Businesses Expect Faster Cross-Border Payments but Face Delays According to Nium and Celent Research
New research by Nium, in collaboration with Celent, reveals a growing disparity between business expectations for cross-border payments and the performance of traditional banks. While 65% of businesses want international transactions completed within minutes or instantly, only 18% report receiving such speed from their banking partners. This gap highlights increasing competition as nearly two-thirds (64%) now use non-bank methods to send money abroad. Despite this shift toward alternative providers, banks remain central in the cross-border payment ecosystem. However, businesses are calling for improvements—particularly around cut-off times and cost transparency—and 49% expect their reliance on traditional banking partners will decrease over time. Failed payments also pose significant risks: corporate respondents reported an average annual loss of $108,823 due to delayed or failed transactions. The study surveyed 210 businesses and banks across 17 markets globally. It found that while speed is a key concern for corporates (ranked higher than cost), ease of payment was the top consideration when choosing how to make international transfers.
