The value of cross-border payments is expected to increase by $100trillion between 2017 and 2027 according to Boston Consulting Group. In light of this many organisations are finding ways to help accelerate businesses’ cross-border capabilities. The latest to do so is Juni, the financial platform built for digital commerce.
While the Bank of England looks at the total value of the cross-border payments market reaching $250trillion by 2027, including person-to-person (P2P), person-to-business and business-to-business (B2B), research from FXCintelligence has found that B2B payments specifically are expected to total $56.1trillion by 2030. To ensure businesses are able to easily source inventory, pay vendors and contractors and do intercompany transfers internationally, Juni is extending its Send Money Product.
This will enable EEA-based firms to make cross-border payments to mainland China and the US, all through the customer’s Juni USD account. The aim is to make the feature available to businesses in the UK in the second half of 2024. The digital commerce platform looks to step up to the plate as the desire for banking alternatives emerges for digital commerce businesses.
“Legacy banks often struggle to offer competitive international transfers with a smooth customer experience and it’s something we know is incredibly important to our customers,” says Samir El-Sabini, CEO and co-founder of Juni. “Our new cross-border payments feature ensures e-commerce businesses can pay vendors, and suppliers and do intercompany transfers easily. This is one of many steps we’re taking to become a banking alternative for our customers.”
Laying the foundation for invoice management
Businesses working with global entities can use Juni to move money between multi-currency IBAN accounts. They can do so in USD, GBP, EUR, NOK and SEK, with account payments FX capped at 0.5 per cent.
“We’re really excited to bring this feature to market”, says Shelley Havemann, senior director of product at Juni. “By facilitating USD to USD international transfers simply and efficiently, we are strengthening our banking proposition. All the while, we are also laying the foundation for expanding our invoice management offering to include inventory payments. We will look to add additional jurisdictions in the coming months.”