The blockchain is getting all the attention these days—along with technology’s capacity for improving the customer experience.
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Technology In Tandem With Client Focus
A few key themes came out of this year’s Transaction Services Innovators honoree list: first, the advent of solutions using distributed ledger/block chain technology. A number of the innovations on this list, and indeed in the other categories, focus on block chain technologies in development or being rolled out. Ripple’s Interledger Protocol is just the beginning of a host of new solutions that will likely grace this list in the years to come.
Another theme is process change to improve interaction with clients. This concept may take the form of documentation reengineering—as with ING’s payments and cash management documentation solution and Bank Pekao’s general agreement system—or a redesign of internal processes to improve client access and enable product and sales teams to leverage client data—as is the case with UniCredit’s global transaction banking knowledge database, Raiffeisen’s cash management billing solution and Denizbank’s mobilization of sales force.
Then there are the problem solvers: those firms that have found an out-of-the-box solution to a thorny problem. BNP Paribas, with its Credit Institution Status for Online Marketplaces, fits here, as do Deutsche Bank and Bank of China for their host-to-host solution for Bosch China. CaixaBank’s MailBox product and Roche’s POBO/ROBO structure also demonstrate ingenious problem-solving.
Finally, there are those firms that are simply developing, or embracing, new technologies and best-of-breed solutions—and are pushing the envelope in terms of innovation. Silicon Valley Bank and BNY Mellon are prime examples; they use open source software and enable clients to develop new solutions. iGTB also falls here, as do Bradesco, Basware and Garanti Bank.
All in all, the firms that are included in this list are breaking barriers—not just by building new technology but by thinking and acting in news ways to drive change.
HONOREES LIST
The Innovators of Transaction Services 2016 |
||
|---|---|---|
Organization |
Type of Innovation |
Innovation |
|
ANZ |
Product Innovation |
Automated Collections/Reconciliation and Virtual Account Solution for Greater Mekong |
|
B2 Group |
Product Innovation |
Multi-Bank Integrator |
|
Bank of America Merrill Lynch |
Process Innovation |
Digitized Wholesale Lockbox |
|
Bank Pekao |
Product/Process Innovation |
General Agreement |
|
Bankable |
Product Innovation |
Virtual Ledger Manager |
|
Basware |
Product Innovation |
Basware Advance / Clear Funding Cloud Financing Tool |
|
BNP Paribas |
Process Innovation |
Credit Institution Status for Online Marketplaces |
|
BNY Mellon |
Product/Process Innovation |
Nexen Ecosystem |
|
Bradesco |
Product Innovation |
Net Company Bradesco App |
|
CaixaBank |
Product/Process Innovation |
MailBox |
|
Denizbank |
Organizational Innovation |
Mobilization of Sales Force |
|
Deutsche Bank/Bank of China |
Product Innovation |
Host-to-Host International Cash Management Platform for Bosch China |
|
Garanti Bank |
Product Innovation |
Garanti Mobile Interactive Assistant |
|
Habib Bank/Misys |
Process Innovation |
FusionBanking Corporate |
|
IDFC Bank |
Product Innovation |
Business eXperience Platform |
|
iGTB |
Product Innovation |
CBX on Apple Watch |
|
ING |
Process Innovation |
Payments and Cash Management Documentation Transformation |
|
Raiffeisen Bank International |
Product/Process Innovation |
Cash Management Billing System |
|
Ripple |
Product Innovation |
Interledger Protocol |
|
Roche/Deutsche Bank |
Process Innovation |
Payments On Behalf Of/Receivables On Behalf Of Structure (POBO/ROBO) via In-House Bank |
|
Sage |
Product Innovation |
Sage Smart Money Movement |
|
Silicon Valley Bank |
Product/Process Innovation |
Open API Project for Corporate and Commercial Clients |
|
SWIFT |
Process Innovation |
Global Payments Initiative |
|
UniCredit |
Organizational Innovation, Marketing Innovation |
GTB knowledge Database |
INNOVATORS PROFILES
ANZ | Product Innovation
Automated Collections & Virtual Account Solution
In the Greater Mekong region, where low-cost labor and the prevalence of cash over electronic payments inhibit automation, ANZ’s solution automates insurance client AIG’s receivables management, vastly increasing processing speed and reducing risk.
B2 Group | Product innovation
B2 Group Multibank Integrator
The solution seamlessly integrates corporate treasury management and enterprise resource planning systems with bank systems, reducing costs and time and reducing counterparty risk by allowing corporates to quickly connect to new banking partners.
Bank of America Merrill Lynch | Process innovation
Digitized Wholesale Lockbox
The Digitized Wholesale Lockbox uses automated-image, data capture technology and intelligent sorting to reengineer the entire lockbox process, reducing costs and manual labor/errors.
Bank Pekao | Product/provess innovation
General Agreement
This Polish bank altered the way it interacts with clients by reengineering client documentation. After signing the General Agreement, clients can use banking services electronically.
Bankable | Product innovation
Virtual Ledger Manager
The virtual ledger manager automates reconciliation of ingoing and outgoing payments using virtual accounts with unique virtual IBANs (International Bank Account Numbers).
Basware | Product Innovation
Basware Advance/Clear Funding Cloud Financing Tool
Basware Advance makes use of the Clear FundingCloud-based financing engine, created via a joint venture between Basware and Arrowgrass Capital Partners, to offer SMEs financing via the Basware Commerce Network.
BNP Paribas | Process Innovation
Credit Institution Agency Status for Online Marketplaces
BNP Paribas launched a service giving online marketplaces and e-commerce websites Credit Institution agency status in France, helping them meet regulations and deliver transaction services.
BNY Mellon | Product/Process Innovation
Nexen Ecosystem
BNY Mellon launched an open-source, Cloud-based platform putting the bank, third parties and clients on one system, giving clients the ability to tailor the front end, to build new APIs, and ultimately partner with the bank on new solution development.
Bradesco | Product Innovation
Net Company Bradesco App
Bradesco launched Aplicativo Net Empresa, allowing corporate clients and their suppliers to manage many transaction services operations via mobile devices, including e-transfers and receivables management. It offers a unique front end that clients can customize as they wish.
CaixaBank | Product/process Innovation
MailBox
CaixaBank’s MailBox service is a multiple device system that brings together transaction data, documentation and correspondence between the bank and its clients in a form they can easily access and customize. It houses 10 years of data for the client.
Denizbank | Organizational Innovation
Mobilization of Sales Force
Denizbank has brought together client data from its core banking platform and built a tablet-based solution for its sales team to access client data. It also enables the clients to work with their bank contact on-site to manage transactions and plan cash flow.
Deutsche Bank/Bank of China | Product Innovation
Host-to-Host International Cash Management Platform for Bosch China
Deutsche Bank and Bank of China have created the first foreign-to-domestic, interbank, host-to-host banking solution in China to provide cash management services to Bosch China.
Garanti Bank | Product Innovation
Garanti Mobile Interactive Assistant
Garanti has launched a mobile interactive assistant which uses voice technology to provide virtual assistance for transaction banking. The system uses a complex grammar system designed specifically for the solution and built on Turkish-language Nina infrastructure.
Habib Bank/Misys | Process Innovation
FusionBanking Corporate
Habib Bank teamed with Misys to bring together cash management, trade finance and trade services, and supply chain finance for corporate clients. It has allowed HBL to develop a new client base, dramatically increase revenue and reengineer transaction services offerings.
IDFC Bank | Product Innovation
Business Experience Platform
IDFC’s BXP is an enabler of user-led corporate cash and treasury management, bringing together cash management, trade finance, corporate-linked finance, FX and account relationship management in one system, with customizable user interfaces.
iGTB | Product Innovation
CBX on Apple Watch
CBX on Apple Watch enables payments and transactions management via the smart device—including account monitoring, transaction approvals and rejections and more, within a secure banking solution.
ING | Process Innovation
Payments and Cash Management Documentation Transformation
ING rewrote its entire contractual documentation for payments and cash management services to introduce a single contract covering 18 countries and all its core payments and cash management products. Terms are identical for all clients, but the system includes modular country and product elements.
Raiffeisen Bank International | Product/process Innovation
Cash Management Billing System
This system provides not only a user-led, self-service payments and cash management system but also transparent, fixed-unit prices for PCM services that are traceable and detailed in a monthly statement (the CMBS).
Ripple | Product/process Innovation
Interledger Protocol
This solution acts as an overlay escrow system, bringing together all types of distributed ledgers and providing intermediary services to allow funds to move between different ledgers.
Roche/Deutsche Bank | Process Innovation
Payments On Behalf Of/Receivables On Behalf Of Structure (POBO/ROBO) via the In-House Bank
Roche is launching “on-behalf-of” operations via its in-house bank for payments and receivables in Europe, with payments made from one bank account per currency, to ultimately make local entities bank-free.
Sage | Product Innovation
Sage Smart Money Movement
This product enables SMEs to handle collections, payments and reconciliation through a single interface and account, which facilitates connectivity between multinationals and their global suppliers.
Silicon Valley Bank | Product/Process Innovation
Open API Project
The bank for high-tech companies has launched an open-source platform to allow its customers to customize interaction. Its first open API solutions are for payments via Automated Clearing House and card payments.
SWIFT | Process Innovation
Global Payments Initiative
Swift’s initiative, involving 21 banks, aims to improve the speed, transparency and consistency of cross-border B2B payments, offering enhanced corporate payments services via correspondent banking.
UniCredit | Organizational/Marketing Innovation
GTB Knowledge Database
UniCredit built a single information hub for its Global Transaction Banking unit in Central and Eastern Europe, enabling improved processing speed, response time and cross-selling.
