The European payments sector is continuing to make significant headway around real-time payments, however a fragmented ecosystem due to contrasting time zones and limited clearing hours is restricting progress for European corporates. Nevertheless, next-generation services such as SWIFTgpi are stepping in to relieve these administrative restraints and deliver cross-border payments with unprecedented speed and transparency.
The 2019-20 Journeys to Treasury Report suggests that that strong regulatory pressure and rising consumer demand are laying the foundations for the standardisation of real-time payments, a reality that treasurers must play an active role in preparing for.
Li & Fung Limited partnered with HSBC to consolidate its bank accounts and redesign its existing liquidity structures to make better use of internal liquidity. The company's treasury now has real time control of its cash and has assumed a more strategic role within the organisation.