A survey from SWIFT and EuroFinance has revealed the wish list for enhancements in cross-border payments held by corporates. Unveiled at the EuroFinance International Conference in Barcelona, 'The future of payments: a corporate treasury perspective' survey gauged the views of 300 treasury professionals from corporations worldwide, ranging from SMEs to global corporations, in 18 different industries.
The survey results identify pressing issues such as the current lack of payments traceability and confirmation of credit, the lack of visibility on the bank fees deducted from transactions and the inconsistencies between the amount sent and amount received by the beneficiary. The majority of the surveyed corporate treasury professionals place real-time tracking at the top of their list of enhancements, followed by more consistency between bank payment processes and better visibility on banking fees.
Additional findings from the survey include:
· Sixty-four percent of treasurers said they want real-time payments tracking, while 42% are looking for instant payments;
· Gaining visibility on the cost and deductions from a transaction (47%) and reducing and optimising exceptions and investigation handling (41%) are also high on the list;
· When choosing a bank partner for cross-border payments, 86% of treasurers cited the need for efficient payment processes and effective customer support. Other criteria included competitive pricing and transparent charges, as well as extended global coverage;
· Payment innovation was referenced as a priority when selecting a bank by only 30% of treasurers, suggesting that innovation for its own sake is a relatively low priority compared to innovation leveraged to address fundamental concerns and needs.