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Real-time payments drive innovation and efficiency. RTP promises to make TCM banking more agile, integrated, and efficient. Leading North American banks are taking up the challenge.
The introduction of FedNow and of The Clearing House’s real-time payments (RTP) network has fundamentally altered treasury and cash management (TCM) in the US. Unlike conventional payment systems such as ACH and wires that are subject to cutoff times and processing delays, these new systems offer continuous real-time payment functionalities, 24/7, 365 days a year.
These systems are also facilitating a trend toward more agile, integrated, efficient, and intelligent TCM solutions. From realtime payment processing and enhanced liquidity management to streamlined collections and comprehensive digital platforms, North American banks are innovating to meet the evolving demands of a globalized and increasingly digital economy.
Best Bank for Transaction Banking | Bank of America
Bank of America (BofA) takes three regional titles this year: Best Bank for Transaction Banking, Best Corporate Cross-Border Payments Solutions, and Best Provider of Short-Term Investments/Money Market Funds. Mark Monaco, head of Global Payments Solutions, highlights BofA’s focus since the pandemic on helping companies adapt to new global supply chain conditions.
“Ever since the pandemic, we’ve been working with companies on how they can pivot as seamlessly as possible to working with new buyers or suppliers in new regions and countries,” he says.
With BofA’s guaranteed foreign exchange rates product, Monaco explains, “corporates can lock in an FX rate for up to one year, allowing for peace of mind, especially when there’s volatility in the currency markets.” He adds that clients demand a secure digital banking platform with powerful capabilities, offering an easy and intuitive experience. “We recently launched Capital Markets Insights, allowing CFOs to have a more complete view into their finances,” he says. “We’re simplifying corporate treasury operations by simplifying the experience on CashPro and eliminating friction wherever it makes sense.”
Best Bank for Cash Management | Citi
Ashish Bajaj, global head of Financial Institutions and Correspondent Banking at Citi says, “The US real-time payments landscape is on the cusp of a major transformation. The groundwork has been laid, and we expect rapid growth of real-time payments in the coming years. With FedNow gaining traction and The Clearing House’s RTP network already processing significant volumes, the momentum is building rapidly.”
Citi is actively expanding its instant-payments network, including features like Pay by Bank. Meanwhile, Spring by Citi enables around-the-clock e-commerce and business-to-business funds flow. Along with Citi Payments Express and CitiConnect application programming interfaces, recent tech advancements include a white-label, real-time, cross-border payment-tracking solution for beneficiaries.
Best Bank for Long-Term Liquidity Management | J.P. Morgan
J.P. Morgan boasts a strong global footprint with a significant North American presence. The bank offers extensive transaction banking and treasury services, including robust cash management and liquidity solutions for a broad range of clients, particularly large corporations. J.P. Morgan is actively investing in blockchain technology to enhance cross-border payments, which it expects will significantly impact liquidity management.
Best Bank for Financial Institutions & Best Bank for Payments | BNY
BNY is a pioneer in real-time solutions. The first US bank to originate a real-time payment on the RTP network, BNY further solidified its leadership last year with a full-scale migration of its payments business to its new Payments Enablement Platform. In addition to offering 24/7 US-dollar payments, real-time data, and improved liquidity management, BNY supports over 2,000 financial institutions for cross-border transfers.
Best Bank for Collections | BMO
Beyond payments and liquidity, efficient collections remain a cornerstone of treasury management. BMO provides a comprehensive North American lockbox network and the only fully integrated remote deposit capture capability in North America for check deposits. BMO boasts convenience, speed, and choice for clients via a portfolio of more than 25 receivable products.
