The cost of compliance efforts for banks has increased exponentially in recent years. This is especially true for those banks that are active in the global trade finance domain, where the overwhelming expectation is for compliance requirements to become even more complex, strict and challenging over time.
Correspondent banking still plays a key role in facilitating cross-border payments, but as the number of correspondent banking relationships shrinks and alternative platforms become available what will its future be?
As the squeeze on banks intensifies, virtual accounts are a win-win by offering efficiencies and meeting the needs of their corporate clients.
This two-part article examines the development of open banking, aka application programming interface (API) banking, and the resulting benefits both for banks and their corporate customers.
Tech-savvy banks and the new wave of disruptors will be the beneficiaries as banking undergoes a long-awaited transformation.
Europe’s introduction of the General Data Protection Regulation (GDPR) next May will have implications for businesses around the world and US corporates should start getting ready if they haven’t already done so.
A poll by MarketInvoice also found that relatively few business leaders would consider speaking directly to a bank.
Banks might feel justified in victim blaming when fraud occurs, but it does little for customer confidence.
The banking industry will meet the challenge of the new era introduced by Europe’s Payment Services Directive, but it is up to its individual members to determine whether they sink or swim.
The cash application process is an area where companies can achieve major cost and time savings, but achieving these benefits rests on securing complete information and using it effectively.