.