Best Treasury And Cash Management Providers 2024­: Central And Eastern Europe

Companies operating in Central and Eastern Europe (CEE) continue to face unique challenges when it comes to cash management, due to a mix of economic development and regional variations.

Inconsistencies between standardized payment systems among EU members and ad hoc systems used by non-EU members have resulted in fragmented receivables scenarios, where payment collections remain complex owing to the differences in payment practices across the region. Cash still remains the preferred method of payment in an evolving regulatory landscape where emerging regulations and compliance requirements add more layers of complexity for companies managing cash flow across the region.

UniCredit, our winner of two awards, as both Best Bank for Transaction Banking and Best Bank for Collections, uses its pan-European platform to leverage a sprawling network of businesses, fintechs, financiers, and investors to ensure that CEE receives the same services and products as its Western counterparts. In 2023, UniCredit established its new product factory, Group Payments Solutions, to provide greater global harmonization whereby best practices from across the bank’s network can be optimized and applied locally.

“We have all the tools to become every European client’s first choice in payments—the product is in our group’s DNA and represents the backbone of many of our client relationships, from individuals to the largest of corporates,” states Raphael Barisaac, global head of Payments & Cash Management at UniCredit.

To this end, UniCredit expanded its UC PayFX solution in 2023 to corporate and microbusiness retail clients in Romania—the country’s first fully automated, end-to-end international payments service, offering instant conversion for multiple currencies. To simplify trade finance guarantee issuance, meanwhile, e-signatures were implemented across Romania, the Czech Republic, and Slovakia.

ING wins as the Best Bank for Cash Management. Payments and cash management experts provide local advice and solutions across its network of 21 countries in both CEE and Western Europe. ING’s InsideBusiness platform recently enabled setting up alerts for payments and improved user verification to comply with local anti-money-laundering regulations. SoftPOS enables flexible, immediate payment options, where in-person contact and immediate payment are required.

Citi, our winner for Best Corporate Cross-Border Payments Solution, offers a robust suite of payment solutions for corporate clients in CEE, including domestic and international payments, trade finance solutions, and supply chain finance. Citi continued its focus on intelligent pooling solutions in 2023 with the market expansion of cross-currency sweeps in CEE. Spring by Citi enables end-to-end digital payment acceptance in locally preferred payment methods and is now available in 24 markets, including the Czech Republic, while a partnership with a fintech provider has enhanced Citi’s payments-and-collections solution offering in Turkey.

Best Bank for Payments Bank Pekao’s PeoBIZ mobile payment system allows business users to sign and send payments or track transaction history for various payment cards. Bank Pekao is also on the cusp of launching a raft of payments innovations, including instant payments, enhanced Swift GPI services, and domestic transfers for corporate customers in an e-commerce market via six-digit BLIK codes and payments and collections on behalf of targeting international transactional banks with limited operational presence in the Polish market.

OTP Bank takes the award as Best Bank for Long-Term Liquidity Management, offering a comprehensive suite of cash management solutions to optimize liquidity, including account pooling, sweeping services to automatically transfer idle funds to interest-bearing accounts, payment automation for streamlined payables and receivables processing, and advanced reporting and analytics for real-time cash flow visibility. Partnering with banks that offer regional expertise and cash management solutions tailored to the specific needs of the CEE market, while utilizing technologies that help streamline payments and collections across borders, is the best route for companies in CEE to navigate the complexities of cash management and ensure optimal liquidity in the region.