Juniper forecasts pure digital companies will process $14T in B2B payments by 2023
Juniper Research has issued a new report showing that B2B transactions processed by pure-play digital operators will reach $14 trillion by the year 2023, an increase of $6.7 trillion compared with 2018 figures.
The report shows that these new entrant fintechs are providing companies the ability to process these transactions faster and at lower cost than traditional banks, and the more established banking companies are reluctant to make the investment to upgrade their legacy computer systems to handle these transactions.
The report shows that new entrant firms like Modulr or Soldo can enter this business without any legacy computer systems and provide real-time payments technology that integrates with corporate accounting software.
The report also named the top five payment processors:
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ACI Universal Payments
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FIS
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Vocalink/Mastercard
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Fiserv
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Finastra