By 2020, US business to business (B2B) payments are expected to reach $23.1 trillion according to Deloitte. This is driven by cloud technology, which is accelerating the digital transformation of the payments industry, providing customers with a myriad of convenient payment methods.
This shift is occurring because consumers need instant and on-demand access to everything. As incumbent banks have inconsistently delivered in the first instance, fintech firms have entered the market with an intent to disrupt.
According to Deloitte, fintech companies now account for around 36% of personal loans originated in the US by dollar volume. Finextra spoke with Nadav Sharir, VP engineering at Behalf, about the company’s recent report ‘Cutting Edge B2B Payment Trends in 2020’ and how the cloud is driving and accelerating transformation of the payments industry.
Read more here: https://www.finextra.com/newsarticle/34779/preparing-for-2020-the-impact-of-the-cloud-on-b2b-payments