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Instant payments top of treasury wish list

Having real-time payment capabilities in online banking is the technological innovation that will have the greatest positive impact on corporate treasury, according to a survey of 390 finance and treasury professionals. The research, conducted by TD Bank, found that 42 per cent of respondents said that real-time payments would be a game-changer for corporate treasury in the next three to five years.

The payments professionals surveyed also predicted artificial intelligence and machine learning will create positive change (20 per cent) in the industry, while more advanced technologies such as blockchain (11 per cent) or biometrics (4 per cent) are not yet at the forefront.

In TD Bank's survey, conducted at the 2018 Nacha Payments Conference in San Diego, in May, the finance and treasury professionals also said their digital payment strategies are being hampered by outdated internal infrastructure systems. More than a third (36 per cent) said their legacy systems were curbing payments innovation.

Corporate payments must play catch-up

And 74 per cent said that integrating a mobile application for business banking would improve a company’s experience with its financial institution. TD Bank's Rick Burke commented: “One of the largest impediments to today’s payments industry is that change is happening faster than organizations can realistically accommodate it. Sending and receiving corporate payments is a complex process and one that it is not yet as nimble as consumer payments. As more CFOs and treasurers use immediate payment schemes in their personal financial transactions, the demand for commercial availability will also rise, and financial institutions and businesses need to be prepared to accommodate that expectation.”

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By Paul Stheeman on 15th Aug 2018:

I am surprised that instant payments is at the top of the list, above artificial intelligence. Is there possibly too much hype around instant payments at the moment? What is a Treasurer going to do differently and to the benefit of his company if an incoming payment is made at 3am or on a Sunday?

There are certain advantages instant payments bring, eg. easier and securer use of funds, but unless we start calculating interest on an hourly basis instead of a daily basis (God forbid!) I would have thought that AI will have more influence on a Treasurer’s life.

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