Susanne Prager, head of cash management at Raiffeisen Bank International (RBI), discusses the challenges affecting global banking services and the need for the latest tech tools to help companies succeed in CEE and around the world.

Global Finance: What are the overall trends impacting international banking transactions?

Susanne Prager: With the inclusion of new markets in the EU, businesses demand faster, more transparent, and compliant cross-border transactions. In cash management, international customers have shown a strong demand for centralized, digitized, and integrated features. These include account lifecycle management integrated with customers’ treasury systems, a central cash management hub for payments and reporting, and group-wide, near-time cross-border payments. 

GF: What other factors are helping to drive these trends? 

SP: Several drivers influence these trends: technological advances, customer demands for instant and transparent services, evolving legal regulations, and geopolitical developments. Technological innovations like Open APIs enable seamless integration with corporate ERP systems, enhancing efficiency. Regulatory shifts, such as Instant Payments and ISO20022 migration, mandate enhanced compliance and speed. Geopolitical stability and EU expansion have also driven businesses to seek more robust and compliant solutions.

GF: What specific challenges have you identified for those doing business in the CEE region?

SP: Specific challenges in CEE’s international transactions include currency volatility, regulatory compliance, and the need for speed and transparency. RBI addresses these with its SWIFT gpi/International Payments solution, which offers quicker and more transparent cross-border transactions. The SWIFT gpi/International Payments product has reduced transaction time by 50%, significantly benefiting the dynamic CEE market. Furthermore, geopolitical tensions may require robust compliance measures, which RBI ensures through its comprehensive Electronic Account & Reporting Services.

GF: What are some typical situations that might require a new banking solution?

SP: Typical situations where existing banking solutions might fall short include rapid business expansion in the CEE region, increased transaction volumes, and diversified banking needs. For example, companies expanding operations across multiple CEE countries often face complexities in managing multiple currencies and banking relationships. RBI’s solutions like its centralized Cash Management Hub (CMIplus) can streamline these processes. Growth demands better liquidity management, where Electronic Bank Account Management (eBAM) and Open APIs for real-time cash positioning become crucial. 

GF: How can RBI’s CEE presence offer a competitive advantage and benefit the customer?

SP: RBI’s robust presence in the CEE region provides unparalleled market insight and localized expertise. This local knowledge enables RBI to offer tailored services, navigate region-specific regulations and provide more relevant advice and customized solutions, giving clients a significant operational edge.

RBI translates emerging trends into advanced products and services tailored to meet modern corporate demands. For example, Open APIs in Cash Management facilitate seamless integration with corporate systems, while eBAM and CMI plus offer streamlined, multi-bank electronic account management. The recent ISO20022 migration facilitates more efficient payment processing and compliance. These innovations collectively provide clients with enhanced speed, security, and ease in managing complex cash operations.