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The banking market is in the midst of a major transformation with growing competitive, regulatory and operational challenges. Today more than ever, financial institutions need to provide comprehensive, cost-effective and robust services to their customers, supported with reporting transparency and world-class processing capabilities. Working with Lloyds Banking Group as a partner for sterling clearing services gives our financial institution clients the confidence that they can meet their customers’ current and future payment expectations, supported by the bank’s processing excellence, expertise and innovation.
Reliability and accountabilityIn a largely commoditised business with narrow margins and relentless competitive pressures, our financial institution clients are seeking a combination of robust, reliable and cost-effective core processing with innovative solutions that can generate new revenue streams and further enhance the experience for their customers. At Lloyds, we have the technology and experience developed over many years to achieve straight through processing (STP) rates that are amongst the highest in the industry, backed with transparent, flexible reporting. We combine the consultative approach and systems integrity to enable our clients to shed their legacy constraints created by obsolete accounts, fragmented payments processing, opaque or inflexible reporting. By facilitating a centralised, standardised payments environment, we can reduce costs and enhance efficiency, so our clients can offer more competitive services to their customers.In an industry that operates with huge volumes and close to real-time, there will inevitably the occasional issue. Our clients trust Lloyds to have the skills and commitment to resolve issues promptly and efficiently, minimising disruption to their business. We take accountability for our performance in delivering our services, developing trust with our clients, and resulting in industry-leading client satisfaction.
Creating competitive advantageWe work closely with our clients to develop market-leading capabilities that set our clients apart from their competition by enabling them to deliver pragmatic solutions that benefit both their customers and their bottom line. For example, sending cross-border, cross-currency payments, such as a USD payment to a GBP account results in both an FX spread and payment fee, from which the bank providing the FX conversion and clearing service benefits. Our FXShare solution enables our clients to share equally in these revenue streams, strengthening our relationship and adding commercial advantage, without jeopardising customers’ experience.New industry and regulatory initiatives create challenges for financial institutions, but by leveraging our skills and innovative approach, we can help turn these into opportunities. For example, the Single Euro Payments Area (SEPA) and Payments Services Directive (PSD) provide the opportunity for a harmonised, cohesive approach to payments processing across the Eurozone. Lloyds is a direct member of the major Euro clearing schemes (EBA (EURO1 and STEP2) and TARGET2) as well as supporting the necessary payment instruments and formatting requirements.
Prioritising liquidityIt quickly became apparent during the financial crisis that new regulations would be required to reflect the value of liquidity in a disciplined and resilient marketplace. Since early 2009, Lloyds has been working with clients to anticipate regulatory changes and provide confidence that they can access the liquidity they need to manage their business and that of their customers. To achieve this, in addition to offering CLS nostro agent services, we reserve liquidity for our clients at limits that reflect their business flows. While other banks offer this on a ‘soft’ or non-committed business, we are increasingly finding that our clients place a high value this service.
A partner in businessAs a major clearing and correspondent bank, providing payment services is a core aspect of our business, delivered by the most respected and experienced individuals in the profession, highly automated technology and a focus on supporting the commercial and operational requirements of our clients. In addition, however, we recognise that our clients have additional requirements that may be very specific to the business. We established our agency treasury services (ATS) division, part of Lloyds’ financial institutions business, over twenty years ago. ATS offers bespoke treasury outsourcing services according to the needs of each client, including transaction processing and custom reporting, enabling clients to access services not only from Lloyds Banking Group but across the market. We place a high priority on establishing and maintaining a close relationship of trust with our clients and ensure our services continue to meet and exceed client expectations, and to flex our service provision according to changes in their business. We maintain high levels of confidentiality, with separate offices, systems, staffing and contingency arrangements, so there is no visibility over transactions, counterparties, rates etc. outside ATS.
Collaboration and trustWe focus on developing collaborative, holistic relationships with our clients that reflect the breadth and specific nature of their requirements. We aim to bring a fresh commercial approach, innovative solutions combined with resilience and security of core processing, industry-leading expertise and accountability for our performance. Consequently, Lloyds is positioned as the banking partner of choice for financial institutions seeking to enhance their competitive advantage and deliver the best possible services to their customers.
This article was first published in Lloyds Banking Group FX monthly magazine, September 2010.