In recent years transaction banking has been ambitious in its adoption of new technology. Overhauling systems and implementing new architecture is no easy feat, and it can often be held back by substantial costs. But the hard work has paid off, and now banks can show off the results of their labours. While over previous years banks have been concerned with proofs of concept and developing platforms, they are now at a stage to set their solutions live and bring the benefits of these developments to their customers.
This year’s submissions for The Banker’s Transaction Banking Awards 2018 demonstrate how technology is being adopted on an international scale. Every market is being revolutionised by the introduction of technology and, by linking up these international systems, they are making the worlds of trade and cash management smaller than ever. With months of testing and pilot phases completed, banks are now able to tell the stories of their first use of blockchain, adopting open application programming interface architecture, and expanding mobile wallets to cover cross-border transactions.
