A study from Juniper Research, the researchers focused on payments markets, has found that savings from the adoption of payment automation systems will “allow reinvestment in revenue-generating activities; driving an 18% growth in UK B2B payments by 2028, from 8.7 billion in 2024.”
Automation of payment processes reduces “the time spent by employees on transactions; saving money and generating extra revenue and efficiency at a key time of financial pressure within the UK economy.”
AI to Dominate in Automation
The report from Juniper Research urges vendors to prioritize “making AI automation in payment processes a standard part of their B2B payment solutions.”
An example is AP (Account Payable) automation, which can “detect and correct invoice errors; speeding up payment approvals.”
This saves businesses money by “reducing late fees; gaining early-payment discounts, and freeing up employees’ time for more productive work.”
Report author Michael Greenwood added:
“Additional services, such as accounting automation, are key to differentiating solutions, given the limited variation in payment channels used. By adopting these solutions based on AI, vendors can stand out in a crowded UK market.”
Differing Messaging Standards Necessitate AI Use
The report highlighted the challenges faced “within the UK market, due to the differing messaging standards. While SEPA (Single Euro Payment Area) operates on ISO20022, the two primary domestic channels, Faster Payments and Bacs, do not.”
This means an automation solution will “have to be compatible with multiple standards; increasing development time and costs. Machine learning will be vital to understanding the differences in messaging formats; allowing systems to automatically identify the standard being used and streamline this process.”
About the Research Suite
The new market research suite “offers the most comprehensive assessment of the UK B2B payments market to date; providing analysis and forecasts of over 700 datapoints across a five‑year period. It includes a ‘Competitor Leaderboard’ and examination of current and future market opportunities.”
Juniper Research has, for two decades, “provided market intelligence and advisory services to the global financial sector, retained by many of the world’s leading banks, intermediaries and providers.”