How new payment standards make cash management more efficient

“Current topics in cash management are real-time payments, the implementation of new payment and communication standards such as ISO 20022 and EBICS, and also regulatory requirements such as the IP Regulation for SEPA Instant Payments,” explains Susanne Prager, Head of Cash Management at RBI. “There is also a focus on speed and transparency, for example regarding E2E payment flows in cross-border business or transparent payment-related fees and exchange rates.”

“New developments are mainly driven by increased legal regulations and mandatory infrastructural changes, but also to a certain extent by technological developments,” explains the specialist. “Both consumers and businesses are demanding more convenient, faster, and cheaper payment solutions, which is prompting the industry and banks to develop new standards and offerings.”

In terms of global developments, the G20 has set out a comprehensive roadmap in 2020 to improve cross-border payments, making them faster, cheaper, more transparent, and more uniform. “This includes coordinating international efforts to improve existing payment infrastructures, introduce new technologies, and harmonize the legal framework in order to reduce friction and increase the efficiency of global transactions,” Susanne Prager provides as insight.

“SEPA instant payments, for example, are executed in less than 10 seconds and offer not only speed, but also greater security for clients,” says the expert. Since 2025, the verification of the payee (VoP) for SEPA/SEPA instant payments ensures that the IBAN and the name of the beneficiary match before the payment is authorized. SWIFT achieves the same for cross-border payments with their pre-validation service.

“Considering the geographical expansion of SEPA, we are continuously enhancing our value proposition to offer secure and reliable indirect participation services also in the new SEPA countries, such as Albania, Montenegro, Moldova, North Macedonia, and Serbia. In addition, a new feature which has already been implemented is the possibility to receive Instant Payments on foreign currency accounts. Another milestone was the implementation of bulk instant payments for corporates, bringing the advantage of more short-term liquidity planning.”

Starting in July  2026, RBI will participate in the newly introduced SIC Instant Payment Service. “This innovative service will enable seamless, real-time transactions in CHF, enhancing efficiency and accessibility for all users,” Susanne Prager explains. “As a significant step towards real-time payments, SIC Instant Payments reinforce our commitment to driving digital transformation and supporting the evolving needs of businesses and consumers across the EMEA region.”

Thanks to rich data formats such as ISO 20022, more information can be included in payment messages. “These include details of the beneficiary or the remittance information of a payment, thereby reducing ambiguities,” explains Susanne Prager. This structured information can be integrated into RBI products, such as offerings around account reporting services, and has the potential to enhance the transparency and traceability of payments.

“At the same time, due to shifts in the lifecycle of certain message types (such as reporting messages), we will continue offering our corporate and institutional clients the flexibility to choose between legacy and new message formats. This approach ensures we accommodate our clients’ needs to overcome potential implementation challenges in the most frictionless way.”

The migration from the current MultiBank Standard (MBS) in Austria to the modern EBICS format also facilitates communication between Austrian banks and ensures greater efficiency in the processing of transactions.

Increased transparency and same-day use of funds have become the new standard for international payments. "The vast majority of our RBI network banks are already SWIFT gpi participants and can therefore offer this service to our clients," says the cash management expert. 

• Improved data quality: More detailed information on payment transactions, such as complete invoice numbers and specific payment purposes, makes accounting and reporting for our customers easier. For example, a company can now access specific details on individual transactions, which improves traceability and internal controls. 
• Standardized formats: Standardized message formats reduce the error rate in data processing. Companies can be confident that data is transmitted correctly and consistently, increasing the efficiency and accuracy of financial accounting. 
• Improved reconciliation: Easier reconciliation of payments and invoices strengthens business relationships. Companies can respond more quickly and efficiently to questions or discrepancies. 
• Efficiency and cost reduction through automation: Minimizing manual intervention increases efficiency through automated payment processing. For example, invoice processing can be automated, saving time and costs that would otherwise be spent on manual checks. 
• Faster processing: Faster payment processing and the immediate availability of payment information improve liquidity. Companies can access incoming payments more quickly and manage their financial resources more efficiently. The use of structured data also leads to fewer queries during payment processing and therefore, to faster transactions. 

In general, new payment standards or infrastructural changes are implemented directly by the banks without customers having to actively do anything. “New standards are part of our existing products and services, which we are improving step by step,” says Susanne Prager. “In a few cases, however, such as EBICS and ISO 20022, there are also implementation steps on the client side. Although this means additional effort, the benefits of these current technologies are obvious, such as more reliable information before payment processing through verification of payee services and the potential to process payments in general more efficiently.”

“We support our customers in all these processes from start to finish. The expertise of our cash management product experts and sales managers is remarkable, as we know from customer surveys,” she says. “In combination with our group approach and our practical experience, we can offer our customers harmonized products and tailor-made solutions.”