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Cashfac Technologies today released a new White Paper on the opportunities for banks and corporate companies to embrace technological change by using virtual accounts to improve banks’ regulatory compliance and drive customer innovation, visibility and efficiency.
Cashfac – a market leader in Bank-to-Corporate Cash Management solutions – today released a new white paper for banks and corporates- Virtual Accounts: Turning Adversity into Advantage – which asks whether the banking sector is ignoring, or bracing itself in preparation for the latest regulatory changes, and what opportunities exist to turn compliance challenges into advantages.
There is real apprehension about what might happen to the banking sector in 2017/18. Many expect a raft of game-changing legislation to have a long-lasting impact on the industry. Whether opening up payment APIs to third party providers with PSD2, simplifying the payments process across Europe through SEPA or reducing the risk of system-wide shocks with Basel III.
Business customers want change. Not only do they feel they are spending valuable time finding ways for their treasury function to operate more efficiently in spite of, rather than with the help of, their banks. But as retail banking customers they have seen the potential of what can be offered – useful apps, a culture of self-service, an innovative approach to products and genuine competition for their business – and want to see this level of customer experience reflected in their corporate banking.
This white paper looks at some of these issues and gathers expert insight from corporates, banks and management consultants. It focuses on the imminent impact of Basel III, and shows that by using the latest technology, such as virtual accounts, banks can prepare for and overcome future challenges from legislation and Fintechs.