For more information on the Cash Management Survey 2023, please click here.
For details of the Euromoney Cash Management Survey for Non-Financial Institutions, please click here.
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Global Market Leader
Global Best Service
Global Best Service Currencies
Regional Market Leader
Market Leader | |||
All currencies | |||
2022 | 2021 | Bank | |
1 | 2 | DBS Bank | |
2 | 1 | HSBC | |
3 | 3 | Standard Chartered | |
4 | 4 | Deutsche Bank | |
5 | 6 | Citi | |
6 | 5 | JPMorgan | |
7 | - | Bank of China (Hong Kong) | |
8 | 14 | MUFG | |
9 | 9 | SMBC | |
10 | 8 | Barclays | |
11 | 18 | Mizuho Financial Group | |
12 | 10 | Bank of China | |
13 | 16 | Bank of New York Mellon | |
14 | 13 | ANZ Banking Group | |
15 | 17 | OCBC Bank | |
16 | 19 | Wells Fargo | |
17 | - | Natwest | |
18 | 7 | Commerzbank | |
19 | 15 | Bank of America | |
20 | 11 | Societe Generale | |
Market Leader | |||
Australian Dollar | |||
2022 | 2021 | Bank | |
1 | 1 | ANZ Banking Group | |
Market Leader | |||
US Dollar | |||
2022 | 2021 | Bank | |
1 | 4 | DBS... |
Cash Management Survey Results 2021
To see the Euromoney Cash Management Survey 2021 results, please click here.
View Other transaction services Coverage
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A report published by management consultancy Baringa at the end of May suggested that UK firms face the largest-ever increase in debt-driven costs between now and the end of 2026.
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The disconnect between global economic growth and commodity prices is focusing treasurers’ minds on hedging exposures to everything from cocoa to cobalt.
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The bank is targeting the often-overlooked service sector with structured solutions, along with identifying embedded finance as a fast-growing segment. With the launch of Global Trade Solutions, it goes beyond traditional product offerings and financing.
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Bankruptcies in the buy-now-pay-later market, together with tighter regulation, present an opportunity for banks to steal a march on pure-play providers.
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The limitations of the Alternative Investment Market are forcing many companies to explore other sources of funding. Nevertheless, there is optimism that the market for small and medium-sized growth companies can be revived.
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Mamerto Tangonan, the deputy governor and head of the payments and currency management sector at the Bangko Sentral ng Pilipinas, tells Euromoney how southeast Asian countries are using advances in digital payments to revolutionize cross-border transactions.
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There is pressure on corporate treasurers to maximise the benefits of embedded finance, despite the lack of additional resources.
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With corporates taking a more holistic view of sustainability, banks are under pressure to address concerns over reporting and verification requirements for sustainable working capital, trade finance and liquidity management products.
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Euromoney recently sat down in Dubai with the heads of investment banking for HSBC in the Middle East. The conversation focused on the burgeoning trade and deal flow between the Gulf region and Asia, what investors on both sides are looking for and why they like what they see.
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MBridge, China’s cross-border digital currency initiative, has entered the minimum viable product stage. It is the world’s most advanced cross-border CBDC and stands on the cusp of playing a pivotal role in the de-dollarization process.
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The recent resurgence in M&A activity has driven interest in deal-contingent hedging as firms look for a buffer against unfavourable FX or interest-rate movements.
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Does the high number of drawn-out insolvency cases in the UK suggest a failure of regulation?
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By starting from a blank sheet of paper, Royal Bank of Canada hopes its new US cash-management platform will allow it to capture a greater share of wallet from existing clients while not being held back by legacy technology.
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Corporate treasurers are playing it safe when balancing the merits of exploiting improved access to capital against the risk of unexpected economic shocks and business interruption.
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Will increased transparency in the European corporate bond market lead to higher transaction costs for large trades?
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Banks and regulators are keen to use instant payments to reduce the influence of Visa and Mastercard on the European payments industry – but replacing these two dominant players will be far from easy.
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Chief financial officers and finance directors have much to gain from bundling treasury services if they can convince senior management that such offerings deliver value for money.
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As mandated real-time payments loom, Europe’s banks and other payment providers must look at modernising legacy infrastructure.
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Corporates’ longstanding complaint on banks’ payments offerings is that they don’t know what they are being charged for but suspect it is too much. Airwallex now provides an alternative at global scale.
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Digital negotiable instruments offer the prospect of improved working capital and better liquidity, but they face implementation challenges.
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Quarterly survey reveals that UK finance professionals may be feeling more upbeat about prospects, but that this is yet to translate into a willingness to take greater risk onto balance sheets.
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The EU’s Instant Payments Regulation may have fired the starting gun on real-time payments in Europe, but many banks remain stuck in the blocks.
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As banks retreat to their home markets, they must find reliable partners to serve corporate customers overseas or risk losing them.
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The challenges around distributed ledger technology implementation and integration for bond issuance have proved more significant than early proponents had hoped.
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Market conditions have heightened concerns over the potential cost of failed securities settlement as the world’s largest financial market prepares to move to T+1.
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The decision by the US SEC to drop mandatory Scope 3 reporting weakens global emissions reporting standards. However, many corporate issuers are already using Scope 3 performance targets on sustainability-linked transactions for non-regulatory reasons. Are the debt and equities markets leading companies onto ESG ground upon which regulators fear to tread?
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While welcome, initiatives by the government and financial sector bodies designed to make it easier for companies to raise funds in the UK face a number of obstacles.
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In a world of higher interest rates, economic uncertainties and data overload, corporate treasurers are turning to cutting-edge tools and strategies to predict and optimize their cash flows.
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The German lender’s decision to put its chips on southeast Asia is paying off handsomely. Under the leadership of Asia CEO Alexander von zur Mühlen, Deutsche Bank has doubled its capital in Vietnam and Indonesia, with more to come, moved a host of global roles to the region, and has seen Asean eclipse its India and China business in terms of growth and absolute numbers.
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Asset managers and industry regulators face operational challenges around the tokenization of private assets.
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Corporates seeking to leverage sustainable investment opportunities continue to be restricted by the lack of reliable data on which to base their assessments.
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Many vendors believe corporate treasurers should be doing more to eliminate superfluous accounts, protect payment data and direct resources to improving paper-based processes.
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Leading commercial banks are focusing on their approach to relationship management to reassure corporate customers that they are being listened to.
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There was a big rise in the number of respondents to Euromoney’s Trade Finance Survey 2024 who received an increase in credit from their trade banks last year – 45.7%, up from 41.8% in 2023.
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More than 60% of respondents to Euromoney’s 2024 trade finance survey expect an increase in use of trade financing over the next three years.
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Some 50.6% of respondents to this year’s Euromoney Trade Finance Survey say the cost of credit from their trade banks has increased over the past 12 months, compared with 45.4% in 2023.
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Domestic companies launch banking-as-a-service models as the country's central bank creates space for new entrants.
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Traditional custodians are maintaining their dominance in the face of growing fintech activity in the sector.
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Boosting the role of corporate treasury by enabling it to centralize group-wide FX management may sound appealing, but implementation and cost challenges should not be underestimated.
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Accommodating credit markets mean that corporates are keen to get fundraising completed ahead of elections on both sides of the Atlantic.
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Corporates continue to exhibit worrying levels of complacency when it comes to the implications of rate rises for their bottom line.
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Trade-receivables securitization transactions are flourishing as corporates seek more affordable access to long-term financing.
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Uneven progress towards financial market reform across the continent continues to pose a challenge for ambitious African corporates.
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While the world’s biggest markets are still preparing for T+1 settlement, talk is growing of the next step – but going any faster would mean a total reworking of how markets function.
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It is not hard to find short-term worries over global markets’ state of readiness for the US’s transition to one-day settlement in late May. But even if the UK, Europe and those Asian markets still using two-day settlement can adapt to the shift in the longer term, they will also face intense pressure to lessen their dislocation from the US cycle by copying its move. Many also fear the ultimate end-game of same-day or even instant settlement.
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Corporates are adopting a variety of approaches to mitigate the impact of uncertainty in foreign exchange markets caused by divergence in economic policy and performance.
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Collaboration between national banks has seen widespread adoption of mobile payments schemes. The French and German-led approach of focusing on a single European scheme could therefore be seen as a distraction. But is it the only real way of keeping US payment companies at bay?
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Implementing real-time payments can have consequences for corporates who underestimate the impact of cash leaving their business more quickly. Even as solutions become cheaper to implement, corporates are being cautious.
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Proposed regulatory changes will not dull treasurers’ appetite for money-market funds, even if interest rates are cut more aggressively than expected.
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Many companies still ignore the contribution that properly resourced treasury teams make to corporate performance.
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Elevated inflation and interest rates have focused treasury attention on the importance of diversification, particularly for those with an environmental, social or governance focus.
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Strategic adjustments, such as those resulting from mergers or acquisitions, represent a valuable opportunity for corporates to enhance their payment infrastructure.
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Siemens is anchor client for a new rules-based approach to banking.
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Many corporates are realising the benefits of intercompany netting on FX risk, trading and cash-flow visibility.
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The commodities firm still needs large banking groups and a range of options when it comes to supporting its operations.
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Thailand wants to give almost every adult in the country money through a digital wallet. It’s an interesting step towards bringing digital finance to the mainstream.
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Kenyan authorities have cleared Flutterwave of wrongdoing following an anti-money-laundering case in the East African nation. Nevertheless, industry confidence in the Africa-focused payments company remains mixed.
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The overall use of cash will continue to fall, but the decline of bank branch networks means that businesses now face a headache in handling physical takings.
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While the air at the Singapore Fintech Festival was full of grand ideas about GenAI, real innovation was taking place in the weeds of fintech development.
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Standard Chartered’s corporate and institutional bank can increase its profitability even when rates fall, divisional head Simon Cooper tells Euromoney. After reaping the benefit of investments in cash management, he is now turning to the financial markets business, especially credit – reinforcing efforts to grow clients in Europe and the Americas.
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Competition for deposits is influencing pricing decisions on commercial loans. However, the major cash-management banks insist that they have maintained both deposit levels and lending rates.
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Data hoarding, ESG illiteracy and credit risk are roadblocks for regional banks looking to establish sustainable supply-chain financing programmes in the Gulf, just as COP28 approaches.
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Transaction banks must help their corporate clients to make the best use of new technologies, but without burdening them with unsustainable IT spending commitments.
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Lack of standardization is one of the main reasons why API adoption has been slow in certain markets.
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Liquidity concerns and the search for yield are encouraging corporates to expand their roster of cash management service providers.
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The big cash management banks are confident that offering a wider range of services will enable them to maintain their market strength.
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Banks say they are working hard to maintain an edge in an increasingly crowded and fragmented cross-border retail payments market.
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While banks have accelerated digital solutions across business lines, accomplishing end-to-end digitalization of global trade remains far beyond their reach. The complexity of supply-chain finance remains a challenge, and banks continue to hunt for scalable solutions. Embedded finance could be the answer.
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The inability of trade-finance participants to fully leverage the value of the data generated by transactions remains a source of frustration, particularly for small businesses.
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Banks may be retreating from lending directly to small and medium-sized enterprises, but by lending to credit specialists with good technology they can still be a source of funding for the sector.
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Widespread use of ISO 20022 could have a far-reaching impact on supply-chain finance by facilitating faster processing of transactions.
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While foreign investment in China has fallen, supply-chain shift is a different story. Rather than transferring their main production away from China, manufacturers are cultivating deep regional supply chains across Asia and beyond.
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It took five years for the invoice finance specialist Accelerated Payments to advance its first €1 billion, but just nine months for the next €500 million.
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Transaction banks are collaborating with ERP system vendors and other fintechs to maximise corporate use cases for ISO 20022.
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Corporate treasury expectations for on-demand financial information are yet to be addressed. The difficulty of gathering data from disparate systems should not be underestimated.
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Euromoney talks to Jacques Levet, chief digital officer at BNP Paribas, about the competitive advantage that newly acquired FX fintech Kantox offers.
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Beneath the Great Game geopolitics of US-Vietnam relations, there are some intriguing possibilities in the detail.
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Securities finance practitioners are taking a mix of approaches to managing cash, funding and liquidity in a shortened settlement cycle.
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Overall volatility in commodities markets may have dropped from the highs of last year, but uncertainty in specific sectors continues to put pressure on corporate hedging strategies.
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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.
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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.
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Two new platforms show how India is building on top of its digital foundations.
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Banks are calling for greater cooperation from regulators as they address demands for cheaper and faster cross-border payments.
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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.
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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.
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While central banks announce the latest controlled tests on blockchain-based digital money, a handful of leading commercial banks are already in full production.
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With Apple set to take an even bigger bite out of UK in-person transaction volumes, rival providers of payment technology will be looking to up their game.
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Thames Water has become the highest profile example of a UK corporation that finds itself hamstrung by inflation-linked bonds issued at a time when persistent high inflation and economic stagnation seemed unlikely bedfellows.
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Accessing funds via debt capital or private placement may seem like an onerous task, but a growing number of corporates see it as an opportunity to mitigate the impact of changes to bank-capital deployment.
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The increased corporate focus on environmental, social and governance issues is impacting treasury teams that can struggle to justify their initiatives.
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Providers of trade finance remain bullish despite predictions that growth in global trade will stagnate during the remainder of this year.
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Banks must address the nature and quality of trade finance roles to address staff longevity concerns.
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Sinan Ozcan, senior executive officer of DP World Trade Finance – part of the company that handles around one-eighth of global trade volumes – talks to Euromoney about its plans to finance these volumes as well.
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High interest rates and low bank appetite for risk have created the perfect conditions for a renaissance in invoice factoring.
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The green transition is boosting demand for key metals and Africa’s commodity markets are under pressure to increase extraction. But buyer awareness of Scope 3 emissions means that processes need to be cleaned up and fast.
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Better AML controls across traditional financial systems have increased the appeal of international trade as a conduit for fraud.
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Extreme FX volatility is proving a challenge for some finance directors who are struggling to minimize the impact on their bottom line.
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Most leading providers of trade finance have welcomed changes to disclosure rules despite research suggesting they could negatively impact demand.
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As interest rate volatility persists, corporates are taking a hard look at their trade finance options.
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The evolution of Brazil’s central bank payments programme could be good news for banks.
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The banking sector appears to be quietly confident that the European Commission will row back on new regulation that, if enacted, could notably increase the cost of some trade-finance instruments.
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The big transaction banks are becoming increasingly active in the B2B marketplace as they seek to cash in on corporate digital transformation.
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Growing treasury demand for advisory services from banks suggests that investment in predictive analytics applications at the latter is starting to bear fruit.
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Marketplace lending providers are pinning their hopes on challenging economic conditions to persuade investors that they can disrupt the lending market.
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Turkish airline Pegasus hopes an innovative funding solution tied to sustainability targets will help it increase capacity despite challenging market conditions.
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Twinco Capital facilitates access to sustainable funding by focusing on pre-production finance.
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Rising interest rates have driven demand for more efficient liquidity structures.
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Business-to-business buy-now-pay-later providers are optimistic that economic uncertainty and higher interest rates will drive corporates to pay suppliers sooner and secure inventory more rapidly.