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BofA invests heavily in technology, offering online banking platforms, mobile applications, and application programming interfaces (APIs), for seamless cashmanagement and integration with corporate treasury systems. Citi is a double winner, as Best Bank for CashManagement and for Best Corporate Cross-Border Payments Solution.
Having an experienced succession of crises since the beginning of 2020, FutureCFO asked two finance leaders their views on the challenges facing treasury and cashmanagement during the pandemic and coming out of it. What is the biggest change to the Treasury and CashManagement (TCM) function brought about by the pandemic?
When it comes to processing payments, it’s better for a bank to be “always on,” says Debopama Sen, Citi Services’ head of Payments in the Treasury and Trade Solutions business. Additionally, many incumbent firms are restructuring by spinning off their payments divisions into standalone entities to capture higher valuations.
She highlighted some of the challenges facing CFO: workforce disruptions during lockdowns and the pandemic’s impact on business and operations; requiring CFOs to rethink the future of work as the pandemic has reshaped the nature of work, to reimagine/adapt new business model and technology to digitise and restructure business/work processes.
Some feel it defies logic for them to depend on foreign banks to offer services such as foreign exchange, treasury, cashmanagement, and payment offerings. A severe drought is forcing the restructuring of agriculture loans. Having posted $81 million in profits and 27.9% Nigeria| ZENITH BANK Zenith Bank wins in Nigeria.
In wealth management, the bank has expanded its franchise through its stake in a Swiss asset manager, and has initiated expansion to markets in Bahrain, Palestine, Qatar, and the UAE. The bank restructured its distribution model in 2024 to provide enhanced client service.
Even if they will decide to provide moratorium or restructuring of their accounts – the question is the same for everyone – can their clients afford to service the payments, either for interest-only or manage the new amortizations? Liquidity is a major issue for the credit markets. It is the lifeblood of the industry.
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