The B2B Faster Payments service is a new way for businesses to send and receive money. It’s faster than traditional methods like wire transfers, and it’s more secure. The service is available 24/7, so you can send and receive money anytime, anywhere. And there are no hidden fees – you only pay the standard transaction fee. With B2B Faster Payments, you can get your payment to your supplier in minutes, not days. So if you need to pay for an urgently needed shipment of goods, you can do it quickly and easily. And because the service is available 24/7, you can always be sure that your payment will reach your supplier on time.
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Data for today’s episode is provided by Mercator Advisory Group’s report – Business-to-Business Faster Payments: Market Review and Forecast 2018–2023
B2B Faster Payments Platform Updates: Part 1, SDA & Debit Push
- Same-Day ACH processed over 177 million transactions totalling over $160 billion in value in 2018
- On a percentage basis, that’s an increase of 137% in transaction number and 83% in dollar value 2017 v. 2018
- In March 2020, the per-transaction limit for Same Day ACH will be raised from $25K to $100K
- In March 2021, Same Day ACH will open a new processing window which will help west coast banks
- Mastercard Send and Visa Direct are excelling in P2P and disbursement payments
- Visa Direct now accounts for over 3% of total debit transactions, totaling $43 billion
- Visa Direct had over 341 million transactions in 2018
About this report
The pace has increased in the march toward ubiquity. Financial institutions of all sizes should be actively delivering or planning to incorporate one or more of the existing B2B faster payments solutions for clients as business interest rises.
