When Silvia Șerban launched her eponymous fashion label in Romania in the 1990s, her path to success was typical of an independent designer – building relationships with local boutiques and growing a domestic customer base through recommendations. But in 2009, she took a leap that supercharged her business: attending her first international fashion trade show.

Immediately, orders began arriving from across the world. Within a few years, customers from Europe, America and the Middle East drove most of her revenue. With her designs now sold on global platforms and in stores from New York to Dubai, success came with an unexpected headache: paying and getting paid.

“In Europe, it is not difficult for my international partners and stockists to pay for orders using bank transfers,” says Șerban. “As I started expanding into the US or the UAE, things got more complicated.”

For Șerban, what should have been a straightforward payment from a US-based customer turned into three separate trips to the bank. “First, their bank’s system didn’t recognise my bank’s SWIFT code,” she recalls. “Then they tried to contact the local bank branch where I had opened my account decades earlier, only to find it had closed, causing additional delays. Finally, the payment got stuck because the system couldn’t tell the difference between the letter ‘o’ in ‘Romania’ and the number zero.”

A system not built for SME's

Șerban’s story reflects a common challenge for SMEs. The digital economy has opened global opportunities, allowing SMEs to sell internationally and join complex supply chains – yet, most SMEs still struggle with outdated cross-border payment systems designed for large corporations. Unlike multinationals, SMEs operate with limited resources and without specialist finance teams, forcing them to manage every aspect of their business themselves. Reliable cash flow is essential – delays, unexpected costs or restricted access to earnings can quickly put their business at risk.

“In 2024, I had so many problems with getting paid from abroad that I had to stop taking international orders for three months,” Șerban recalls. “It was a major setback for my business.”

As banks struggle to meet the cross-border payment needs of SMEs, specialist providers and fintechs are stepping in to fill the gap. These agile companies are rapidly gaining ground, offering solutions tailored to the realities of small business operations.

“Simplifying operations, reducing intermediaries and improving transparency are crucial for remaining competitive against digital-first providers,” explains an executive from a Guatemalan bank.

At the same time, there’s a big untapped opportunity here for banks. According to 2025 research from FXC Intelligence, the market for SME cross-border payments is expected to grow 54 per cent, from $13.8tn in 2024 to $21.2tn by 2032.

“Banks have a unique opportunity to deepen their relationships with SMEs by addressing their evolving payment needs,” says Pratik Khowala, Global Head of Transfer Solutions at Mastercard. “If they don’t adapt – by offering faster, more transparent and cost-effective solutions – they risk losing not just payment business, but also the trust and broader engagement of these vital customers.”

Helping banks lead transformation

For banks, compliance burden, legacy systems and the complexity of traditional correspondent banking networks often stand in the way of delivering the speed, transparency and digital-first experiences that small businesses expect.

“We recognise the vital need for faster access to funds for SMEs, especially when maintaining strong supplier relationships,” says an executive from Promerica Group, a leading financial services group in Latin America. “That’s why we are actively engaging with partners to explore solutions that improve transaction speed and support the growth and resilience of small businesses in the region.”

Among the solutions emerging to address these challenges is Mastercard Move – the company’s portfolio of money-movement capabilities. Leveraging an extensive global network and direct connections into local ACH and RTP systems, the platform enables cross-border payments to be delivered with the speed, transparency and reliability that SMEs increasingly expect. For business owners, this creates an international payments experience that closely mirrors a domestic transfer – one that is faster, more transparent and easier to manage.

“By removing the pain points of traditional cross-border payments, we enable SMEs to send and receive international payments faster and more cost-effectively through a single, streamlined connection,” says Khowala. “For banks, delivering an improved cross-border payment experience represents a strategic opportunity to strengthen their SME offering and advance digital transformation.”

The benefits for banks are clear: lower costs for small transactions, full payment traceability, competitive FX rates and access to key global trade corridors. Additional services – such as account verification to ensure payments reach the correct recipient, beneficiary notifications to keep payees informed and payment scheduling to support better cashflow management – further enhance the customer experience.

For SME owners like Șerban, such changes make a tangible difference. The challenges she faced in 2024 – from confusing SWIFT codes and closed branches to delayed payments – have largely been resolved. Today, she can focus on designing, selling and growing her business, confident that her payments will arrive quickly, transparently and securely.