According to a transaction banking survey, carried out by global application software and services company Misys, 65 percent of the polled clients state they need a simplified process for making changes to payment standards, since most of the current payment environments are fragmented across disparate processing systems. The survey further suggests that a convenient solution to these problems would be provided by a payment hub. The latter would amend the payment processing systems and centralize the payment processes themselves.
According to the Misys research, 50 percent of the respondents feel that yet another priority for banks would be to gain better metrics for monitoring service levels and charges while another 45 percent believe that banks should improve the quality of their outgoing messages. Both objectives are attainable through the same payment hub.
When questioned on the current trends in trade finance, over half the bankers surveyed have revealed a growing tendency towards bringing together transaction services into a single Transaction Banking division. The survey points out that because of the financial crisis, the increasing disintermediation of banks in the financial supply chain and the declining use of letters of credit have slowed.
Consequently, 90 percent of the interviewees stated that risk mitigation has become more important to banks involved in the financial supply chain, whereas 53 percent believe transaction visibility between customers and suppliers to be increasingly important in the optimum management of the financial supply chain.
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