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Research commissioned by Nium and conducted by Celent reports that 65% of surveyed businesses want cross-border payments completed within minutes or instantly, while 18% say they receive that speed from their banks. The findings frame a service gap for banks as businesses adopt non-bank payment methods, while also pointing to added bank services as a possible way to strengthen loyalty.
Businesses want faster cross-border payments than many say their banks provide, according to research commissioned by Nium and conducted by Celent, cited in a Finextra webinar announcement. The findings highlight a service challenge for banks as corporate customers gain more ways to send money internationally and increasingly expect predictable delivery, payment visibility and clear costs.
The research reports that 65% of businesses surveyed want international payments completed within minutes or instantly, but just 18% say they receive that speed from their banking partners. Banks may not fully recognise the demand: 29% believe their business clients expect payments at that pace, according to the same research.
Speed is only one part of the service gap described in the report. Businesses also want to know when a payment will arrive, what it will cost and whether it will succeed. Ease of payment ranked as the leading consideration for 32% of respondents when choosing a cross-border payment method, compared with 19% who prioritised total cost.
Celent estimates that failed payments cost the surveyed businesses an average of $108,823 a year. The source says such failures and delays can affect supplier relationships, orders and supply chains. It does not provide further detail on how the cost estimate was calculated or which types of businesses it covers.
Banks Face New Payment Competition
The results suggest banks face a relationship risk as corporate customers find alternatives for international transfers. Nearly two-thirds of businesses surveyed use at least one non-bank method for outgoing cross-border payments, and 49% expect to rely less on banks in the years ahead, according to the research.
The findings also point to an opportunity rather than a simple loss of business. Fifty-eight percent of respondents said additional or related services from their bank would make them more loyal. That response indicates potential interest in a broader bank offering, though the source does not specify which services respondents want or whether they would change their payment behavior if those services were offered.
For businesses, dependable payment timing and clear information can affect day-to-day decisions about paying suppliers and managing orders. The research frames the corporate service gap as more than a question of transaction speed: failed payments, uncertainty about arrival times and unclear charges can all add operational friction.
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What the Research Measures
The figures appear in a Finextra webinar announcement about how banks can respond to changing corporate expectations for cross-border payments. The announcement identifies Nium as the research commissioner and Celent as the research firm, but does not link to a full report or provide its survey methodology, field dates, sample size or geographic breakdown.
The announcement presents a competitive market in which companies have more ways to send money internationally while banks remain important providers. Its central question is how banks can retain and deepen corporate payment relationships through services that address expectations for speed, certainty, ease of use and transparency. The source does not report a new product launch, policy change or bank commitment; the development is the publication of research findings alongside a webinar invitation.
The webinar is described as a panel discussion featuring Rob Regan, Nium’s executive vice president of the Americas, and Gareth Lodge, a principal analyst covering payments at Celent. Finextra contributing editor Teresa Connors is listed as moderator. The announcement says the panel will examine ways banks can close the service gap and compete for business payment relationships.
“65% of businesses want cross-border payments completed within minutes or instantly, while 18% say they receive that level of speed from their banking partners.”
— Nium-commissioned research conducted by Celent, as cited by Finextra
Survey Scope and Costs Unspecified
The webinar announcement does not provide the research’s sample size, survey dates, respondent locations or industry mix. Readers therefore cannot assess from the announcement how broadly the results represent businesses or compare them across markets and company sizes.
The reported $108,823 average annual cost of failed payments is attributed to Celent, but the source does not explain the calculation, define what costs were included or say whether the average is affected by unusually high-cost cases. It also does not identify the particular bank services businesses would find most valuable, or what proportion of payments are delayed or fail.
The figures describe survey responses and estimates, not independently verified performance data for every bank or business. The announcement does not state that banks have committed to specific service improvements, nor does it provide evidence that any particular intervention would reduce failures or increase customer loyalty.
Webinar to Examine Bank Responses
Finextra’s announcement invites readers to register for a webinar hosted in association with Nium. The panel is expected to discuss how banks can improve cross-border payment services and compete for corporate relationships as customers gain alternatives.
The source does not give a webinar date or describe specific recommendations that the panel will make. Further information on the research methodology, the services businesses prioritize and any bank responses would help establish how the survey findings translate into operational changes. Until then, the announcement sets out the reported expectations and competitive pressures, rather than a confirmed industry-wide plan.
Key Questions
What service gap does the research identify?
The research says 65% of surveyed businesses want payments completed within minutes or instantly, while 18% say they receive that speed from their bank. It also reports that banks may underestimate demand for that pace.
What do businesses prioritize besides speed?
The announcement says businesses also seek certainty about arrival time, cost and successful completion. Ease of payment ranked first for 32% of respondents, while 19% prioritized total cost.
How much do failed payments cost businesses?
Celent estimates an average annual cost of $108,823 for the businesses surveyed. The announcement does not explain the calculation or provide the survey sample and methodology.
Are businesses moving away from banks?
The research reports that nearly two-thirds of surveyed businesses use at least one non-bank method for outgoing international payments, and 49% expect their reliance on banks to decrease. These are survey findings, not evidence that every business plans to stop using banks.
What happens next?
Finextra has announced a webinar hosted with Nium, featuring Nium executive Rob Regan and Celent analyst Gareth Lodge, with Finextra’s Teresa Connors as moderator. The announcement does not state the event date or provide a summary of recommendations.
Source: finextra.com
