The Innovators 2015 - Transactions Services, is Global Finance's annual listing of key innovations in treasury and transaction services.

Author: Denise Bedell
the innovators 2015 tech image
The firms shown in the slideshow are honored for launching products or services that are transforming the transaction services landscape. Global Finance uses the OECD's Oslo Manual Of Innovation to evaluate honorees.


Categories Of Innovation*


A good or service that is new or significantly improved. This includes upgrades in technical specifications, components and materials, software, user friendliness or other functional characteristics.


A new or significantly improved production or delivery method. This includes changes in techniques, equipment and/or software.


A new marketing method involving significant changes in product design or packaging, product placement, product promotion or pricing.


A new organizational method in business practices, workplace organization or external relations.

*From the OECD Oslo Manual Of Innovation

akbank logo

Akbank for e-Invoice Platform

Category of Innovation | Product/Process

Due to recent regulatory restrictions, banks in Turkey must check and collect original invoices from suppliers before processing an invoice discount transaction.

Akbank, given Ministry of Finance Revenue Administration approval as an “integrator bank”, launched its Akbank e-Invoice platform, which is embedded into Akbank Direkt Online Banking, to allow clients to generate, send, receive and archive electronic invoices.

Suppliers can select invoices submitted by buyers and initiate a discount request without physically submitting an original invoice.

BOA Merrill Lynch Logo

Bank Of America Merill Lynch for Digital Disbursements

Category of Innovation | Product

Digital Disbursements is a payment solution that enables companies to make payments to their consumer customers digitally, eliminating the need to issue a check. The payments are directly routed to the bank account of the individual payee’s choosing, using either a mobile-phone number or email address as the identifier.

The solution leverages the technology behind person-to-person (P2P) payments.

Bank Pekao Logo

Bank Pekao for Receivables Finance/EDI Integration

Category of Innovation | Process

The bank’s receivables financing platform (TSS) has been integrated into the largest EDI document interchange environment in Poland (Comarch EDI).

The integration was rolled out via Pekao’s electronic banking system (PekaoBiznes24) and Comarch EDI Financing—a platform created at the behest of Bank Pekao to standardize and automate invoice data validation and provide a portal for invoice management.

Barclay's Logo

Barclays( Misys) for Trade & Working Capital Digital Transformation

Category of Innovation | Process/Organizational

Barclays has implemented a digital platform and global processing solution for its trade and working capital finance business.

The new platform provides advanced online client channels, transaction processing, liquidity management and data centralization/reporting, and does that via an integrated, digital solution across more than 20 countries.


BBVA for BBVA Virtual Wallet

Category of Innovation | Product

BBVA was the first bank to launch a virtual wallet in Spain. Interestingly, the software is designed and developed 100% in-house. The BBVA Wallet is a free multilingual smartphone app that combines all payments-related functionality.

It is separate from BBVA’s primary mobile-banking app to provide a simpler and faster user experience for payments.

Bank Of The Philippine Islands Logo


Bank of The Philippine Islands for BPO Payroll Suite

Category of Innovation | Process/Marketing/Organizational

The BPO Payroll Suite includes bulk account opening within business process outsourcing (BPO) offices with onsite collection of account opening documents and release of ATM cards to employees. It includes real-time payroll crediting, ATM installation int he BPO office and a program to educate employees on financial management, conducted onsite.

Aside from the functional features of the payroll package, the bank also underwent a repricing exercise. This solution provides a competitive advantage for the bank within the Philippines’ high-growth BPO sector.

Citibank Logo

Citi for CitiConnect ERP Integrator

Category of Innovation | Product/Process

The CitiConnect ERP Integrator is a flexible, cost-effective, and nonintrusive solution for integration between a corporate client’s ERP and Citi.

It leverages existing ERP capabilities with no additional required development and enables the ERP—via a set of templates loaded into SAP—to automatically extract all required payment details in a predetermined format that can be immediately accepted for processing.

Commerzbank Logo

Commerzbank for Sustainable Trade Finance Program

Category of Innovation | Process

According to Commerzbank, with sustainability rising up the agenda for the majority of companies, banks—as a key driver of the economy—have a responsibility to set sustainable lending criteria that supports companies on that sustainable route.

Commerzbank is a pioneer in this field in its approach to sustainable trade—assessing the sustainability of every trade finance transaction it receives against a strict set of criteria.

DBS Bank Logo

DBS Bank for Currency Mismatch Back-To-Back Letter of Credit

Category of Innovation | Product/Process

The tailor-made currency mismatch back-to-back letter of credit from DBS helped its client, Xing Ye Group, simplify financing for its offshore trading unit, reduce financing costs and increase the firm’s accounts payable financing tenor.

It helped XYG to increase utilization of its second- and third-tier banks, and improved document handling efficiency. It also helped to raise DBS’s profile in China.

Eurobank Logo


Eurobank for B2B Trade Facilitator

Category of Innovation | Marketing is a Cloud-based digital B2B trade platform to support online multilateral trade between Greek businesses and their international counterparts across 180 countries.

It provides trade-finance and trade-related data and information for both Greece and its trading partners worldwide, promotion of Greek companies, and a networking and communication hub for Greek firms and global business partners.

HDFC Bank Logo

HDFC Bank for Delfin Inventory Finance Platform

Category of Innovation | Product

The Delfin dealer inventory finance platform lets companies in India handle inventory finance and associated document management electronically.

It allows dealers to place stock indent orders with major suppliers without physical bank document handling. It provides a portal for dealer inventory management that helps reduce costs and improve financial planning.

Moldindconbank Logo

Moldindconbank for MICB Web-Business Platform

Category of Innovation | Product

MICB Web-Business is a first in Moldova: an Internet banking service for corporates with a customer-centric design and interface and incorporating best-of-breed technology, such as “Mobile signature” and digital file exchange with banking partners.

Standard Bank Logo

Standard Bank for Mobile Salesforce Program For Business

Category of Innovation | Process/Marketing

Standard Bank of South Africa rolled out a mobile sales management solution to its business and corporate sales teams to improve customer engagement, reduce the administrative burden in managing sales efforts, improve cross-sell opportunities and assist in managing compliance across the institution.

Union Bank Of The Phillippines Logo

Union Bank Of The Philippines for Mobile Money Cash Management

Category of Innovation | Product

Mobile Money Cash Management leverages Union Bank’s cash management solutions for the Philippines and its partnership with electronic money issuer Globe GCash to provide mobile collections and disbursement services to corporate clients.

Wells Fargo Logo


Wells Fargo for CEO Mobile Biometric Authentication App

Category of Innovation | Product

The CEO Mobile biometric authentication app uses voice and facial recognition in place of passwords, PINs, and tokens for access and authentication.

The app uses a bimodal fusion biometric algorithm that matches two unique characteristics of the human body (face and voice) to authenticate and grant access to a user.

Westpac (Fiserv) Logo

Westpac (Fiserv) for Online Transformation Program

Category of Innovation | Organizational

In a three-year digital transformation process, Australia’s Westpac moved to a single platform for online, tablet and mobile banking.

The platform was rolled out on the retail side in 2014 and for corporate clients in 2015 and is part of a larger initiative to simplify its products and business processes, while strengthening the underpinning technology.

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