In the fourth of five reports in our “Payments Ecosystem” collection, we look at what’s influencing growth across P2P, remittance, bill pay, payroll, and B2B transactions—and what it means for payment providers.

B2B is the largest segment of overall US payment volume, holding roughly five times that of consumer payments. It has been slower to digitize than the consumer sector, but finally passed the tipping point during the pandemic. Even now, almost a third of the market is up for grabs.

Small and medium-sized businesses will account for almost half of the $35 trillion B2B payments market this year. They have been slow to digitize, handing B2B payment providers a unique set of needs to address.

They launched BMO Bill Connect, which helps SMBs automate bill pay, digitize invoicing, and monitor cash flow.

Small and medium-sized businesses are looking to close the automation gap when it comes to accounts payable and receivable. To capture the growing market, banks and software providers must tailor solutions to current SMB needs.