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By standardizing bank clearing systems across Europe, the Single Euro Payments Area (SEPA) has enabled companies to streamline and standardize their payments processes. Many companies met the SEPA compliance deadline last year, then turned their attention to centralization of cash management and bank account rationalization.

Cash management banks with a big presence in Europe report that customers are frequently asking about virtual accounts and on-behalf-of structures. They also say many companies are already seeing big efficiency gains in the routine, traditionally labor-intensive processes around transaction reconciliations.

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