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Managing Bank connectivity with Multi-Bank Solutions

November 06, 2015 Lisa Perales 0 Comments

The PowertoPay Corporate Payment Hub is a multi-bank corporate payments platform. Below we have summarized some of the most frequently asked questions concerning multibank connectivity.

What does multi-bank entail?
Multi bank literally means: multiple banks. Our payments platform has established multiple host-to-host connections with several banks throughout the Netherlands, Europe and the rest of the world.

Why would you want to go for a multi-bank solution?
If the financial crisis has taught us anything, it’s that no matter how big, banks can go bankrupt. Corporates want to decrease their risk on financial counterparts, because these counterparts might no longer exist in 5 years. Multi-bank solutions are used to overcome these bottlenecks and potential credit inefficiencies found within the use of single banks.

For that reason, few medium or large corporations have a single (cash management) bank. This means that they need to maintain interfaces to multiple electronic banking systems, each of which has its own security mechanism and data format. Furthermore, one bank may have different formats in each region or country. Rather than making connections to multiple banks or portals, and managing separate formats, bank connectivity can be delivered via a Corporate Payment Hub, which centralizes and automates all financial information into one dashboard.

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The PowertoPay Corporate Payment Hub centralizes and automates all payment-related related information and is accessible from anywhere around the world.

What drives corporates to choose multi-bank solutions?
The changing banking landscape has driven corporates to become more bank-independent. Connecting to multiple banks via a centralized solution means lowering the risks of having to change and select new banks in the future and allowing corporates to have greater financial performances.

Moreover, as corporations expand their geographic footprint into new territories, diversify their counterparty risk, and seek new ways of enhancing treasury’s efficiency and security, efficient bank communication and integration with internal systems becomes extremely important.

To which banks and financial institutions is PowertoPay currently connected to?
The Corporate Payment Hub currently has established host-to-host connections with multiple domestic and foreign banks. Besides these host-to-host connections, PowertoPay has a SWIFT connection, which allows the payment hub to reach more than 10,000 financial institutions worldwide.

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