Published: September 20, 2017
Although corporate payments is a core business for banks providing transactional services, many of them are facing more competition from alternative providers when it comes to offering innovative and faster services.
Increasingly, many transaction banks are witnessing growing demands from corporate clients for faster, anytime, cheaper payment services that require them to invest in the latest technologies.
However, achieving this is proving difficult for a number of reasons including the complexities and costs associated with a growing raft of banking regulation.
At Societe Generale, Jean-François Mazure, head of cash clearing services, Global Transaction Banking, points out that today large banking groups have to deal with Anti-Money Laundering (AML) regulations in North America, Europe and Asia, and tougher Know-Your-Customer (KYC) rules, which apply equally to themselves and their correspondent banking partners.