As more companies take steps to centralize their payment processes,those using payments-on-behalf-of (POBO) structures will get a helping hand from the Single Euro Payments Area (SEPA).
Companies employing a POBO structure make payments for subsidiaries out of a central account, which allows them to cut back on bank accounts and related costs.
"In-house banks have been around for decades, while POBO solutions have been around for only about the last 10 years or so," said Drew Arnold, trade finance/cash management corporates global solutions Americas, Global Transaction Banking, at Deutsche Bank. "SEPA is one of the main reasons why POBO has taken off."
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