SMEs Have Planned Payment Provider Switches
International businesses are prioritizing speed and reliability as they prepare to swap cross-border payment providers.
Updated on Sept. 23, 2026 in Financial Services
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Approximately 91% of internationally trading SMEs intend to switch their cross-border payment providers within the next two years. This shift comes as businesses prioritize transaction speed and reliable settlement in a B2B market that totaled $31.7 trillion in 2024.
Why it matters
SMEs are seeking to optimize international money movement to support global expansion, with 67% of those who recently switched providers citing faster transactions as the primary driver. As the market grows toward a projected $47.8 trillion by 2032, businesses are increasingly moving away from traditional banking models toward fintech solutions.
The B2B cross-border payment market reached $31.7 trillion in 2024, with expectations to hit $47.8 trillion by 2032. While 42% of SMEs used a bank as their primary provider in 2025, that figure is projected to decline as 48% of SMEs are expected to shift to fintechs by 2032.
The players
Mastercard
A global payments technology company that operates a network facilitating international money movement.
Airwallex
A fintech platform providing cross-border payment and financial infrastructure services for businesses.
McLaren
A high-performance automotive and motor racing company known for operational precision in Formula 1.
The details
To meet demands for faster processing, companies like Airwallex are integrating with networks such as Mastercard Move. These technologies enable near-instantaneous transfers, evidenced by a US-to-Philippines payment completed in under one second in March 2026. Businesses currently utilize an average of multiple payment providers to address needs like fraud detection and payment tracking.
Timeline
2023: The McLaren Formula 1 team set a pit stop record of 1.8 seconds.
2024: The total B2B cross-border payments market was valued at $31.7 trillion.
2025: 30% of SMEs used a fintech provider, while 42% used a bank.
March 2026: A test payment from the US to the Philippines completed in under one second.
2032: The B2B cross-border payments market is projected to reach $47.8 trillion.
Market Landscape
This development follows the documented trend of SMEs migrating toward specialized fintech platforms to achieve higher transaction speeds than those historically offered by traditional banks. It reflects a wider industry shift where speed and reliability are replacing traditional banking relationships as the primary drivers of cross-border financial decisions.
Operators should review their current payment provider's settlement times and fee structures against current market benchmarks. If your firm maintains multiple vendor relationships, evaluate whether the cost of redundancy outweighs the benefits of faster, tech-enabled transaction speeds.
The takeaway
Reliability and speed are the top selection criteria for 69% of SMEs choosing a cross-border payment partner. Consider conducting an internal audit of your payment settlement speeds to determine if your current infrastructure meets the efficiency gains increasingly expected by global suppliers.
Further reading
For more on evolving payment technologies, see the Financial Services section.
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