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.

Payments Ecosystem: This year will reveal how providers must adapt to lasting pandemic-driven digitization across payments channels, ranging from in-store retail to B2B ecommerce.

OnboardConnect uses Equifax data and tech expertise to help organizations onboard new businesses for B2B transactions.

Digitization is disrupting the B2B payments space, the largest addressable payments market. As the industry evolves, there will be a substantial opportunity for payment providers to meet changing preferences and capture market share.

Blockchain is attracting enormous interest on the back of surging cryptocurrency valuations and increasingly high-profile payment integrations. But as a real payment currency, blockchain-based cryptocurrency still must overcome many hurdles before it can truly disrupt the space.

The pandemic accelerated payments industry digitization across the entire landscape, as merchants turned to ecommerce to keep doors open, consumers eschewed cash in favor of electronic and contactless payments, and payments technology providers rapidly developed and launched new solutions to keep up.