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Centralisation of payments and collections, and simplification of bank account structures, have been amongst treasurers’ and finance managers’ objectives for many years. The challenges have often proved insurmountable - but that is changing.
The pressure to be compliant with the single euro payments area (SEPA) end date, originally 1 February 2014 before a six-month extension was granted, led many banks to adopt tactical rather than strategic solutions. Despite the addition of an extra transition period to bring credit transfers and direct debit payments into the SEPA format, some banks are still adopting a compliance-only approach.
Sibos 2014 is returning to the city of Boston, where the event was last staged in 2007. Finance has radically changed in the interim, with post-crash regulation and compliance high on this year’s agenda, alongside Russian sanctions and digital currencies.
Corporate treasurers now have a choice between connecting to the SWIFT network directly, or through service bureaus. There are advantages in both options, Jordan M. Olack, KeyBank Senior Vice President, Product & Innovation, Channel Services Group, tells gtnews.