iBanFirst, the next-generation cross-border payment services provider for Small and Medium Multinationals (SMMs), has today released the findings of its Speed of International Payments 2025 report revealing how timing, corridor dominance and automation influence the speed and reliability of international transactions.  

iBanFirst’s Payment Tracker data, which informs the report, shows that the US dollar accounted for 58% of all international payments made by small businesses, with China (16%) and Hong Kong (7%) among the top destinations. But these organisations are inadvertently being penalised along these trade corridors – and subsequently it’s dampening globalisation ambitions for small businesses. Over two-thirds (64%) of payments to the US and UK clear into under two hours, compared to just 12% of USD payments to China and Hong Kong, despite involving the same number of intermediary banks.

Even though speed of payments isn’t always the result of more intermediary banks, it is something SMMs must consider. Cross border payments rarely take a direct route; most pass through one or more intermediary banks. iBanFirst’s data found that 1.9 intermediary banks were involved in the average international payment initiated in Europe. The report also shows there are frequent delays between payments arriving into the beneficiary bank, and reaching the recipient account.

For businesses operating across borders, the speed and reliability of international payments can make or break operational efficiency, supplier relationships and growth plans. Vivek Savani, UK Country Manager at iBanFirst, explains: “The slower speeds we see on corridors to China and Hong Kong often come down to time zones, deeper banking networks and local processing cut-off time. For small businesses, these delays are acutely felt in tensions with suppliers, shipment delays and breakdowns in relations.

“As China increasingly absorbs a growing share of payments – as part of a longer-term shift in Europe’s trading pattern – it’s crucial that small and medium-sized businesses understand the nuances of payment corridors to plan the execution of trade accordingly to mitigate delays and protect their bottom line.”

iBanFirst’s data shows that when a payment is made can be just as important as where it’s going. Payments sent on Mondays and Wednesdays see the fastest processing times, and those initiated by 10am on weekdays are more likely to be executed the same day. Meanwhile, banks operating 24/7 with automated processes can complete cross-border payments nearly a full business day faster.

Savani continues: “Whether operating along mature or underdeveloped corridors, businesses need to be prepared. Even in today’s hyper connected world, globalisation isn’t always seamless. Businesses that partner with specialists to streamline international payments are far better equipped to operate with agility, reduce costs and maintain strong international relations.”