bunq: Challenging the status quo of global payments
bunq had a choice: build its cross-border payments infrastructure from scratch or find a partner that matched its ambition.
The recent increase in tariffs, ignited by rapidly evolving international trade policies in the US, has vastly changed the way the global economy functions. SMEs now find themselves grappling with uncertain supply and demand, as well as currency fluctuations.
As SMEs weather this economic uncertainty, banks have a unique opportunity — and responsibility — to enhance their cross-border payments offerings to support these customers.
At their core, tariffs are taxes imposed on imported goods to shield domestic industries from foreign competition. Recent US trade policies implemented on 5 April, 2025 have doubled down on this approach, encouraging buy-local initiatives that back local production but also create complexities for businesses with international footprints.
For SMEs, these changes aren't merely policy footnotes—they're forcing them to reconsider their business operations and their approach to cross-border payments.
SMEs employ over half the world's workforce and generate up to 70% of GDP in developed economies.
What many fail to realise is that SMEs are not just important business segments—they're essential to the global economy. These businesses with fewer than 250 employees drive 90% of global business, employ over half the world's workforce and generate up to 55% of GDP in developed economies.
The scale is staggering: in 2021 alone, around 32,000 UK SMEs exported £12 billion worth of goods to the US, while 36,000 imported £10.5 billion from the US. For banks facilitating these global transactions, catering to the cross-border payments needs of this segment is crucial to retaining these lucrative customers.
The effects of rapidly shifting trade policies are already evident, with the US recently imposing a 10% universal tariff on imports for countries like the UK.
In the month ahead, SMEs will face:
Banks occupy a unique position to offer stability during uncertain times by augmenting their cross-border payment services in four critical areas:
Banks occupy a unique position to offer stability during uncertain times by enhancing their cross-border payment services.
While many banks recognise these needs, they often lack the infrastructure to provide their SME customers with transparent, seamless payment experiences and access to diverse currencies. This limitation stems from their backend systems being optimised for domestic services like mortgages, loans and savings accounts—not cross-border transactions. As a result, many banks continue to rely on slow, opaque and costly intermediary-heavy processes when handling international payments.
The good news: banks don't need complex, costly overhauls to deliver the services SMEs deserve. Instead, they can now partner with agile cross-border payments infrastructure providers like Wise Platform that focus exclusively on solving this particular challenge. This approach eliminates the need for banks to invest significant time, resources and money into building out their own infrastructure to support SMEs and consumers.
Wise has spent over 14 years building a resilient global network of direct connections into faster local payment systems while establishing a comprehensive web of regulatory and central bank relationships. Through our Wise Platform offering, we enable banks like Standard Chartered, Monzo and Zemplar Bank to plug into our infrastructure to deliver customer-centric payments experiences—allowing their SMEs to navigate uncertain times with complete confidence in their cross-border payment solutions.
Through convenient API or Swift integrations, banks can benefit from our access to:
While payment experiences alone can't solve the challenges of global trade today, they can be a game-changer for SMEs navigating this uncertain environment. By improving their payments offerings, banks can increase customer satisfaction and lifetime value in this crucial market segment—providing the solutions SMEs need to thrive, even as policies continue to evolve.
Discover how your bank can deliver fast, affordable global payment solutions that your SME customers love: www.wise.com/platform
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This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
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