24 Nov 2008
Commercial Payments International
One of the fallouts of the credit crisis appears to be that banks are turning their focus to more traditional areas of their business, notably global transaction services. In an environment of credit risk, transaction banking is increasingly being seen as a major source of something that has become elusive as of late - predictable revenue growth. This is one of the main findings of a report carried out by TowerGroup, the research and advisory arm of MasterCard Worldwide. The research indicates that increased attention to small business and corporate and institutional clients and integrated banking solutions are some of the key trends expected in 2009. According to TowerGroup, the banks that are best placed to take advantage of this trend are those that have already adopted a wholesale banking convergence strategy (rather than being still organized by traditional product silos) and which are therefore able to offer their clients services such as integrated payment solutions, supply chain finance and electronic invoicing products.
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