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However, cross-border commerce still represents a major growth opportunity for struggling businesses. The value of the global cross-borderpayments market is expected to grow from $27 trillion in 2020 to $35 trillion by 2022. .
Does it do so by old-school wiretransfer? Matching the payment mechanism to the project has been a thorn in the side of global procurement since the days of the spice trade. But let’s say new efficiencies allow the supplier to be onboarded reasonably quickly. Relatively new procurement cards? Maybe ACH ? Or maybe even fast ACH?
Further, the report noted, just because businesses appear to be shifting away from paper checks doesn’t mean they’re fully embracing automated, digital payment tools.
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