ABBL/ATEL event recap: Corporate payments – innovations and challenges
On 6 June 2023, the ABBL and ATEL teamed up to hold an event on the topic of corporate payments and related innovations and challenges. The event brought together industry experts such as treasurers, payments experts and bankers to learn about the most recent advancements in the world of bank connectivity and payments automation, as well as the perspectives of the various stakeholders. The list of speakers provided the audience with insightful presentations and stimulating discussions.
In her opening address, Galina Miroschnichenko from the ABBL provided insights into the payments landscape in Luxembourg and highlighted the ABBL’s proactive approach in recognising the dynamism and importance of the sector. In particular, she highlighted the creation of the Payment Cluster, which now has over 50 members, reflecting the ABBL’s commitment to fostering collaboration and advancing the payments industry.
François Masquelier: “Bank connectivity is the most important milestone in a modern treasury organisation.”
ATEL’s François Masquelier then shed light on two crucial aspects during his presentation: the payments connectivity landscape for enterprises and business customers, and end-user expectations, innovations and challenges. He highlighted the transformative power of bank connectivity, stressing its role in facilitating secure payments, mitigating fraud risks, streamlining paperless processes and enabling automated statement uploads. In addition, Masquelier emphasised the key benefits of a single gateway with secure validation, eliminating the need for multiple tokens and transforming the way businesses interact with banks. In this context, he interviewed Johan Claudot from Revantage Europe, who shared his experiences from the “corporate world”, especially with regard to the need for connectivity centralisation and instant visibility of transactions.
Presenting ENPAY: From vision to reality
During his presentation, Raoul Mulheims introduced ENPAY, Finologee’s payments connectivity and compliance platform. He focused on the initial requirements expressed by customers, emphasising the importance of universal bank account connectivity and a single authentication method. Raoul also highlighted the significance of access rights management, enhanced risk management, regulatory compliance, streamlined outsourcing, straight-through processing, and comprehensive reporting as essential features expected by the clients initially.
To demonstrate the platform’s versatility, he showcased its successful implementation in the life insurance sector with CALIE and in the alternative investment fund manager (AIFM) industry with Kartesia. He highlighted the platform’s adaptability to meet the specific needs of each sector, showcasing the progress made and how ENPAY has been tailored to provide effective solutions.
Looking ahead, Raoul provided a glimpse into the future of ENPAY, mentioning upcoming features such as enhanced liquidity management, FX & loan management, and other developments aimed at further empowering users and meeting their evolving requirements.
This was followed by Anne Sophie Morvan from LuxHub, who spoke about the topic of open banking and corporate payments and presented their payments product.
The event concluded with an exciting panel discussion featuring Sara Berujon from J.P. Morgan Luxembourg, Coralie Billmann from 3SMoney and Johan Claudot from Revantage Europe. This dynamic panel offered different perspectives on the world of corporate payments. Sara Berujon stressed, amongst others, the importance of collaboration: “Fintech companies are our partners. We both have our raison d’être. The goal is to create a unique marketplace together.” Coralie Billmann highlighted the role of fintechs in alleviating challenges for banks and customers. Johan Claudot underlined that changing mindsets and finding the right partner for a successful project implementation was key.
Johan Claudot: “To start a project, the most important thing is to change mindsets (change management) and find the right partner to accompany you. Relationships are important.”