Juni amplifies cross-border B2B transactions, streamlining global commerce amidst a projected $56.1 trillion B2B payments market by 2030.
Boston Consulting Group projects that the value of cross-border payments will rise by $100 trillion between 2017 and 2027. Many organisations are attempting to speed up enterprises’ cross-border capabilities as a result. The banking platform Juni, designed for digital commerce, is the most recent to achieve this. Juni estimates that B2B payments would amount $56.1 trillion by 2030, whereas the Bank of England predicts $250 trillion for the cross-border payments market by 2027. This includes person-to-person (P2P), person-to-business, and business-to-business (B2B) payments. Juni is expanding its Send Money Product to make sure businesses can simply acquire inventory, pay contractors and vendors, and conduct international intercompany transfers.
This will allow EEA-based businesses to use their customers’ Juni USD accounts to make cross-border payments to mainland China and the US. In the second half of 2024, the functionality is supposed to be made available to UK firms. As the need for banking options for digital commerce enterprises grows, the platform for digital commerce strives to fill the need.
The CEO and co-founder of Juni, Samir El-Sabini, says, “Legacy banks often struggle to offer competitive international transfers with a smooth customer experience, and we know that’s incredibly important to our customers.” “Our new cross-border payments tool guarantees that e-commerce companies may effortlessly conduct intercompany transfers and pay suppliers and vendors. We’re doing a lot of actions to provide our clients with an alternative to traditional banks.
Establishing the framework for invoicing handling
Juni facilitates cross-border money transfers across multi-currency IBAN accounts for businesses operating internationally. They can pay in USD, GBP, EUR, NOK, and SEK, with a 0.5% FX cap on account payments.
According to Juni’s senior director of product Shelley Havemann, “We’re really excited to bring this feature to market.” “We are enhancing our banking offering by making it easier and more straightforward to make international transfers from USD to USD. In the meantime, we are also setting the groundwork for adding inventory payments to our list of services for invoice administration. We intend to incorporate extra jurisdictions in the upcoming months.
