A new study has indicated that European SMEs are concerned about the speed of payments and want the system to be modernized. Fintech Baas solutions provider Vodeno surveyed more than 2,000 SME managers in the UK, Belgium, France, and the Netherlands. About 35% of survey respondents said international payments take two or three days to process. Because of the slow speed of payment processing, over half of them had failed to honor commitments and were forced to take out a loan. Meanwhile, a McKinsey report states that lately, access to affordable international payments for SMEs has been improving across the globe.
