A seamless RBS bankmigration: it’s possible
RBS is reducing its activities in the Netherlands to a minimum. The corporate banking activities will even be completely cancelled in the Netherlands. This causes great problems for Global Transaction Services (GTS) customers. These customers have to search for a new bank within a few months, which is a time consuming and difficult process, both administrative and technical.
The withdrawal of RBS from large parts of the market is a good reason to look into greater levels of bank independency. Because how do you know that your bank will remain active in a country for over five years? The current banking environment is challenged due by large sets of disruptions that impact banks from all sides. Banks will have significant different roles in the future, embracing and integrating different technologies, strategies and channels. All these disruptions in the current banking environment makes bank independency amongst large corporates even more interesting.
Current RBS customers are forced to select a new bank. However, as mentioned above, selecting a new bank as a global organization is not something you do overnight. Switching banks is an extensive operation, especially for the group of Global Transaction Services customers, since these are customers who operate worldwide. When organizations usually want to switch from banks, this takes years of planning. Organizations set up special project teams, allocate their resources and decide on the budget for their project. However, since the RBS customers did not foresee the fact they had to select a new bank this quickly, many organizations are facing big challenges. And please do not forget the technical impact, is your ERP system prepared to handle a new bank format easily?
PowertoPay can help global organizations with redesigning their financial processes. How can your organization become more bank-independent? What do I have to do to become more bank-independent? How can you migrate from RBS towards another bank with very expensive (customized) adjustments?
Since PowertoPay understands that continuity of payments is extremely important, we have developed our SaaS solution: the Corporate Payment Hub. Via the Hub you are able to connect to multiple banks worldwide, which makes organizations more bank-independent. This “Payments as a Service” platform facilitates the exchange of data with the bank without complicated software installations and migration trajectories, which makes our solution very suited for the current RBS customers. PowertoPay’s Payment Hub adopts and replaces a bank’s authorisation structure, which makes it a fast and efficient means to streamline your payments.
Do you want to know more about how we can support RBS customers? Feel free to contact us!