Corporates Want Banks to Deliver Payment Standardisation

by Steve Murphy 0

Hand of woman paying with contactless credit card, NFC technology

This article cites a recent survey by Nordea, the Swede-based banking group, around the future of B2B payments. The survey was conducted among 60 of Nordea’s corporate clients and focused on Treasury and CFO professionals. In effect, because of the tremendous speed of change and multiplicity of solutions now available the corporates are seeking for their institutions to rationalize and make things more simple.

It showed how 60% of respondents indicated that lack of standardisation of formats across banks was among their top three challenges, while 42% emphasised diversity of payment methods across markets as a key concern. Regulatory compliance and cross-border payments created significant challenges for 33% and 32% of participants respectively.

Mercator believes this is one of the key themes associated with providing corporate payments services, as indicated in our 2017 Outlook: Commercial and Enterprise Payments, in which we detail the need for standardization and globalization in the coming year and beyond. The coming spate of faster payments initiatives also continue to adopt standardized messaging formats ISO 20022 as a component.

Overview by Steve Murphy, Director, Commercial and Enterprise Advisory Service at Mercator Advisory Group

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