Banks and corporates have revealed the deep level of division between them at various Sibos sessions on the state of the corporate to bank payments and cash management market. The main sticking point is the plethora of legacy proprietary systems that banks have built over the past five years to lock in corporate accounts.
There are too many proprietary platforms that have been built by banks and corporates, said Julie Monaco, a senior vice president for cash management at JPMorgan. It is a cumbersome, inefficient environment for both the banks and their corporate clients. It is time to change the approach and abandon those business practices which are based on...
