The banks that triumphed in The Banker’s Transaction Banking Awards 2019 were the ones that helped their clients to cut through the noise and provided the best quality of service for a modern business environment. 

Transaction banking is becoming more complicated. Trade is looking for new corridors. Supply chains are an intricate web that spans borders. And technology is increasingly pushing companies to work faster to meet demand. Those that triumphed in The Banker’s Transaction Banking Awards 2019 were the ones that helped their clients to cut through the noise and provided the best quality of service for a modern business environment. 

The awards saw submissions from across the globe, and some banks participated for the first time. In particular, there was an impressive increase in the number of entries from emerging markets. Sri Lanka saw notably strong representation from its banks as they take impressive steps into regional transaction banking. 

The most hotly contested category was cash management, with entries from 28 banks. This is a clear indication of how important the area has become for clients, and also the level of innovation that is happening in the market globally. Recurring themes in the submissions showed that treasurers want the best possible oversight of their cash positions across their accounts – something that is becoming possible with the implementation of open banking and application programming interfaces – while keeping costs low. 

A growing priority for banks is catering to the needs of small and medium-sized enterprises (SMEs) – especially in emerging markets, where they are considered as a way to boost a country’s overall economy. The push to devise ways to serve this section of the economy is sparking new ways of banking, as it has become apparent that applying methods that work for the largest corporates to sole traders, for example, will not work. 

Tailored solutions that help SMEs to engage with the formal banking system and move towards digital payments are gaining traction across the regions, and could become increasingly innovative in the years to come. Sophisticated working capital structures that leverage the strength of a large corporate at the end of the supply chain to help its smallest suppliers obtain affordable funding is another trend, and is helping to bridge the funding gap. 

Blockchain and distributed ledger technology began to find solid use cases in this year’s submissions, as the technology starts to mature. But banking is not standing still, and there are already developments looking at how artificial intelligence (AI), machine learning and natural language processing will further help to digitise transaction banking. 

With the help of AI, transaction banking can become safer and more efficient, with automatic updates on the data held on customers to check against previous transactions to flag possible cases of fraud. It is a fascinating time of great change for the industry, one that the global transaction banking industry appears willing to embrace.  

Global

Winner: HSBC

HSBC has ambitious plans for how it wants transaction banking to look in the future. The bank is currently in the middle of a three-year programme to invest $17bn in modernising technology that not only reacts to the changes brought in across the world, but also anticipates the way the business is moving. 

Diane Reyes, global head of global liquidity and cash management at HSBC, explains: “Our clients expect us to be digital first, and they want their transactions to be fast, simple and secure. To meet these needs, we are upgrading our digital channels to address client pain points – for example by offering secure and convenient access to mobile banking via biometrics in more than 40 countries – while providing new tools and insights to help CFOs and treasurers to intelligently run their business.”

HSBC has been at the forefront of technological change in transaction banking, seeking to find solutions that will  modernise the industry, while maintaining the ultimate goal of improving clients’ business experience. 

Natalie Blyth, global head of trade and receivables finance at HSBC, says: “It’s an exciting time to be involved in transaction banking; technological change is happening at pace. We have a responsibility to lead our clients through this transformation, and that’s what we’re doing: leveraging data to help customers navigate short-term uncertainties and to take advantage of the long-term fundamentals underpinning sustainable growth.”

Exploring the possibilities of distributed ledger technology (DLT), HSBC has worked closely with several central banks as they explore digital currencies to seek greater levels of efficiency in cross-border interbank payments and settlements. The use of blockchain has also been instrumental in the bank’s developments in the trade finance area. Developments include the introduction of blockchain to letters of credit, providing real-time visibility on transactions and reducing the transaction time from up to 10 days to less than 24 hours. The next step is to examine how blockchain can be used in combination with the Internet of Things and smart contracts. 

The bank’s next-generation virtual accounts management (ngVAM) was an important step forward in the use of virtual accounts, with HSBC pulling in the help of a third-party fintech to develop the product. Clients familiar with the product had wanted it expanded to enable cash and liquidity management. The resulting ngVAM is a multiple entity and multiple currency virtual account structure that can support current interest rate conditions. 

HSBC has been quick to move on utilising the implementation of new technology in individual markets. The bank released HSBC Business Collect following the launch of the Faster Payment System (FPS) in Hong Kong in September 2018. The system simplifies bill collections and allows clients to settle with a QR code. It also supports the use of a range of payment methods, including credit cards and wallets like WeChat Pay, Alipay and Apple Pay. Using the FPS 24/7 capabilities, the bank’s customers can conduct real-time settlements. 

The HSBC Securities Services team took steps to simplify the exchange-traded fund (ETF) business by launching an ETF portal as part of the online HSBCnet channel. The portal has introduced straight-through processing, which reduces operational risk, and the ability to approve or reject each ETF order by the fund manager. 

As the bank continues its digital transformation, the securities services division will be moved towards an open application programming interface (API) model. By reducing cost and aggregating data, HSBC hopes to become its clients’ primary data solutions provider. At the end of 2018, the bank rolled out the API Core Gateway, and among the first APIs implemented were global custody APIs on trade status updates, failed trade reasons and securities holdings. Using the trade status API, clients can follow the trade’s status and integrate the workflow, and take remedial action before a trade fails.  

The team was also involved in the recommendation of capital reforms in Kuwait and Saudia Arabia. The bank worked to ensure the smooth implementation of these changes which has boosted investment potential in the Middle East. 

Allegra Berman, global co-head of HSBC Securities Services, says: “We see growth potential across transaction services and we will continue to innovate to help us better serve our clients. The big opportunity will be partnering with our clients on their own digital journeys, and ensuring that we provide them with tools and data to help them succeed in a real-time, digital world.” 

The bank has also been looking at the impact of its operations on the environment, and the changes it can make to mitigate this. Working with US retail giant Walmart, the bank created a supply chain finance programme that links a supplier’s financing costs to their sustainability performance. Under the conditions of two of Walmart’s own sustainability initiatives, Project Gigaton and the Sustainability Index Programme, suppliers that demonstrated improvements could apply to HSBC for improved rates. 

Africa

Winner: Standard Bank

Standard Bank has developed a highly connected transaction banking ecosystem across Africa, with services tailored to meet the needs of individual markets. This solid understanding of local needs has helped the bank to meet the need of a rapidly digitising continent. 

Designed for small and medium-sized enterprises (SMEs), MobyCash Ghana improves working capital management by enabling funds to be deposited in real time, throughout the day. Previously, business owners would have to wait until the cash was collected at the end of business and verified before being deposited to have an overview of their balances. 

Standard Bank worked to support the informal retail economy with the development of a digital ecosystem that gives traders an overview of their sales and helps them plan for market changes. The solution has also been developed with the retail customer in mind, enabling them to access special offers, get rewards and log on to wifi in some locations. 

Supply chain finance has been modernised with the implementation of electronic invoices, allowing for early settlement to improve working capital. The bank also worked with a telecommunications company for the sale of receivables, to receive funds through the Standard Bank receivables discounting solution. 

The solution gives the client better liquidity and an improved working capital prospect. By working closely with its clients, the bank has been able to support the smaller companies within the supply chain, and across multiple countries on the continent. 

Hasan Khan, head, transaction products and services at Standard Bank Group, says taking a lead from its customers has helped to give the bank an edge: “Clients are looking for partners who truly understand their business and proactively craft solutions with them to help achieve their aspirations across their markets. These need to be relevant, client-led and adaptable to these changing business needs and environments,” he adds. 

Standard Bank also took on significant roles in trade finance transactions to support the development of infrastructure. The bank provided guarantees to the Ghanaian Railway Authority to support the construction of an 84.8-kilometre railway line, essential for the long-distance transportation of freight.

Asia-Pacific

Winner: Standard Chartered

Standard Chartered is one bank that can still boast an extensive international presence, especially across  emerging markets in Asia and Africa. The bank has been able to leverage its physical presence and local knowledge to the benefit of its Asian clients. 

The bank has been proactive in assisting its clients across the whole of the Asia-Pacific region, hosting a number of conferences and roadshows. Standard Chartered has also been willing to embrace new forms of technology to find the best solutions for its clients in their transaction banking operations. 

Regional clients have benefited from the bank’s use of its vendor prepay solution. Through this facility, the client can nominate suppliers to receive non-recourse financing after shipment. The facility also gives suppliers better financing rates, improved cash flows and reduced paperwork, all of which are managed via the bank’s existing Straight2Bank platform. Payment efficiency has been improved, with a single file of payment instructions for all suppliers held on the system. 

The complexity of running international businesses means treasurers can find it difficult to get a comprehensive overview of their cash positions. To help one client with this problem, Standard Chartered developed an account management and reconciliation solution to tackle these specific pain points.  

It gave the company greater control, with the creation of a domestic multi-currency notional pool to enable intraday payments from numerous accounts. The client was able to use a sub-account structure that segregated payments and collections from each of its clients.  

During 2018 Standard Chartered became the first overseas back to be granted a China local fund custody licence, which gave the bank access to China’s domestic asset management market. 

Through the licence and the product capability, Standard Chartered can provide onshore master custodial services, and extend its international custody solution. The bank implemented its first deal in December 2018, less than two months after the licence was granted. 

Central and eastern Europe

Winner: Sberbank

Sberbank has taken strides forward to create a bank that can compete with the biggest international players in its home markets of central and eastern Europe. 

The bank’s 2020 Strategy looks to make its online services available for clients 24/7, increasing ease of doing business and significantly reducing the paperwork that businesses have to complete. At present, 83% of the bank’s key transaction services are available online, including opening accounts and the transfer of funds from corporate cards. The aim is for 90% of services to be online by the end of 2019. 

Sergey Popov, director of Sberbank’s transaction business division, says there are further plans for innovation: “The clients’ major requirements for the bank are the quality and speed of transactions. One of our key tasks is to reduce the time clients spend communicating with the bank, leaving them enough time to develop their beloved business. 

“All services that we launched in 2019 enable the client to settle all issues with the bank online, saving their time. This year, Sberbank’s clients got access to such services as remote changes to legal files, electronic bills, online portal and mobile app Sberbank cash collection. They all enable business challenges to be solved without calling or visiting the bank, in a few clicks,” he adds.

Sberbank developed the innovative Cash-in-Transit (CiT) online solution to allow customers to manage their CiT contracts without having to go into a branch. The bank then took this further with the creation of a mobile version of the solution to allow even greater ease of doing business. 

It is not just the large corporates that have been supported, as the bank has launched an educational portal for sole traders and accountants, called ‘Business without Banknotes’, to help them understand the benefits of using corporate cards for payments rather than paying in cash. 

Even while having achieved so much, Sberbank is still looking ahead. It has developed chatbots and voice-activated assistants to give customers even more options to contact the bank.

Latin America and the Caribbean

Winner: BBVA

BBVA has been working on digitising its operations in a way that is cost-effective for both the bank and its clients. It has successfully upgraded its digital platforms to cope with rising demand for digital payments across multiple channels, including mobile. 

The bank has implemented an open application programming interface (API) channel for customers to give them greater flexibility in the systems they use. Accessed via the bank’s API portal, this allows the use of the bulk payments API. 

Given that clients expect their transactions to be processed as fast as possible, the bank has also developed the fast cash facility, which allows funds to flow with minimal paperwork. The facility works for cross-border transactions, and in different currencies, which can be tracked throughout the payment process. Clients are given control over their funds, as they can choose when they want the money to leave their account. The full functionality can be accessed via the bank’s Net Cash app.  

José Luis López-Sors, head of global transaction banking in Latin America at BBVA, says: “One of the most important needs for our clients is to develop new means of payments so that they can move on from the extensive use of cash in their collections. When your aim is to minimise the cost of your financial operations, cash collections are without any doubt the most expensive issue. The banks can play an important role here through innovation, not only by implementing country-specific apps to foster electronic collections for our clients but also by investing in solutions that will eventually become an electronic alternative to cash.” 

Innovations from the bank include BBVA T-Cambio, which provides online exchange rate quotes for Peruvian banking businesses. Digital invoice discounting, meanwhile, helps clients to connect to the digital invoice solution Cavali. The process means clients can upload up to 300 invoices at a time, and the digitisation of data reduces the need for manual input. 

BBVA has also supported sustainability by providing financial support for the development of a hydroelectric project in Colombia.

Middle East

Winner: Standard Chartered

Clients are being placed front and centre by Standard Chartered in its Middle East operations, which leverage new technology and make ambitious financing decisions. 

The bank is looking at how it can best help its clients by supporting the whole supply chain though its ‘Banking the Ecosystem’ initiative. Philip Panaino, head, transaction banking, West (America, Europe, Africa and Middle East), says: “Our clients are looking for financing solutions for both their own customers and suppliers. We address their needs by taking a proactive, tech-assisted approach to solving our customers’ challenges, co-creating solutions and leveraging best practice from other markets across our footprint.” 

The demand for transaction banking products is becoming more sophisticated. Receivables financing has reduced the cost of pricing, and liquidity management solutions that have been implemented across four countries in the region have reduced the amount of external borrowing needed for one corporate customer. “We are also seeing more demand for value-added services beyond traditional banking, financing and cash management solutions that cater to the entire ecosystem of our clients,” says Viplav Rathore, head of cash products, United Arab Emirates (UEA) and Middle East and Africa. 

Virtual account and post-dated cheque warehousing has streamlined the collection process. The bank has been proactive in helping its clients learn how to get the most from their relationships by hosting a correspondent banking academy for clients based across the Middle East, North Africa, Afghanistan and Pakistan. Motasim Iqbal, head of transaction banking sales, global banking, Middle East and North Africa, adds: “Transaction banking plays a major role in creating partnerships with our clients to simplify the way they do business and connect them with their suppliers, buyers and other stakeholders in their ecosystem.” 

Standard Chartered has been instrumental in getting some of the region’s large infrastructure projects off the ground, developing bespoke structures for power projects in Iraq and rail developments in the UAE. 

The bank’s Dubai International Finance Centre office is the headquarters of its global Islamic banking operations, providing support for Middle Eastern and Malaysian banking. 

North America

Winner: HSBC

HSBC is bringing its transaction banking offering in North America into the 21st century, as it explores how the most cutting-edge technology can make business easier for its clients. 

The bank has adopted a bold stance on automation through the use of robotics, working across business divisions to create the Hybrid Operations Robot (Thor), an automated program that is designed to follow processes and work on set tasks 100% of the time. The result is faster service time for customers, and the operational output represents the equivalent of eight members of staff. 

Modernisation is also about building on successful existing products. HSBC launched its next-generation virtual accounts (ngVA) in 2019, an expansion on standard virtual accounts with a ledger record linked to a physical bank account. The ngVA can be used by corporates as a working capital tool, supporting the centralisation of corporate treasury, on behalf of payments, and detailed payer identification that can be used by companies, regardless of size. 

Drew Douglas, HSBC regional head of global liquidity and cash management, North America, says the bank is ensuring its services match the changing demands of its customers: “As the treasurer’s function becomes more integrated into business operations, it has become increasingly complex. That’s why we are not only investing in technology enhancements, but coupling that with the knowledge and experience of our teams to best serve our clients’ needs.”

Looking to the future is not just about the latest technology. As corporates and consumers alike become more environmentally conscious in their purchases, HSBC has been quick to keep pace with changing expectations. 

Patricia Gomes, HSBC regional head of global receivables and trade finance, North America, says: “Our data shows that 84% of companies are looking to make ethically or environmentally sustainable changes to improve their performance. That’s why we collaborated with Walmart to launch a sustainable supply chain initiative, which allows suppliers to apply for improved financing from HSBC based on their sustainability ratings.”

Western Europe

Winner: UniCredit

UniCredit has invested heavily in improving its banking experience, spending Ä1.7bn on its digital and IT systems as part of its Transform 2019 programme. It also has big ambitions to systematically remove legacy systems in the coming years to improve cash management and trade finance operations. 

For UniCredit, the end goal is to conduct operations as quickly as possible, and with minimum manual input. To achieve this, the bank has adopted a strategy of developing its own tools and modifying existing technology to meet clients’ needs. 

Luca Corsini,  head of global transaction banking at UniCredit, says it is adapting processes in response to customer demand. 

“Our clients are increasingly looking to depart from traditional, paper-based processes towards more efficient digital solutions. On the cash management side, UniCredit has invested heavily in virtual accounts, while simultaneously leading the way with Swift gpi and SEPA Instant Credit Transfer Scheme,” he says.

“On the trade finance side, the bank has developed Trade Finance Gate, an award-winning proprietary platform that allows corporates to manage their trade finance portfolios through a single, easy-to-use portal.” 

Trade Finance Gate works by tracking the flows of trade finance instruments, such as letters of credit, collections and guarantees. Clients can log on to the platform to access the full suite of trade finance products, and contact the bank with their business queries. Trade Finance Gate can also be customised by clients to meet their individual needs. Restrictions can be placed on what employees can access, meaning they only see as much detail as is necessary for their role. 

Meanwhile, the bank saw a gap in how customers were being notified of transactions being completed through Swift gpi, and implemented their own message alert for funds received. 

By understanding the complexity of the transaction banking industry and the demands of keeping pace with ever-changing regulation, UniCredit has committed to supporting its clients in implementing these changes as part of their relationship. 

Cash management

Winner: HSBC

As everyday banking becomes more sophisticated and available around the clock, treasurers are looking to see the same ease replicated in their professional lives. While this is a challenge, it is one that HSBC has embraced with its cash management business. 

HSBC is creating greater levels of autonomy for its customers in their banking decisions. The creation of beneficiary self-management allows customers to register and initiate payments with just an email address for verification. Beneficiaries can also opt to receive real-time details on transactions via text message or email. 

The Liquidity Management Portal, meanwhile, gives a real-time visualisation of cash flows across products and multiple banks. Clients can narrow this down to an individual account to get a granular insight on their cash positions, and then choose to change their liquidity structures or investments thanks to the insight from the aggregated data.  

“We see disruption from technology as positive, because it is driving demand for transaction services across the world,” says Diane Reyes, global head of global liquidity and cash management at HSBC. 

“Today, our clients expect us to execute transactions faster and more seamlessly than ever before, and we will continue to meet these needs by increasing our investment in innovation. 

“This is helping clients to be more efficient in their treasury operations, for example by enabling them to track payments all the way to the end beneficiary. But what is even more exciting is our ability to give clients actionable insights from our digital tools, to support strategic decisions about how they grow their business.”

Crucial to HSBC’s successful strategy is the acknowledgement that it cannot create everything in-house. The bank teamed up with fintechs in the development of its next-generation virtual accounts, which allow users of virtual accounts to get a ledger record of their transactions. 

HSBC’s Manage Bank Feeds has been developed with three cloud accounting software providers to send daily bank transaction feeds directly to the customer’s accounting systems.

Payments

Winner: Citi

Citi has long taken the route towards digitising its transaction banking business. As the bank has launched a succession of digitised products, including CitiDirect BE and CitiConnect, it has developed a data pool. The bank has launched Citi Payment Insights a way for clients to delve into this information, in conjunction with the data from Swift gpi, to give clients real-time transparency in their payments.

The bank also offers clients help to better identify potentially incorrect or fraudulent transactions. Citi Payment Outlier Detection is a tool that utilises machine learning to compare a client’s past payments with their recent payments and thus identify unusual transactions. An alert is sent when a potential outlier is identified, accompanied by a prompt to either approve or reject the payment. 

Making payments with systems that are country-specific can be an arduous undertaking for companies that have operations in numerous countries, even if the benefit is the ability to make real-time payments. With this in mind, Citi has been working on ways to link the numerous instant payment facilities that are being launched. 

Citi Instant Payments pulls all the platforms from 30 different countries together with a single point of entry. As most of the systems are using the ISO 20022 standard, this allows for the implementation of new services, such as tokenisation, request to pay, and the use of QR codes at
the point of sale. 

Manish Kohli, global head of institutional payments and receivables, treasury and trade solutions at Citi, says innovation is at the heart of the bank’s transaction banking business. 

“Citi is keenly focused on helping our clients to grow: from enhancing their core operations, helping them expand to new markets, to deliver a better end-user experience to the customers of our clients,” he says. 

“At Citi, we are committed to bringing innovation mainstream, enabling clients to take advantage of the latest technologies to support their growth agendas today and well into the future.”

Securities services

Winner: BNP Paribas Securities Services

BNP Paribas Securities Services landed an award this year following bold changes to overhaul its operations. Using the technology at its disposal, the bank has looked at how it can use artificial intelligence (AI), machine learning and natural language processing to improve the customer experience. 

In spring 2018, BNP Paribas Securities Services launched securities inventory management to automate the transfer of securities between different markets. The development uses digital systems that are already available, such as forecasting and position management, to ensure the securities purchased are moved to their domestic market at the end of every day. Holding assets domestically reduces the risk of information being lost, and local teams have direct contact with the issuers. Being close to the local market also results in better market deadlines. 

Patrick Colle, general manager of BNP Paribas Securities Services, says: “We are delighted to have been named best bank for securities services by The Banker. Ten years ago, we made the decision to develop a truly global but multi-local business model and to service an increasingly global client base. This strategy is paying dividends today, helping our clients achieve the market proximity they need to seize opportunities in international markets, but also helping them meet increasingly complex local regulatory requirements.” 

Making use of the bank’s proprietary network, a tri-party collateral management service has been launched that enables clients to mobilise securities quickly, and across several markets. BNP Paribas Securities Services became the first custodian to enter the space in 15 years. As a tri-party collateral agent, the bank can handle its clients’ collateral requirements, with the ability to monitor the net exposure calculation, conduct automatic collateral allocation and substitution, and to physically settle and hold the assets. 

Using AI, BNP partnered with a third party to create robotic process automation in order to optimise and scale its existing internal processes. One advantage for clients is the creation of virtual agents, for greater automation of service.

Supply chain finance

Winner: Standard Chartered

Standard Chartered’s supply chain finance approach looks not just at its immediate clients but down the length of the supply chain, as part of its ‘Banking the Ecosystem’ initiative. 

To gain insight into both the physical and financial supply chains, the bank developed a platform with a single access point. Working with third-party providers, Standard Chartered was able to create a portal using Infor Nexus, with oversight of buyers, suppliers, logistics providers and funders. The bank has been able to use the platform to increase its own business opportunities by offering supply chain financing to both existing and new customers. 

While the bank is creating services that will benefit a wide variety of clients, it is also working on services to tackle specific needs. Standard Chartered developed a receivables service solution to assist a company that regularly faced credit terms from between 90 and 150 days. The client was looking for a one-stop solution to allow it to monetise its accounts receivables. Working closely with the client, the bank developed a customised solution that is booked centrally with non-recourse funding made to the client’s subsidiaries’ current accounts. It allows buyers to continue the process of making payments to the client’s subsidiaries, who then forward the payments. 

A client that wanted to be able to offer its suppliers working capital support benefited from Standard Chartered implementing a vendor prepay programme. The bank’s vendor management team held sessions with the client’s suppliers to educate them on vendor prepay, and explained the potential financial benefits of greater visibility regarding their cash flow and access to working capital. The system created a stronger relationship between the client and its suppliers, while also giving the client better working capital management. For the suppliers, it was a cheaper source of funding than looking for external borrowing.

Having increased visibility over their trade cycle gave suppliers greater control over predicting their cash flows. Flexible financing enabled them to rebuild their inventory faster, assisting them in growing their businesses. 

Trade finance 

Winner: DBS

Faced with a changing trade landscape, DBS has worked to ensure its customers are receiving the smoothest possible service, regardless of what they encounter. 

As clients find themselves in an increasingly digital world, DBS is leveraging APIs to create additional ways for customers to connect with banks. Clients can connect with the bank in real time via DBS Ideal Rapid, enabling greater productivity and efficiency with end-to-end trade settlements. 

Sriram Muthukrishnan, group head of global transaction services trade product management at DBS, says: “The trade environment is certainly under pressure due to ongoing geopolitical uncertainties. While there is cause for concern, it has also opened up new strategic corridors for DBS, such as in Vietnam, Bangladesh and Myanmar, which are in our backyard. We are also expanding our capabilities in open account trade financing solutions by connecting to clients’ ecosystems. This helps us to deliver much needed trade financing to small and medium-sized enterprises in a safe and sustainable manner.” 

Meanwhile, the Trade Intelligent Process Automation uses optical character recognition, a chatbot, a smart workflow dashboard and a rules engine to digitise processing. The combination of these elements enables greater controls and compliance checks, and exceptions management. 

In an attempt to tackle the disjointed aspects of trade transactions, DBS worked with PSA International and Global eTrade Services Asia on the creation of Calista. The system allows for better management of the shipment of physical goods. By entering data into Calista, clients can use the details across shipment, custom declarations, trade financing and the payments and collections aspects of a transaction. 

In addition to the above, DBS has begun providing supply chain financing on the blockchain. The implementation has already reduced the risk of lost or damaged documents, as well as improving overall costs as it gives access to lower-cost financing and reduces the working capital cycle, improving cash flow.  

The Judges

Francesco Burelli, digital and payment specialist,  Arkwright

Enrico Camerinelli, senior analyst, Aite Group

Eric Li, research director, Coalition 

Kimberley Long, Asia editor, The Banker 

Joy Macknight, managing editor, The Banker

Ronan O’Kelly, partner, corporate and institutional banking, Oliver Wyman

Wim Raymaekers, head of banking markets and gpi, Swift 

Didier Vandenhaute, partner, PwC

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