Why corporates should consider the multi-currency virtual account (MCVA) - a bank-offered cash product which allows them to maintain foreign currency balances and affect cross-boarder transactions where a physical account doesn’t exist in the local currencies.
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Market change is being thrust upon transaction banks at a pace so rapid that many struggle to adapt. Competition has spiked. Profitability has tanked. Compliance with regulation is suffocating investment. The era of open banking is here, threatening traditional business models. Many institutions find themselves struggling to meet the imperative to innovate, reinvent and survive.