Future Leaders 100: Fintech 2025

BXB (Business-to-Business) payments can broadly be viewed as payment transactions ensuring the exchange of goods and services supplied between businesses. Business buyers and sellers are differentiated from BXC (Business-to-Consumer) transactions, since their payments are typically of higher value and are much more complex in terms of involvement of multiple stakeholders, more complicated approvals, and settlement processes. The evolution of these payments has lagged considerably compared to the pace of new adoption methods in other payment segments, marked by a gradual transformation from cash to paper cheques to electronic payments such as bank transfers and ACH (Automated Clearing House) and EFT (Electronic Funds Transfer) payments. Advances in globalisation and eCommerce, accompanied by the relevant legislation to regulate transactions and protect transacting parties, and the improvement of domestic and cross-border payment rails, have contributed to the uptake of new digitised methods.