Corporate cash management solutions platform Cashfac has published a white paper that delves into the latest digital banking technologies, focusing specifically on how innovative technology empowers corporates and supports compliance amongst banks.
This freshly published white paper by Cashfac entitled ‘Virtual Accounts: Turning Adversity into Advantage’ upholds the power of new technology to help banks adhere to Basel III and in empowering corporates. A lot is at stake for the banking sector in 2017. The effects of new regulatory measures are already evident, in the payments landscape with PSD2, through the simplification of payments across Europe due to SEPA, or the effort to reduce the risk of system-wide shocks with Basel III.
Cashfac argues that it is time for banks to start thinking like fintech. One finding noted in the report was a key issue faced throughout business banking these days; that is, the strength (or lack thereof) of focus on customer experience. New legistlation presents many challenges for financial institutions, which is why the report outlines a few preqrequisites for any solutions that attempt to address the challenges of legislation, namely:
- Stay centred on the customer first and foremost
- Respond to the customer’s needs and support them in becoming better businesses
- Comply with new regulation
- Respect the tradition and pedigree of the banking sector
To read the detailed findings and recommendations outlined in Cashfac’s white paper, click here.