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The European Banking Association (EBA) says banks need a better understanding of real-time data.
That’s according to a report published by the EBA on Thursday (1 December) on the use of real-time data in corporate liquidity management based on research by the Liquidity Management Working Group (LMVG).
The EBA said the document was designed to provide insight into how some companies are using real-time data in liquidity management and where they could benefit from access to real-time data. The goal is to point out the possibilities and limitations for banks in this space.
Christer Billing, chairman of LMVG, said that with the upcoming messaging standard ISO 20022 and the advent of instant payments, European banks have invested heavily in the infrastructure that allows them to deliver real-time data and payments to their corporate clients.
But to best support these customers, “banks must now develop a clearer understanding of how customers can best use this real-time data to manage liquidity and to support business decisions in general,” Billing said.
The report features six case studies of companies from a variety of industries, drawing on insights from corporate treasurers to determine “how companies are using data to manage liquidity, when they value real-time bank data, and use cases for which treasurers could use real-time data more.” to the time provided by the bank”, announced the EBA.
PIMNTS discussed the importance of real-time data in June – especially in light of global events like the pandemic – in a conversation with former Microsoft treasurer Tahreem Campton.
Compton said the technology and the data collected and analyzed by the technology is vital to juggling things like the integration of multiple cash accounts, supplier insights and foreign exchange risk, in real time.
He cited the example of the Russian-Ukrainian conflict, which brought financial services to a standstill for a while. With real-time data at hand and a game plan (as well as a measure of technology-driven automation), Microsoft was able to ensure that employees in the region could be paid without interruption.
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