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Recap #2: Round Table “The bridge between customer convenience and reconciliation” | Toekomst Betalingsverkeer
04-10-2021 | François de Witte | treasuryXL |
Here is my second recap where I will highlight the round table topic: Request to Pay: the bridge between customer convenience and reconciliation?
1. Introduction
On September 9, 2021, the event “Toekomst Betalingsverkeer” has taken place in Amsterdam. Amongst others, following topics were covered:
I hosted two round table sessions, the other round table named “Payment Challenges in a Post-Covid World”, and you can read the recap here.
2. Setting the Scene
The Request to Pay (RTP) is a payment technique allowing a business or individual wishing to receive a payment, to send an electronic request for that payment to the debtor account.
The request will be received by the payer – most likely via an electronic interface such as a mobile banking app showing the requested amount and the due date. The payer will then have some choices:
If the payer chooses to make a payment, the payee will be notified whether the payment is in part of in full and when it has been confirmed.
The scheme is operational in the UK.
The European Payments Council has published the first version of the Single Euro Payments Area (SEPA) Request-To-Pay (SRTP) scheme rulebook, which is expected to go live during 2022.
3. Outline of the scheme
Source: IS REQUEST TO PAY THE SYSTEM FOR A WORLD OF NEW NORMS? Finextra July 2020
4. Request to Pay: Benefits and challenges
The major advantage of the scheme is the convenience: when consumers want something, they want it quickly—immediately, if possible— and they want to pay for it as simply as possible, preferably using contactless payment. And, if possible, without even leaving the couch to dig out their card or account details.
Another advantage for the payor is that keeps a full control of the payment process.
For the Merchant, there are also important advantages, such as:
The challenges are to find the right and secure network to send the invoices and to channel the payments – there are already providers positioning their offer, to get the consent of the payer to receive his invoice through the RTP and to come to a standardization of the different schemes. This will be a key driver of success.
The SRTP (SEPA Request to Pay) is a good step in this direction. Following on a 3-month public consultation, the EPC expects to publish on 30/11/2021 its next rulebook (entering into effect 6 months to 12 months later – to be confirmed).
Thank you for reading!
To see all my previous blogs, click here.
François de Witte
Refinitiv case study | How Mercuria manages risk across assets with a single platform
04-10-2021 | treasuryXL | Refinitiv |
Mercuria is a global energy and commodity group, operating in more than 50 countries with over 1,000 employees and offices worldwide. Read more about why Refinitiv Eikon was selected to fulfill the complex cross-asset requirements from pre-trade, trade, through to post-trade and credit screening.
Mercuria’s business lines cover a diverse range of commodities trading as well as large-scale infrastructure assets. For that reason, they searched for a cross-asset platform to manage credit, pre-trade, trade and post-trade to quickly, efficiently and accurately access global market insights, trusted market data and ‘best-of-breed’ industry analytics to help price-up derivative products.
Refinitiv Eikon platform was selected to fulfil the complex cross asset requirements from pre-trade, trade, through to post-trade and credit screening.
#8 Working with a Currency Provider that uses Rigid Procedures
30-09-2021| treasuryXL | XE |
A common problem for companies looking to manage Currency Risk effectively and want to carry out transactions as cheaply as possible, is that the terms of their currency provider are not flexible enough. This can especially be a problem for companies for which a hedging strategy is suitable but who are put off by the need to pay upfront or a margin for their forward positions. Some currency providers may in such situations offer more flexible credit terms than others.
Zonder die flexibiliteit is een hedgingstrategie voor sommige bedrijven niet haalbaar, zelfs als het valutarisico van het bedrijf aanzienlijk verminderd zou kunnen worden door de implementatie van zo’n strategie. In andere gevallen kunnen bedrijven wel hedgingposities nemen, maar niet onder de voorwaarden die het best bij hun individuele omstandigheden passen. Denk ook aan andere vormen van flexibiliteit. Biedt uw valutaprovider bijvoorbeeld toegang tot verschillende soorten betaalservices? Dat kan van belang zijn als u snel betalingen wilt doen aan verschillende partijen in verschillende markten en tegelijk zo veel mogelijk tijd wilt hebben om de transactie te voltooien. Zoek een provider die zijn service kan afstemmen op uw specifieke eisen en wensen. Uiteindelijk gaat het erom uw bedrijf zo veel mogelijk speelruimte te geven. Of het nu gaat om de dagelijkse transacties of het beheren van het langetermijnrisico, de manier waarop u vreemde valuta benadert, moet worden bepaald door zakelijke eisen en niet door de beperkingen en rigiditeit van uw valutaprovider. Bespreek met verschillende providers wat zij u kunnen bieden.
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