CASH MANAGEMENT: PAYMENTS
The crisis is compressing a half- decade’s worth of change into less than one year McKinsey Global Payments Report 2020
continue to evolve beyond the traditional e-commerce models into wider ecosystem connectivity. Future mobility trends, such as public transport and electric vehicle charging, for example, will increasingly rely on the rapid, convenient exchange of value across multiple counterparties.
However, the pandemic has shown that the future of payments will not be decided by banks, fintechs or governments. Instead, these organisations simply create the conditions and solutions that enable new business models to grow, and consumers and businesses to consume goods and services in a way that best meets their needs. Consequently, a vision of the future as we might envisage it today is unlikely to look the same as the one we had even 12 months ago.
With the development of new, integrated, omnichannel solutions, from card acquiring through to digital wallets and alternative payments, FX and marketplace solutions, however, businesses can build their payments and collections infrastructure in a way that acknowledges that payment methods, and consumer and business preferences, will evolve and reinvent the way we buy, sell and pay.
Deutsche Bank and Mastercard expand partnership
On 24 February 2021, Deutsche Bank and card services provider Mastercard announced they are “expanding their partnership to jointly develop innovations in the area of digital payments for business clients”.
The announcement explains that companies will now be able to offer their products and services to new customer demographics, develop digital business models and expand sales channels in Germany and beyond. These include digital platforms where firms can offer their products directly to consumers. To do this, they will need an efficient payment management system for mobile and digital payments, as well as a fully integrated series of payment flows into their financial and accounting systems.
Helen Sanders is an independent treasury and transaction banking specialist, formerly editor of Treasury Management International and Director of Education at the Association of Corporate Treasurers
Sources 1
See
https://mck.co/2ZmacYD at
mckinsey.com
2 See
https://bit.ly/2NucSAW at
mastercardservices.com 3 See
worldpay.globalpaymentsreport.com 4 See endnote 1
“The coronavirus pandemic has triggered exponential growth in corporates’ demand for digital payment solutions,” said Ole Matthiessen, Deutsche Bank’s Global Head of Cash Management, as the bank announced that it was strengthening its partnership with Mastercard.
“Payments is the key interface between banks and their clients,” added Matthiessen. “Worldwide, only very few banks cover the entire spectrum of the payments area. This starts with card issuance and merchant acceptance and extends to cover payments clearing
in the domestic and foreign markets, as well as additional services such as currency hedging, cash flow forecasting, or even fraud management services.”
Peter Bakenecker, Divisional President Germany and Switzerland at Mastercard, commented: “The timing is ideal given current market developments, the imminent pandemic-induced shifts in global payments and companies’ accelerated digital transformation.” With Covid-19 adding to the impetus, McKinsey projects future growth in digital payments revenues of 6% per year to 2023, while Capgemini expects transaction volumes to increase by 11% each year over the same period.
The pandemic has triggered exponential growth in corporates’ demand for digital payment solutions
Ole Matthiessen, Global Head of Cash Management, Deutsche Bank
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