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Financial services

World payments report 2022

Winning with SMBs: Optimizing technology and data to drive deep engagement

Traditional banks and payment service providers are struggling to provide innovative solutions to small and medium businesses (SMBs) ─ a segment worth nearly USD850 billion worldwide. As a result, nearly 90% of SMBs say they are reconsidering their relationships with their incumbent providers, leaving open space for FinTechs and others to gain competitive advantage.

  • Bank and payments service providers must realign priorities to meet changing SMB market dynamics to build increased relevance and growth.
  • These players must assemble a composable payments platform powered by harmonized data to enhance SMB customer journeys and boost engagement.
  • Firms must also explore opportunities to augment existing payments capabilities via DLT and other solutions.

Key highlights

Highlight 1

An increasingly mature digital payments infrastructure has fueled non-cash transaction growth

COVID-19 encouraged customers and businesses to incorporate digital technology into their everyday lives and increased the adoption of non-cash payment methods. The volume of instant payments and e-money transactions in total non-cash transactions is forecasted to increase from 17% in 2021 to 28% in 2026.

SMBs’ expectations of their banks and other payment service providers are rising

The negative impact of the pandemic on small and medium businesses (SMBs) has been aggravated by global inflationary pressure and ongoing geopolitical tensions. SMBs want payment systems that are convenient, cost-effective, and digital; they are also seeking products and services that can be more highly customized to their specific requirements.

Payments services provider executives admit that SMBs face unresolved process and technology issues

61% of SMBs have a relationship with two to five traditional banks, and nearly a quarter said they worked with six to 10 service providers; unfavorable financial product terms compel SMBs to maintain multiple banking relationships. Despite numerous different affiliations, SMBs face challenges across the payment value chain.

Composable architecture enables payment firms to configure services, capabilities, and features on the go

Composability requires payment firms to select and assemble building blocks in various combinations to satisfy customer requirements. A modern, composable payments hub can be built on top of legacy systems, can leverage existing and/or newly developed in-house features, or use plug-and-play third-party services via composable architecture.

Related research and insights

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Executive Steering Committee


Bruno Mellado
Head of Payments & Collection
BNP Paribas

Milind Khatavkar
Head of Consumer Finance, Payments & Cards

Sarthak Pattanaik
CIO – Digital Assets, Treasury Services Clearance & Collateral Management
BNY Mellon


Dorothy Copeland
Global Head of Partner Ecosystem & Alliances

Nilesh Dusane
Head of Institutional Payments


Nick Kerigan
Managing Director, Head of Innovation

Catherine Gu
Head of CBDC and Protocol

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