Corporate treasurers pushing for fintech collaboration
Two corporate treasurers at the Swift Business Forum London 2018, taking part in ‘The future of cross-border payments – a corporate’s view’ panel, air their experiences of working with the banks and how their expectations around fintech collaboration are yet to be reached.
Corporates felt like their requests were being overlooked as banks and fintechs clamoured over winning market share, but with a need for fast, safe and reliable transactions, having the competitors work together seems to be the most effective solution.
Stephen Darnley, corporate treasurer for International Air Transport Association (IATA), explains he is not concerned with the use of fintechs by banks, preferring to see a collaboration with a bank than to go to a fintech directly.
“We do not want to work directly with fintechs, but with the banks in partnership it becomes a different question,” he says. “Having that bank involvement validates which fintechs to work with.
“Fintech ideas fall down when they run up against regulation.”
The prospect of fintech involvement is not seen as a red flag, says Darnley, adding: “The industry is not concerned if it needs the involvements of fintechs to make the problems better.”
Nicholas Franck, director, group treasury projects at cosmetics company Oriflame, says the climate of competition has got in the way of real progress being made.
“It seems like banks and fintechs want to push each other on, but it seems like a missed opportunity,” he says.