May you live in interesting times, the old saying goes. For corporate treasurers, life has never been so interesting, amid a boom in new business models, globalised operations and new technologies for almost every aspect of business. Treasurers have a wealth of opportunity to add value, but they also face rising threats in ensuring they deliver on their remits and keep pace with their peers.
For the banks that offer transaction banking products and services, the double-edge sword presents a complex challenge. They must ensure they have the talent, innovation capabilities, and balance sheet flexibility to offer treasurers the tools they need. And they must do so at a time of rising macroeconomic and geopolitical headwinds. The stakes are high, but banks that deliver on these imperatives are posting record revenues and creating competitive impetus that sets them apart.
These are some of the findings of Euromoney’s global cash management survey 2024. This year, more than 30,000 corporate treasury and finance professionals participated in the survey, sharing their views on the key challenges they face and on the banking solutions that are shaping their ambitions.
The number one message emerging this year is that treasurers are no longer ambivalent about the need to embrace automation and digitisation. From cloud-based services to advanced analytics and API-enabled ecosystems, banks that have helped companies adopt and integrate treasury platforms and technologies have an edge over competition. That said, there is often a gap between what banks can offer and where companies are on their implementation journeys.
This report explores the journey of banks that have set themselves apart, examining their strategies and reasons behind their success.
Defining the benchmark for excellence for cash management in 2024
Amid a turbulent economic and geopolitical landscape, the world’s leading cash management providers in 2024 delivered more value to their clients than ever before. They distinguished themselves through innovation, offering capabilities such as real-time payments, advanced liquidity management solutions, deep market insights, and predictive analytics.
Banks that topped our survey showcased their ability to provide a diverse array of services to companies around the globe. Additionally, leading institutions revisited core operations to enhance the client experience—introducing later payment cutoff times and simplifying onboarding and documentation processes. Many of these solutions were developed in-house, but cash management leaders were also willing to collaborate with specialists and fintechs.
Methodology
Over a six-week period in mid-2024, Euromoney surveyed more than 30,000 corporate treasurers from over 130 countries. Respondents were asked to share their perspectives on a variety of issues affecting their roles, including the latest market trends, products, providers, and cross-border activities. Treasurers were specifically asked to identify the banks they rated highest across approximately 30 criteria, covering client service, product offerings, and technology. Corporate treasurers selected the top cash management providers globally, regionally, and nationally. Regional rankings required input from at least two countries, while global rankings were based on responses from at least two regions.
The top priority for treasurers in this year’s survey was to continue advancing digitalisation and automation, a trend that has dominated strategic playbooks over the past two years. From implementing new software and using APIs to connect to real-time services, to automating payment processing and reconciliation, treasurers view digital solutions as an essential route to operating more effectively. Artificial intelligence is also playing an increasingly important central role in areas such as risk management and liquidity planning, where pattern analysis supports faster, smarter decision-making in uncertain environments.
Banks that provided excellent advice for digital transformation processes were praised in our survey, particularly where they could operate effectively across borders. And treasurers recognized banks that responded swiftly to challenging market conditions, for instance helping treasurers manage interest rate or currency risks, or by supporting them in aligning with ESG-linked funding.
Despite the focus on innovation and adaptability, traditional values remained important in 2024. Treasurers continue to prefer institutions that offer reliable relationships, personalised interactions, and prompt responses. “Fast and enthusiastic consulting services from our bank’s staff have made a significant difference in managing our finances efficiently and effectively,” noted one survey respondent. However, banks could also fall short when service quality declined, with slow response times, unhelpful agents, and a lack of dedicated support cited as key reasons for switching providers.
Many companies reported a desire to strengthen their banking partnerships and simplify operations. In a challenging economic environment, fees and transaction costs were more critical than ever. While many banks managed to address some of these concerns, the top cash management providers took a strategic approach—proactively identifying challenges and solving them through innovative solutions and adjustments to their own processes.
Looking ahead, treasurers will need to navigate change both within their organisations and in the broader market, manage an expanding range of responsibilities, and create more value for their businesses. For banks, the challenge will be to listen closely and offer tailored solutions that meet individual client needs. The standout banks were those that provided a suite of easy-to-use solutions, shared valuable insights, and added tangible value—whether on a global scale or within specific regions.
Regional best cash management providers
Over the past year, regional banks have achieved unprecedented levels of scale and innovation, often surpassing global banks in niche areas and local advisory capabilities. In this year’s survey, banks that excelled were those able to provide a wide range of local services and comprehensive regional coverage, with a “global-local” strategy proving to be successful. In addition, leading regional banks offered excellent diversification opportunities, enabling corporates to avoid excessive concentration of counterparty and operational risks.
Euromoney spoke with a selection of regional players to understand the factors behind their success.
Global
The world’s best cash management banks
HSBC was the top-rated bank in Euromoney’s 2024 cash management survey. Described as “excellent” across multiple categories, survey participants recognised the bank as a leader both in its global reach and its comprehensive solutions. Clients appreciated “clear instructions on new matters,” the bank’s broad capabilities across cash management, trade finance, and foreign exchange, as well as its support for large and complex organisations, particularly in advisory services.
Manish Kohli, the bank’s Head of Global Payments Solutions, told Euromoney that the banks’ strategy is based on offering its clients actionable insights, a streamlined international proposition, and innovative solutions. “Our clients want to know what the best of the best looks like across the world’s geographies,” he explained. “We created the Treasury Solutions Group to harness our intelligence and offer our clients unique insights and solutions, not just for the past five years, but for the next five.”
Reflecting on the rapid changes in the industry, many in the cash management industry point to the global pandemic as a tipping point. The transition from BC (Before COVID) to AC (After COVID) accelerated digital commerce and supply chain management, permanently transforming businesses and driving innovation. This catalyst has led to faster, more efficient, and more transparent cash management services.
“If you look at how the world is moving, companies need globally consistent experiences, infrastructure, and processes, and, given the ability for very few resources to manage treasury services across numerous countries, they need to be able to take very precise actions,” said Kohli. “One of our initiatives this year was to focus on streamlining our documents, reducing word count by 60%, to help treasurers be more efficient.”
HSBC’s innovation journey—to simplify banking for clients, create efficiencies, and support transformation—drew praise from companies across the spectrum: “The HSBC team excels in supporting customers by resolving urgent issues promptly and providing clear instructions on new matters related to our business,” one treasurer said. “Their proactive approach ensures that we are always informed and prepared.”
HSBC’s is on a five-year journey to transform its digital capabilities. “Technology and infrastructure are changing every day,” said Kohli. “We aim to harness those changes to deliver relentlessly on both products and the client experience.” As corporates’ business models evolve and technology advances, the need for higher levels of integration—both internally among clients and between companies and their banking partners—increases. Direct connections with banks were cited in the survey as significant drivers of efficiency, enabling companies to receive automated transaction acknowledgments without the need for manual logins.
Digital leaders
Among the digital leaders within our top-rated banks, J.P. Morgan was recognized for its tailored services and ability to handle large, complex transactions through an integrated platform. Some 46% of clients rank its connectivity options as excellent. Another highly acclaimed provider is Bank of America, whose platform, CashPro, received consistently high ratings. Sue Caras, BofA’s Head of Global Commercial Banking for Global Payments Solutions, attributed the bank’s success to “four strategic pillars: the award-winning CashPro platform, best-in-class solutions that are constantly evolving, an advisory-centred coverage model, and our support partners across the organisation.” Despite the size of the organisation, “collaboration is central to product development”, she said, with the CashPro team working alongside BofA’s consumer business to integrate an AI engine (“Erica”) into CashPro Chat to support intelligent client services.
Société Générale was also recognised for its excellent customer service. Corporates appreciated its ability to respond to almost any situation with customised solutions. SG’s ability to handle complex transactions was also highly valued, solidifying its position as a global provider and treasury powerhouse.
Like SG, banks that performed well in this year’s survey were often praised for their global reach. Respondents highlighted regions such as the Middle East, Southern Africa, East Asia, Western Europe, and Central Europe as key growth areas. Among U.S. banks, Citi stood out, receiving numerous accolades for its extensive global network—54% rated its international capabilities as excellent—and its ability to deliver regional insights to clients worldwide. Citi was also commended for its comprehensive platform and advisory capabilities. “There is definitely increased demand for cross-border services and business opportunities,” said Steve Elms, Citi’s TTS Global Head of Corporate, Commercial, and Public Sector Sales “It really reinforces the importance of having a global proprietary network like ours, providing insights on what’s happening across those corridors, as well as engagement and relationships with regulators.”
If you look at how the world is moving, companies need globally consistent experiences, infrastructure, and processes, and, given the ability for very few resources to manage treasury services across numerous countries, they need to be able to take very precise actions
Manish Kohli
Elms highlighted the rapid evolution of the treasury function: “Corporates are rethinking and reimagining their treasury functions and trading models. This shift drives demand for digital-enabled, real-time solutions to ensure they are always connected with the right data and analytics for every situation.”
For treasurers, a vital part of operating efficiently is to get a firm grasp on global cash flows, liquidity pools, and market conditions. To that end, one of the key themes of the past year has been treasurers’ desire to adopt a hub model, and many respondents to our survey pointed to the need for joined-up global oversight. Reflecting that trend, Deutsche Bank was commended for its global transaction banking and risk management solutions. Clients appreciated the bank’s effective handling of complex international transactions and its strong product offerings across the transaction banking suite.
The leading banks in our survey distinguished themselves through comprehensive transaction banking offerings. Mahesh Kini, Global Head of Cash Management at Standard Chartered, highlighted the increasing importance of transaction banking in the broader banking context: “Standard Chartered has a tremendous focus on transaction services, coupled with a strong DNA of connecting global trade across emerging markets and connecting developed markets to developing ones.” SCB was recognized not only for its extensive treasury services but also for its first-class customer service and its ability to cater to almost any request through comprehensive banking solutions. Clients valued the bank’s expertise in handling cross-border transactions.
An “outstanding” provider in the Euromoney MarketMap for Cash Management, SCB was seen to be an innovator in cross-border payments, often leveraging domestic real-time payment systems. By integrating these with internal transaction infrastructure, SCB offers its clients a highly efficient and cost-effective payment experience. For example, the bank converts standard SWIFT MT103 message formats and connects them to its real-time rails for last-mile delivery. “The bank has done extremely well by investing in real-time rails and real-time payments. We are live in about 25 markets, and volumes are growing exponentially. We are ready,” said Kini.
A consistent theme across responses and insights shared by over 30,000 treasurers in this year’s survey is that operational and technological innovation is reshaping how treasury functions operate day-to-day. The top banks in our survey are leading this transition, working not just to transform their clients’ capabilities but also their own.
Catering for the Complex Needs of Large and Mid-Sized Corporates
Large and mid-sized corporates in our survey tend to have higher levels of cross-border activity and more complex product needs than their smaller peers. They often rely on multiple banks for their cash management requirements and are navigating a period of significant change, driven by the convergence of digital technologies, new business models, and an evolving regulatory environment.
Treasurers must evaluate the impact of these dynamics while also adapting to new responsibilities in areas such as ESG and risk management. As a result, more are taking an increasingly strategic approach, amid an increased focus on centralisation of the treasury function. This trend has been enabled by technology and fuelled by the need to better control costs—all while guarding against an increasingly complex cyber threat landscape.
The most successful banks serving large and mid-sized corporates tend to come with significant balance sheets, extensive reach, and deep talent pools. Citi, for example, recognises the importance of offering a comprehensive treasury solution. Steve Elms, Citi’s TTS Global Head of Corporate, Commercial, and Public Sector Sales, said the bank is uniquely positioned to offer “cash management, trade finance, commercial cards solutions, and securities services pre- and post-settlement. Beyond the offering itself, the key is the integration of these solutions and the ability to deliver them through a single platform.”
Leading banks also benefit from their ability to handle, host, and leverage large volumes of data. HSBC’s Kohli said that “one of HSBC’s key advantages is its coverage of all customer types, across multiple geographies, industries, and client sizes. This results in very rich data, which the bank transforms into actionable insights.” HSBC processes about 150 transactions per second, creating a vast data footprint, with the bank’s data strategy based on three principles: (i) analyse existing data to generate insights; (ii) enhance the mid-stream transaction process by injecting data and insights at the moment of transaction initiation; and (iii) embrace GenAI. Among the banks’ recent product innovations is FX Prompt, a solution designed to help treasurers make better decisions at the point of execution by suggesting alternative FX conversions to reduce transaction costs.
Among mid-sized corporates, treasurers favoured agile banks that offer tailored responses to specific situations, often supported by simpler organisational structures that enabled direct, one-on-one relationships. Bank of America took the leading position in this category. Reflecting on this success, Sue Caras, the banks Head of Global Commercial Banking for Global Payments Solutions, said: “We have operations in 35 countries across Asia, Europe, Latin America, and the Americas. We cover both parent companies and their subsidiaries around the world. We’re investing in our global footprint and last year opened a branch in Luxembourg. Unlike other banks that expanded through acquisitions, BofA’s growth is organic, allowing us to operate from Day 1 on a single global platform, delivering a best-in-class client experience.”
A common theme among large and mid-sized companies in this years’ survey was concern about connectivity, reflecting the complexity of operating in multiple jurisdictions, using various payment formats, and the need to drive efficiency. Companies highly ranked banks that offered value-add services, for example through vendor support. Customers also appreciated banks’ efforts to ensure clients clearly understood what was feasible, aligning both sides’ expectations.
Product
Excellence defined through product offering and delivery
From payments-as-a-service to APIs, GenAI-powered cash flow forecasting, and the expanding role of fintechs, treasurers now have an abundance of new tools to enhance their operations. However, offering more solutions does not lead to the highest ratings. Those that can tailor products to client needs and support integration with treasury management systems (TMS) and enterprise resource planning (ERP) systems are the winners. For many treasurers, automation and digitisation are valued as means to an end, rather than the end goal.
While domestic payments remain a priority for most treasurers, four in five also highlight international payments as high on their agendas. The world is moving towards round-the-clock capabilities, supported by infrastructure upgrades such as the migration to the ISO 20022 payment standard, which aims to enhance payments security, visibility, and data flows. Looking ahead, initiatives such as central bank digital currencies are expected to pick up steam. And banks continue to develop solutions to enable round-the-clock payments and “always-on” ecosystems.
With Citi Token Services for Cash, traditional cut-off times are no longer a constraint, allowing real-time liquidity movement
Steve Elms, Citi
One bank innovating in the space is Citi. “With Citi Token Services for Cash, traditional cut-off times are no longer a constraint, allowing real-time liquidity movement,” said Steve Elms, the bank’s TTS Head of Corporate, Commercial and Public Sector Sales. “With Citi’s private blockchain, clients are able seamlessly to access the benefits of blockchain –24/7, real-time, always-on infrastructure – by leveraging their existing connectivity with Citi. We continue to develop class-leading digital solutions to enhance our services including digital money, trade, securities, custody, asset servicing, and collateral mobility. Tokenization of fiat currency flows occurs on the bank’s backend infrastructure for select internal interbranch transfers, without requiring clients to hold any tokens or access an additional platform.”
In the era of real-time payments, APIs are a key enabler. Although APIs have become a standard offering for banks, many corporates still face challenges with implementation. Banks are responding in various ways, from offering dedicated project managers to support implementation to providing user-friendly testing sandboxes and redesigning the product with client experience at the forefront. Annelinda Koldewe, Global Head of Wholesale Banking Payments at ING, said in some cases API connectivity is transforming entire industries: “We recently created an API solution for an airline company, moving them from end-of-day (EOD) reporting to push reporting every five minutes. Instead of waiting for EOD batches, the airline now achieves near real-time reporting, no more manual intervention, complete end-to-end system integration, automated balance updates, and always up-to-date transaction information. This type of solution goes beyond treasury activity, positioning ING as a true partner for the company.”
Innovation
Another high-interest area highlighted by survey participants is the need for liquidity management solutions, including efficient cash pooling, real-time sweeps, and advanced forecasting capabilities. Henrik Lang, BoA’s head of Liquidity in Global Payments Solutions, emphasized the complexities of operating a global business from a liquidity perspective: “One of the solutions we offer is real-time sweep capabilities. Many clients, particularly those in digital economies, require real-time capabilities. This solution allows clients to move cash where it’s needed most, not just at the end of the day, but as soon as subsidiaries receive it, enabling them to use liquidity immediately. For corporates operating on a global scale across multiple currencies and entities, this solution is a game-changer.”
The past year has seen unprecedented excitement around the potential of artificial intelligence to support activities from compliance to product development and risk management. Large language models, or generative AI, are also beginning to have an impact. Beyond product development and internal efficiencies, AI can help alleviate some of the most pressing corporate pain points. ING’s Koldewe said “KYC is one area where AI is explored to streamline processes.”
Banks agree that innovation is a constant, and partnering with fintechs can accelerate solution delivery or build capacity where needed. “We are not looking to build everything ourselves,” said Daniel Anith, Group Head of Transaction Banking Services, Emirates NBD. Banks like Emirates NBD have taken this idea further by setting up strategic venture capital funds to invest in fintechs where they see opportunities.
In addition to partnerships with fintechs, co-creating with clients ensures that products are user-friendly and adopted widely. Co-creation is increasingly important as new buying centres emerge, with corporate CTOs and CIOs now involved in purchasing decisions: “Co-creation is at the core of Emirates NBD’s innovation strategy, enabling us to create BaaS offerings that support our clients’ transformation and product development journeys,” Anith said. “Our relationship managers and sales specialists, who are constantly retrained, play a key role in these efforts.” Cahit Erdoğan, Assistant General Manager of Commercial and SME Banking at Yapı Kredi, also emphasizes the importance of this approach: “When developing new products, we always incorporate customer feedback through client group workshops or pilot customer groups, which helps us design the product in the most functional form.”
Similarly, developments on Bank of America’s CashPro platform are made in partnership with clients, said Sue Caras, BofA’s Head of Global Commercial Banking for Global Payments Solutions: “BofA develops the solution collaboratively with clients, frequently holding CashPro Advisory Board meetings in Mexico, Brazil, Canada, Singapore, EMEA, and the U.S., with representatives from clients across geographies, sizes, and industries.”
With treasurers demanding more from banks and banks striving to deliver innovation across almost every service, the dominant theme of this year’s survey is change. A changing external environment, marked by shifting interest rates and increased volatility, a constantly evolving geopolitical landscape, and rapid technological advancements offer the potential for faster, more transparent, and more efficient treasury services. Banks that embrace change and focus on finding paths to navigate change productively will be the ones to watch in the year ahead.
Asia-Pacific
In a region at the forefront of innovation across numerous products, it is no surprise that Asia’s leading cash management providers are driving highly digitised business models and treasury activities. Amid rapid growth in the region’s digital commerce, the top-performing banks offered treasurers a wide range of options, such as virtual accounts and real-time payments, supported by robust API connectivity. In this competitive and dynamic environment, digital offerings in connectivity, user experience, and functionality scored higher than the global average.
DBS was recognised as Asia’s leading bank in this year’s survey, excelling in customer service, products and technology. Reflecting on their success, Sriram Muthukrishnan, Group Head of Product Management, Global Transaction Services, emphasized the importance of delivering comprehensive domestic and regional solutions: “Our ability to provide trusted, transformative solutions that meet client needs across industries and markets sets us apart. Increasingly, clients are looking for a combination of domestic and regional offerings, highlighting the importance of connectivity and interoperability.” Clients praised DBS for its innovative solutions in digital banking and cash management, its proactive service approach, and its capability to handle complex financial transactions through technology-driven solutions.
The Asia-Pacific region leads in digital commerce, with clients benefiting from products such as real-time payments and reporting, automated reconciliation solutions, and virtual accounts. HSBC has developed an extensive suite of solutions in this segment, helping clients digitize their sales processes and transition to more direct-to-consumer (D2C) business models. “The journey starts with how clients collect,” Kohli explained. “Among many innovations, HSBC developed OmniCollect, available in 17 markets, enabling clients to collect directly from consumers. As an extension, in late August, HSBC launched its own proprietary digital self-issuing solution in Hong Kong. While HSBC Life Insurance is the first client, the solution will soon be expanded internationally, allowing us to enhance efficiency in collections from consumers.”
Discussing innovation in the region, DBS’ Muthukrishnan described how the bank integrates complex capabilities into a centralised, simplified solution, combining enhanced virtual accounts, real-time ledgering, and tokenisation powered by blockchain technology, with easy deployment options through modular APIs. “We leverage transformative technology to build a strong foundation for clients to benefit today while future-proofing their business success and growth for tomorrow,” he said.
We leverage transformative technology to build a strong foundation for clients to benefit today while future-proofing their business success and growth for tomorrow
Sriram Muthukrishnan, DBS
A growing theme is the need for higher levels of integration, both within client organisations and between companies and their banking partners. Direct connections with banks were seen in the survey as significant drivers of efficiency, enabling companies to receive automated transaction acknowledgments without the need for manual logins. Partnerships also fuel innovation, with banks and fintechs collaborating to build functionalities such as real-time payment tracking, helping treasury teams make faster, more informed decisions. Muthukrishnan highlighted DBS Globesend, which expands the number of currencies and markets available to clients: “In addition to offering more cost-efficient payment options to our corporate clients, this solution allows financial institutions and payment service providers banking with us to rapidly scale their cross-border payments propositions without building a payout network from scratch, benefiting their end clients as well.”
Asia is also an outperformer in pricing, with innovative pricing mechanisms aimed at maintaining strong customer relationships. Some banks have successfully implemented zero-fee approaches for new products and services, tailoring structured pricing frameworks to specific client needs.
Indonesia, the largest economy in Southeast Asia, occupies a strategic geographic position along major global shipping routes and serves as one of the region’s key trade hubs. Recognising the importance of payments in this environment, the innovation agenda is fully packed, with BI-FAST rails at its core. BI-FAST stands for Bank Indonesia Fast Payment, a real-time payment system that allows for safe and efficient retail payments. Euromoney spoke with Agus Noorsanto, Director of Wholesale and Institution Business at Bank BRI, who described the introduction of an innovative receivables solution: “Our Qlola Account Receivable solution offers two primary direct debit modules: file upload via interactive platform and automatic system-to-system integration. This reflects our commitment to providing seamless, secure, and reliable digital services that align with our customers’ needs and readiness.” BRI is working on integrating the solution with BI-FAST, enabling real-time direct debit processing.
Middle East
Over the past year, leading banks in the Middle East have excelled in intermediation, bridging markets across the region and connecting local clients with their global branch networks. Forward-looking banks combine these capabilities with an increased focus on digitalisation, particularly in the payments space. Additionally, COP28 marked a pivotal moment for the region, as more treasurers sought to enhance their ESG capabilities and transform their supply chains.
Mashreq was named a “Leader” in the Euromoney MarketMap for Cash Management in the Middle East, distinguishing itself through excellence in client experience. Fernando Pacheco, Mashreqbank’s Head of Cash Management Products, said: “2024 was a year of investment, during which Mashreq introduced several innovative capabilities, including a brand-new platform and an enhanced suite of APIs. In 2025, we aim to fully commercialise these capabilities, ensuring that clients maximise their use. Geographic expansion is another key priority, both across the Middle East and in international markets.”
Mashreq is focused on meeting client demands and innovating alongside them. The bank is addressing key priorities identified by its clients, such as access to data, transaction visibility, transitioning away from cash and cheque processing, cash optimisation through liquidity solutions, platform modernisation, and full integration with corporate systems, primarily via APIs. “Mashreqbank is moving towards a banking-as-a-service operating model,” Pacheco noted.
A recent highlight was the bank’s investment in its collection capabilities, enabling clients across Middle Eastern markets to automate their receivables processes, achieve more accurate reconciliation, and optimise cash balances.
Emirates NBD, recognised as an “Outstanding” provider in the Euromoney MarketMap for Cash Management in the Middle East, has seen growing demand for strong payments and receivables solutions, especially delivered via API. “We recently introduced a first-of-its-kind payments tracker powered by SWIFT GPI, allowing customers to track not only outgoing payments but also incoming ones,” said Daniel Anith, Group Head of Transaction Banking Services. Emirates NBD is an innovation success story and is praised for continually enhancing its product suite. The bank has extended its evening cut-off times, improving processing efficiency to accommodate transactions just before the central bank’s cut-off. Emirates NBD offers 24/7 USD services and is working on enhancing its capabilities in EUR and GBP.
We are viewed as both a local bank and an enabler for clients looking to expand internationally within the region. Likewise, we support clients from other regions with their activities in the Middle East
Fernando Pacheco, Mashreqbank
“With a strong SME and corporate client base in the region, Emirates NBD aims to be the key partner for customer requirements in the Middle East,” Anith told Euromoney.
Data is the foundation of most digital innovation initiatives, enabling banks such as Mashreq to support clients in their transformation journeys, provide visibility, and generate actionable insights. “We have invested heavily in unified data lakes to gain a comprehensive view of data moving through the organisation,” Pacheco said. “This allows us to analyse data effectively and transition into an insight-driven world.”
Corporates in the Middle East are looking to build long-standing relationships with their banking providers. One of Mashreq’s key differentiators is its combination of local market presence and regional capabilities, enabling the bank to connect various corridors while maintaining on-the-ground expertise through specialised branches. This approach has allowed the bank to build sector expertise and deliver industry-specific solutions. “We are viewed as both a local bank and an enabler for clients looking to expand internationally within the region,” Pacheco said. “Likewise, we support clients from other regions with their activities in the Middle East.”
Western Europe
With European companies facing some of the toughest inflationary, economic, and geopolitical challenges globally over the past year, cash management providers have had to be flexible and responsive. Leading banks offered solutions to protect clients against interest rate movements and other risks, while providing reliable and insightful advice to help companies identify opportunities.
European regional banks are facing increasing competition from their American counterparts, with J.P. Morgan taking the top spot in Western Europe in Euromoney’s Cash Management survey. To stay competitive, banks must continue to innovate.
Giuseppe Bianco, Head CIC Product Specialists at UBS noted that the bank is highly focused on staying aligned with the latest industry trends: “We have specialised teams dedicated to identifying emerging trends in the financial industry. These teams initiate and drive pilot projects to test new ideas and technologies, ensuring that we stay ahead of the curve.”
As in most regions, technology is playing an increasingly critical role amid a fast-evolving regulatory environment, including the new SEPA OCTInst scheme, which allows PSPs to execute 24x7x365 transactions both in and out of the EUR zone. UBS’s Bianco highlighted the growing demand for faster executions in multiple foreign currencies.
The bank has also expanded the number of currencies for which it can provide instant (or near real-time) cross-border payments. Clients can send instant payments to digital wallets in multiple countries, reflecting the increasing demand for payment flows outside the standard SWIFT network.
“To better serve our clients’ needs, our cash management capabilities must evolve, combining innovative payment solutions—such as faster and digital payments—with enhanced customer service, including real-time tracking and tailored support for individual complex payments.”
To better serve our clients’ needs, our cash management capabilities must evolve, combining innovative payment solutions with enhanced customer service
Giuseppe Bianco, UBS
Riccardo Madinelli, Head of Payments CE&EE at UniCredit, emphasized that the cash management landscape has changed, and banks need to be agile enough to adapt quickly: “Customers are continuously looking for more corridors, more currencies, faster transactions, and complete visibility over the transaction chain. One example is PayFX, a solution developed by UniCredit that allows corporates to make transactions in more than 100 currencies with FX at the origination of the payment. Initially designed for corporate needs, PayFX is now also used by retail clients.”
A key priority emerging from this year’s survey is the rising demand for closer relationships and tailored advice, reflecting an increasingly complex transaction banking and macroeconomic environment. UBS’s Bianco commented on this trend, noting that the bank’s success stems from four areas: “(i) a client-centric approach, understanding and meeting clients’ unique needs; (ii) expertise and advisory services, with a dedicated team covering our Cash Management franchise; (iii) client project partnership, with a UBS project/implementation manager overseeing each implementation; and (iv) a focus on customer quality, ensuring smooth and seamless processing.”
Central and Eastern Europe
Central and Eastern Europe is one of the fastest-growing regions in the world, in part reflecting its access to the EU single market, which creates opportunities for faster payments and international trade. The region also boasts a highly educated, relatively low-cost workforce with outstanding IT capabilities and an open, globally focused culture. In this dynamic environment, demand for transaction banking services is expanding rapidly and is expected to continue growing, with global banks competing against strong local offerings.
A “Leader” in the Euromoney MarketMap for Cash Management in Central and Eastern Europe, UniCredit impressed customers with its domestic and international capabilities, effectively deployed across the region. “UniCredit adopts a global-local approach, offering Group solutions tailored to each market the bank operates in. This strategy allows us to deploy our Group strategy, develop local expertise, and position ourselves as the first point of contact for multinational clients,” said Riccardo Madinelli, Head of Payments CE&EE. Treasury services are a key focus for the bank. “UniCredit created the Global Payments Solution (GPS) vertical,” added Madinelli. This was a game-changer for the bank and underscored the importance of its cash management franchise. “With this approach, we can deliver a unique, coordinated, and harmonised product offering. Each country in the group has its own GPS representative, ensuring constant communication with the product development organisation and a coordinated approach while maintaining local expertise,” he continued.
UniCredit is also undergoing a digital transformation program aimed at unifying all payment platforms across the group. This initiative will increase the bank’s efficiency while delivering a best-in-class client experience. Similarly, ING Bank has started its own transformation journey by consolidating the channels offered across various countries. Annelinda Koldewe, Global Head of Wholesale Banking Payments at ING, explained that the bank differentiates itself through its extensive network across Europe, sector expertise, and commitment to sustainability. “With a significant physical presence, ING is a client-centric organization, with local experts serving clients in their respective countries,” she said. “ING has demonstrated its loyalty to clients by standing by them during challenging times such as the COVID pandemic or regional conflict.”
Turkey is a key economy in this region, facing numerous challenges but also acting as a hub for innovation. Cahit Erdoğan, Assistant General Manager of Commercial and SME Banking at Yapı Kredi, highlighted the importance of working closely with clients: “As a pioneer in the Turkish Cash Management Market, we always prioritise listening to our customers and meeting their needs. Given the drastic changes due to the pandemic, inflation, regulatory and monetary tightening, and other factors, our customers’ priorities have also shifted. Our team is responding in an agile and proactive way, developing new products, adding features, and ensuring excellent service across all channels.”
ING has demonstrated its loyalty to clients by standing by them during challenging times such as the COVID pandemic or regional conflict
Annelinda Koldewe, ING
Ziynet Akishalioglu, Vice President of Sales and Marketing, Cash and Trade Management at Akbank, said companies are facing significant headwinds. “Companies face high levels of economic uncertainty, macroeconomic fluctuations, and cybersecurity challenges. As a result, both corporate and SME clients are seeking a strong banking partner, particularly for liquidity and collection solutions. Clients recognize Akbank for its reputation and trust.”
In a world of uncertainty, leading Turkish banks understand the importance of innovation. Akishalioglu explained that Akbank is focused on digital transformation, developing APIs, and building a banking-as-a-service (BaaS) model to provide clients with more direct and flexible access to banking services.
Meanwhile, Yapi Kredi’s Erdoğan shared details about a new module launched on the bank’s platform: “Our ‘My Cash Flow’ module helps corporate clients plan their financial strategies by allowing them to easily monitor their cash positions,” he said, adding that the bank is continuously innovating and is working on a new payment instrument to replace cheques: “With this new solution, we aim to simplify payment processes and offer both suppliers and buyers a collection guarantee along with easy access to financing opportunities simultaneously. We expect to launch this solution in 2025.”
North America
Over the past year, corporate treasurers in North America have faced extreme market volatility, significant interest rate uncertainty, and complex geopolitical developments that have affected businesses and supply chains worldwide.
Citi’s Elms summarised the challenges corporates encountered in 2024: “It is incredible how corporates continue to thrive amid such uncertainty. This year, political instability has been a key driver. From the ongoing conflict in Ukraine to tensions in the Middle East, these events have repercussions beyond their regions. 2024 has also seen a record number of elections globally. Everyone is closely monitoring developments not only in the United States, United Kingdom, and European Parliament but also around the world.”
BofA’s Lang, meanwhile, focused on the client implications of uncertainty: “In the past, when everything was predictable, corporates could create strategic cash flow forecasts a few times a year, and it was perfectly feasible to use spreadsheets. That is no longer viable when everything is changing so rapidly. Our clients increasingly rely on our forecasting and real-time liquidity capabilities.”
In response to uncertainty, Citi’s Elms emphasized that clients are seeking “standardised processes that can be scaled across the entire business to ensure visibility and consistent execution. It’s all about creating global efficiency.”
HSBC’s Kohli, doubled down on the need for a consistent global experience, driven by two major factors — speed and efficiency. “The pace of corporate growth requires banks to build a globally consistent infrastructure and processes. Client treasuries have also been streamlined, with smaller teams overseeing multiple markets. HSBC has introduced consistency in product design, structure, and documentation requirements.”
Achieving a consistent experience also involves collaboration with other bank functions. BoA’s Caras told Euromoney that “one of our key differentiators is its ability to offer both retail and corporate value propositions.”
One of our key differentiators is its ability to offer both retail and corporate value propositions
Sue Caras, Bank of America
She provided an example from the healthcare industry: “BoA serves consumers, who are patients of medical clinics and hospitals, as well as the hospitals themselves, insurance providers, and biopharma companies. BofA’s suite of healthcare solutions enables stakeholders to easily manage their payments via technology that directly embeds within the applications they use every day. This means patients can pay their medical bills, message their physician or view their test results all within the same application. This saves them time and unnecessary costs associated with managing data across multiple systems.”
By creating ecosystems, banks enhance the capacity of corporate treasuries, enabling them to focus on strategic activities and effectively respond to an ever-changing environment.
Latin America
In this year’s survey, Latin America’s cash management leaders distinguished themselves through their robust local market capabilities. Recognising the region’s diverse and complex regulatory frameworks, top-performing banks combined actionable advice with seamless cross-border services.
A particular challenge for corporates operating in Latin America is managing currency exposures, and leading banks not only provided excellent risk management solutions but also offered advanced data, analytics, and forecasting tools. Less favourable reviews centred on heavy administrative burdens and occasionally cumbersome onboarding processes.
Itaú Unibanco consistently demonstrated excellence in cash management and customer engagement. The bank’s approach is rooted in a deep understanding of client needs, innovative use of technology, and a commitment to operational excellence. Celebrating its 100th anniversary this year, Itaú continually reinvents itself with customer centricity at its core. “Markets are changing rapidly, including consumption patterns, technology, and regulation, so we are very attentive to these changes,” explained Angelo Fernandes, Head of Cash Management and Acquirer.
In the technology race, BBVA stood out for its innovation capabilities. Clients praised BBVA’s exceptional digital banking offerings and technological prowess, with large corporations noting its compelling product range. Santander was also recognised for its comprehensive banking services, particularly for European and Latin American clients. Clients valued the bank’s expertise in trade finance and cash management, along with its strong customer service and ability to deliver customised solutions to meet client needs.
Latin America’s payment infrastructure is evolving rapidly. Davi Rocha, Head of Cash Management Sales at Itaú Unibanco, said Brazil is at the forefront of payment innovation, driven by its instant payments platform, PIX, launched in 2020. As the market leader in Brazil, Itaú has pushed the innovation frontier further. “Itaú’s payment innovations include PIX NFC, exploring new forms of initiation, Recurring PIX, which our clients use for app subscriptions, PIX as a direct debit tool, and also as an instalment payment option,” Rocha explained.
Markets are changing rapidly, including consumption patterns, technology, and regulation, so we are very attentive to these changes
Angelo Fernandes, Itaú Unibanco
Henrik Lang, BoA’s head of Liquidity in Global Payments Solutions, said clients now expect everything to happen in real time. “Real-time services have become central to everything we do, driven not only by regulators but also by strong client demand.” With the expansion of real-time payment capabilities, client expectations have also shifted towards real-time reporting. Lang described real-time as a two-step approach: “Everyone, across the client spectrum, is demanding real-time information, such as intraday balance status. The first layer is collecting information and injecting it into clients’ systems via API. Once you provide visibility and transparency, you enable clients to move money instantly.”
The challenge with real-time and associated big data lies in ensuring a seamless client experience. Fernandes shared an example relating to PIX delivery times: “Brazil’s popular mobile payment rail has brought many unbanked people into the financial system in a transformative way. However, this growth has come with challenges. Entering a banking app after scanning a QR code to pay with PIX takes 36 seconds. While this might not seem significant, it becomes problematic when consumers are queuing at the checkout. Recognising this, Itaú assembled a working group and managed to overcome the technological barrier, enabling payment machines to connect to apps and wallets via antennas, reducing the 36-second delay to just six seconds.”
Africa
African providers are regarded as innovation leaders, with many local economies leapfrogging legacy technologies in areas such as local, cross-border, and real-time payments. Although Africa-based banks, on average, score slightly lower than banks in other regions in terms of overall customer satisfaction—primarily due to challenging KYC processes—they compete strongly in metrics such as international capabilities and the depth of their partner ecosystems. Treasurers particularly value local expertise in regulations and FX regimes, as well as the benefits of rapidly expanding infrastructure initiatives like the Pan-African Payment and Settlement System.
In this year’s survey, the top cash management provider in Africa was Citi, which treasurers described as exceptional in both customer service and its product and technology offerings. Citi’s Africa-based offices were praised for their comprehensive cash, liquidity, and risk management solutions across multiple currencies and countries, as well as their ability to seamlessly connect to the bank’s global network.
Stanbic also received high marks, particularly for its excellent customer service, extensive footprint, and real-time solutions that help reduce trapped cash and manage deposits efficiently. The bank earned a “Leader” position in the Euromoney MarketMap for Cash Management in Africa.
One of the “outstanding” providers in the region is ABSA, who managed to impress its clients through their innovative solutions, including risk management and funding options. The bank has been used by corporates for its international payments solutions and foreign exchange advisory services. ABSA is recognised for its user-friendly online platform.
Looking ahead
In a fast-changing macroeconomic and geopolitical environment, treasurers need their wits about them like never before, from managing liquidity to making and receiving payments, planning for funding, and taking on new responsibilities around ESG. Against that backdrop, the role of banks is more important than ever, and treasurers expect their banking counterparts to deliver.
Euromoney’s cash management survey 2024 shines a spotlight on banks that have risen to the challenge, providing treasurers not only with secure and reliable services, but also looking to innovate across their platforms, technology solutions and ways of working. This year, more than ever, the world’s top cash management providers showcased their strategic capabilities, bringing together expertise, digitisation and advanced analytics to offer treasurers insights and solutions that optimise their daily activities. In the process, banks themselves have undergone significant change, adding more data and analytics capabilities and creating workflows to enable more tailored services. In a tough business environment, there was also appreciation for cost transparency and the personal touch that is the basis for long-term relationships.
Looking ahead, the transition to a more connected, digitised world is set to continue, and with it will come more regulation and more risk. As they grow, companies will demand increasingly sophisticated and cross-border solutions that reflect their business needs. At the same time, emerging and developing markets will mature, offering both global and regional banks the chance to establish new relationships, serve new corridors, and support treasurers through complexity.
For many market participants, the future will be about innovating and developing more compelling propositions to build market share. For those that can be decisive, there is an opportunity to build the efficient, compliant and well-managed businesses of the future.