For decades, transaction banking was a profitable but largely ignored corner of the banking industry. Then Covid happened. Today, bank chiefs see it as critical to everything they do. Given the challenges ahead – collaborating with fintechs and embedding ESG principles in global supply chains – the revolution under way in this business is unstoppable.

Corporates appreciate the value of APIs when it comes to connectivity for services such as payment order transfers, cash balance updates and payment status updates. But a lack of uniform data standards continues to hinder their wider adoption.

Two new platforms show how India is building on top of its digital foundations.

Banks are calling for greater cooperation from regulators as they address demands for cheaper and faster cross-border payments.

The volume of payments processed outside the traditional banking sector is growing rapidly. But banks remain confident that they can remain competitive against non-bank or fintech alternative platforms.

The domestic economy is flatlining while interest rates continue to rise, but the booming banking sector has helped overall UK corporate payouts keep pace with those elsewhere.