Financial institutions play a crucial role in collaborating with regulators to modernise payment infrastructure while minimising client impact. Euromoney's Corporate Treasurers on Key Trends in Cash Management report highlights the variety of approaches to payment-systems modernisation, with the most proactive ensuring that the necessary changes are baked into their development roadmap.
In Europe, banks face challenges with the upcoming Instant Payments Regulation (IPR) deadline, while in the US they are adapting to FedNow compliance. Banks in Canada may have been relieved to hear that the real-time rail system will not be operational until 2026, but the upcoming migration to ISO 20022 in just over a year is keeping everyone on alert.
Wim Grosemans, global head of product management, payments and receivables at BNP Paribas, says the firm “got ahead of the game” on the IPR by investing in a new common infrastructure that is deployed in all euro countries where the bank is present.
“With instant payments available to our customers through several channels, it is mostly a matter of harmonising all initiation channels for these euro countries to meet the deadline of October 2025 for sending instant payments,” he adds.
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