Over 66% of European SMEs Plan to Implement Real-Time Payments in 2023: Report

A new independent survey of more than 2,000 European SMEs has found:

  • 68% plan to adopt real-time payment processing in the next 12 months
  • At present, just 10% of SMEs can receive payments instantly
  • 23% say their international growth has been hindered due to delays in making or receiving payments
  • 61% say foreign exchange rates are a significant drain on resources

More than two-thirds of European small and medium enterprises (SMEs) are “planning to adopt real-time payment processing in the next 12 months,” new research from Vodeno has revealed.

The Banking-as-a-Service (BaaS) provider “commissioned an independent survey among 2,004 senior decision-makers in SMEs across the UK (504), Belgium (500), France (500) and the Netherlands (500).” The results are “presented in a new report: Crossing Borders – Understanding the SME Payments Landscape.”

The study found that 68% are “planning to adopt real-time payment processing in the next 12 months.”

At present, just 10% of SMEs said they “receive payments instantly, and only 11% within an hour.” By comparison, 35% said it “takes between two and three days for a payment to reach their account, while 25% said the process takes approximately one day.”

For almost a quarter (23%) of European SMEs, “delays in making and receiving payments has been a hindrance to their international growth.”

Vodeno’s research also “found that 61% of companies are experiencing issues with foreign exchange rates, labelling them ‘a significant drain on resources’.”

The majority (57%) of respondents said they are “planning on switching their payment provider in the coming year.” Speed and ease of payments (selected by 37% of SMEs), cost-effectiveness (35%), and security guarantees and compliance standards (29%) are “the most important factors for choosing a payment rail.”

Nikhil Sengupta, Global Sales Director of Vodeno, said:

“Speed, ease and cost of payments is of utmost importance to SMEs, and our research underlines how high costs and lengthy delays in receiving payments are seriously hindering their day-to-day operations and growth plans. Instant payment processing is now on the radar for most of Europe’s SMEs, but the question is whether they can find the right partner to deliver this, efficiently without exorbitant fees. Today, there is greater choice for SMEs where payment processing is concerned, and BaaS providers are leading the charge to give access to faster payment options that are secure and cost efficient.”

As noted in the update, Vodeno‘s mission is “to revolutionize the Financial Services Industry. Combining a modern cloud-native, API-based platform with deep banking experience, we are uniquely positioned to help regulated and non-regulated entities offer compelling and unique financial products.”

The VODENO Cloud Platform (VCP) is reportedly “one of the world’s first and most comprehensive fully cloud-based ‘Banking-as-a-service’ platforms, enabled in partnership with ECB-licensed Aion Bank, to deliver embedded financial services for banks, lenders and merchants across multiple sectors.”

Vodeno offers the ability “to meet the demands of regulation while enabling innovation at speed.”

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