Real-time payments services is a key factor in determining how satisfied corporate treasurers are with their banking relationships. In countries without real-time payments infrastructures, four out of five corporate treasurers are considering changing their banks for those that offer better services, according to a survey by Temenos and Ovum. And almost two-thirds (64 per cent) of survey respondents said it is one of the top three most desirable service/account enhancements.
Temenos, a financial software specialist, and Ovum, a research and consulting firm, published the report, 2017 Transaction Banking Survey: Challenges & Imperatives of Real-Time Payments & Liquidity, today. The study highlights the importance to banks of providing state-of-the-art payments facilities in order to stay competitive.
Real-time payments help corporates in a number of key areas. The survey results show the following benefits from using real-time payments:
- 80 per cent of corporates it has improved risk management;
- 77 per cent say it has improved liquidity management; and
- 76 per cent saying it has improved cash visibility.
The survey also found virtual accounts to be high on the banks’ agenda: 53 per cent plan to offer virtual accounts within the next 12-15 months, rising to 57 per cent among banks based in countries with real-time payments. Temenos's Darryl Proctor said: “With 80 per cent of corporates in countries without real-time payment infrastructures considering moving their banking relations within the next year, it’s time for banks to address the move to real-time by leveraging the latest end-to-end digital software that will allow creation of true real-time services in a single platform.”
Like this item? Get our Weekly Update newsletter. Subscribe today