A new report from Aite Group, LLC provides an overview of the global wholesale (B2B) payments market.
The report addresses the broad reach of payments-related activity, as well as the varied approaches of the vendor community to fulfill payments markets’ requirements. It also sizes the industry, forecasts future revenues, and documents current important competitive and market trends.
The global wholesale payments market is evolving rapidly and undergoing tremendous growth. Aite Group estimates that total industry revenues will grow from $18 billion in 2008 to $25 billion in 2012 – a 6.79% compound annual growth rate.
Meanwhile, there are economic and regulatory drivers leading the market toward payments convergence, while demanding increased support for related functions, including foreign exchange, trade finance, and electronic invoice presentment and payment. As a result, technology vendors are under pressure to close gaps in their service and product sets.
“The most successful vendors in this market will be those whose solutions are flexible, configurable, and easily integrated with other external systems. They will act as building blocks with standard connections, allowing disparate offerings to connect to each other and creating the ability to add more blocks at any time in order to meet the needs of the client,” says Nancy Atkinson, senior analyst with Aite Group and author of this report.