WEBVTT X-TIMESTAMP-MAP=LOCAL:00:00:00.000,MPEGTS:0 00:00.000 --> 00:10.698 align:middle line:90% 00:10.698 --> 00:11.990 align:middle line:90% SPEAKER: Thank you for joining. 00:11.990 --> 00:14.480 align:middle line:84% Please note that this event is being recorded. 00:14.480 --> 00:16.059 align:middle line:84% If you object to this recording, you 00:16.059 --> 00:19.180 align:middle line:84% must disconnect from the conference line now. 00:19.180 --> 00:22.130 align:middle line:90% Adam, I'll turn it over to you. 00:22.130 --> 00:24.280 align:middle line:90% ADAM TOWERS: Thanks. 00:24.280 --> 00:26.110 align:middle line:84% Welcome everyone to today's webinar 00:26.110 --> 00:28.780 align:middle line:84% on what's new in international payments. 00:28.780 --> 00:31.090 align:middle line:84% My name is Adam Towers, and I'm responsible 00:31.090 --> 00:35.050 align:middle line:84% for the international payment solutions here at U.S. Bank. 00:35.050 --> 00:37.510 align:middle line:84% Today we have a panel of experts that 00:37.510 --> 00:40.180 align:middle line:84% will discuss the challenges with international payments 00:40.180 --> 00:45.520 align:middle line:84% as well as highlight what's new and how to take advantage. 00:45.520 --> 00:50.230 align:middle line:84% We'll be discussing how Swiss migration to ISO 20022 00:50.230 --> 00:54.340 align:middle line:84% will affect you, tips to make your cross-border payments 00:54.340 --> 00:59.290 align:middle line:84% easier and more cost effective, solutions to make it easier 00:59.290 --> 01:02.425 align:middle line:84% for you to receive and reconcile cross-border payments. 01:02.425 --> 01:05.000 align:middle line:90% 01:05.000 --> 01:08.990 align:middle line:84% The panelists in today's session are Dawn Hosmer. 01:08.990 --> 01:11.120 align:middle line:84% She's a senior product manager, focusing 01:11.120 --> 01:14.480 align:middle line:84% on SWIFT and international wires here at U.S. Bank. 01:14.480 --> 01:16.940 align:middle line:84% Dawn has 20-plus years of experience 01:16.940 --> 01:19.580 align:middle line:84% with cross-border wires and foreign exchange, 01:19.580 --> 01:22.640 align:middle line:84% leading both product and operations teams, 01:22.640 --> 01:27.670 align:middle line:84% driving changes to strategic infrastructure. 01:27.670 --> 01:30.460 align:middle line:84% Alyssa Demers is a group product manager 01:30.460 --> 01:34.150 align:middle line:84% focusing on low-value, cross-border payments. 01:34.150 --> 01:35.770 align:middle line:84% She's a treasury and payments product 01:35.770 --> 01:38.560 align:middle line:84% leader with experience in international 01:38.560 --> 01:40.270 align:middle line:90% and U.S. transactions. 01:40.270 --> 01:43.030 align:middle line:84% She has over 20 years' experience 01:43.030 --> 01:47.020 align:middle line:84% directing high performing, cross-functional teams. 01:47.020 --> 01:50.380 align:middle line:84% Susie Taylor is a product manager for the global account 01:50.380 --> 01:51.970 align:middle line:90% solutions here at U.S. Bank. 01:51.970 --> 01:55.270 align:middle line:84% She has over 20 years of experience 01:55.270 --> 01:57.190 align:middle line:84% in international treasury management, 01:57.190 --> 01:59.980 align:middle line:84% with major focuses on cross-border payments, 01:59.980 --> 02:03.340 align:middle line:84% global accounts, customer implementation, and consulting. 02:03.340 --> 02:06.400 align:middle line:90% 02:06.400 --> 02:10.419 align:middle line:84% So doing business abroad has always come with challenges. 02:10.419 --> 02:12.900 align:middle line:84% Firstly, businesses need to consider 02:12.900 --> 02:14.340 align:middle line:84% how they'll contend with language 02:14.340 --> 02:17.970 align:middle line:84% barriers, cultural considerations, and government 02:17.970 --> 02:19.560 align:middle line:90% regulations. 02:19.560 --> 02:22.630 align:middle line:84% Secondly, the businesses looking to operate abroad 02:22.630 --> 02:26.490 align:middle line:84% need to consider operating factors, such as will they 02:26.490 --> 02:29.130 align:middle line:90% be operating in country or not? 02:29.130 --> 02:31.910 align:middle line:84% How will they make cross-border payments? 02:31.910 --> 02:35.470 align:middle line:84% Are there payment terms offered at the time of invoice? 02:35.470 --> 02:38.590 align:middle line:84% Or what currency will they pay foreign spenders 02:38.590 --> 02:41.780 align:middle line:90% or invoice foreign customers in? 02:41.780 --> 02:44.600 align:middle line:84% Finally, this year businesses have 02:44.600 --> 02:48.440 align:middle line:84% had to contend with significant market influences. 02:48.440 --> 02:50.870 align:middle line:84% Economic uncertainty is increased, 02:50.870 --> 02:54.370 align:middle line:84% supply chain factors continue to evolve, 02:54.370 --> 02:57.790 align:middle line:84% the U.S. dollar strength continues to grow, 02:57.790 --> 03:01.120 align:middle line:84% and inflationary pressures and subsequent increases 03:01.120 --> 03:03.250 align:middle line:90% in interest rates. 03:03.250 --> 03:05.710 align:middle line:84% The Russian invasion of Ukraine and COVID concerns 03:05.710 --> 03:07.480 align:middle line:84% have both contributed to the increase 03:07.480 --> 03:09.700 align:middle line:90% in geopolitical worries. 03:09.700 --> 03:12.280 align:middle line:84% All of these factors have led to businesses 03:12.280 --> 03:17.210 align:middle line:84% needing to reconsider how they do business abroad. 03:17.210 --> 03:20.960 align:middle line:84% Alyssa, in this environment, we continue 03:20.960 --> 03:22.880 align:middle line:90% to see global trade expanding. 03:22.880 --> 03:25.670 align:middle line:84% Businesses are increasingly sending and receiving 03:25.670 --> 03:28.040 align:middle line:90% cross-border payments. 03:28.040 --> 03:30.050 align:middle line:84% Common use cases for paying vendors 03:30.050 --> 03:33.260 align:middle line:84% or paying vendors parents or subsidiaries abroad 03:33.260 --> 03:36.680 align:middle line:84% or receiving payments from customers abroad, what 03:36.680 --> 03:39.710 align:middle line:84% are important factors to look for in a provider 03:39.710 --> 03:44.360 align:middle line:84% as your business expands into cross-border payments? 03:44.360 --> 03:45.920 align:middle line:84% ALYSSA DEMERS: Yeah, thanks, Adam. 03:45.920 --> 03:50.870 align:middle line:84% So as businesses expand outside the U.S. To buy and sell goods, 03:50.870 --> 03:53.610 align:middle line:84% or with local offices in other countries, 03:53.610 --> 03:56.210 align:middle line:84% you may think that you need to seek a banking partner 03:56.210 --> 03:59.390 align:middle line:84% or payment fintech outside the United States. 03:59.390 --> 04:01.610 align:middle line:90% But that may not be the case. 04:01.610 --> 04:05.060 align:middle line:84% Often your current U.S.-based bank can provide cross-border 04:05.060 --> 04:06.930 align:middle line:90% payment solutions. 04:06.930 --> 04:09.650 align:middle line:84% However, each bank does things a little differently 04:09.650 --> 04:11.330 align:middle line:84% when it comes to the consultation, 04:11.330 --> 04:14.780 align:middle line:84% onboarding payment initiation and use of partners 04:14.780 --> 04:17.420 align:middle line:90% and customer service. 04:17.420 --> 04:19.910 align:middle line:84% Additionally, each provider places a different level 04:19.910 --> 04:22.010 align:middle line:84% of importance on international payments, 04:22.010 --> 04:25.640 align:middle line:84% which will drive the type of solutions being offered to you. 04:25.640 --> 04:28.040 align:middle line:84% U.S. Bank use cross-border payments 04:28.040 --> 04:32.300 align:middle line:84% as a strategic initiative and is actively adding functionality 04:32.300 --> 04:34.910 align:middle line:90% as the industry changes. 04:34.910 --> 04:36.590 align:middle line:84% When you're thinking about providers, 04:36.590 --> 04:38.900 align:middle line:84% one of the first things to look out for 04:38.900 --> 04:41.540 align:middle line:84% is how they structure their support team. 04:41.540 --> 04:44.180 align:middle line:84% You'll want to understand if you're cross-border payment 04:44.180 --> 04:47.930 align:middle line:84% consulting and onboarding will be supported by the same sales 04:47.930 --> 04:52.160 align:middle line:84% and relationship teams that support your domestic payments. 04:52.160 --> 04:55.070 align:middle line:84% Some providers require a specialty international team 04:55.070 --> 04:57.290 align:middle line:84% to help you with the sales, onboarding, 04:57.290 --> 04:59.720 align:middle line:90% and customer service process. 04:59.720 --> 05:01.670 align:middle line:84% Sometimes these people may be located 05:01.670 --> 05:04.460 align:middle line:84% in other countries, time zones, and even 05:04.460 --> 05:06.440 align:middle line:90% speak another language. 05:06.440 --> 05:09.830 align:middle line:84% At U.S. Bank, your sales onboarding and service teams 05:09.830 --> 05:12.440 align:middle line:84% will be the same for both your domestic and cross-border 05:12.440 --> 05:15.100 align:middle line:90% transactions. 05:15.100 --> 05:17.130 align:middle line:84% Another important item to understand 05:17.130 --> 05:20.340 align:middle line:84% is how you actually initiate cross-border payments. 05:20.340 --> 05:23.670 align:middle line:84% Some providers offer international payments embedded 05:23.670 --> 05:25.830 align:middle line:84% in their domestic payment products, 05:25.830 --> 05:27.780 align:middle line:84% but some require a separate setup 05:27.780 --> 05:30.310 align:middle line:84% to access cross-border solutions. 05:30.310 --> 05:32.310 align:middle line:84% Because you're already familiar with your bank's 05:32.310 --> 05:35.070 align:middle line:84% domestic processes, I suggest seeking 05:35.070 --> 05:37.080 align:middle line:84% a partner for international payments 05:37.080 --> 05:39.420 align:middle line:84% that view cross-border transactions as part 05:39.420 --> 05:42.420 align:middle line:84% of the overall payment suite of products. 05:42.420 --> 05:44.700 align:middle line:84% At U.S. Bank, international solutions 05:44.700 --> 05:47.940 align:middle line:84% are really an extension of our domestic payment offering. 05:47.940 --> 05:51.210 align:middle line:84% Whether you use SinglePoint or a file-based solution 05:51.210 --> 05:54.420 align:middle line:84% like consolidated payables, international payments 05:54.420 --> 05:56.400 align:middle line:90% are included in the offering. 05:56.400 --> 05:59.640 align:middle line:84% For example, if you want to make a wire payment 05:59.640 --> 06:02.580 align:middle line:84% in Canadian dollars that debits your foreign currency 06:02.580 --> 06:06.090 align:middle line:84% account at U.S. Bank, you use the same wire module 06:06.090 --> 06:10.740 align:middle line:84% in SinglePoint as you would to make a domestic wire transfer. 06:10.740 --> 06:13.170 align:middle line:84% The same is true for international ACH. 06:13.170 --> 06:16.740 align:middle line:84% To make a payment to Europe, you can do that in SinglePoint 06:16.740 --> 06:19.020 align:middle line:90% within the ACH module. 06:19.020 --> 06:22.500 align:middle line:84% Ultimately, it's less to learn in terms of payment platforms 06:22.500 --> 06:25.110 align:middle line:84% and saves time and money because you can do things 06:25.110 --> 06:25.920 align:middle line:90% all in one place. 06:25.920 --> 06:29.250 align:middle line:90% 06:29.250 --> 06:30.930 align:middle line:90% ADAM TOWERS: Thanks, Alyssa. 06:30.930 --> 06:32.850 align:middle line:84% Great tips for selecting a partner. 06:32.850 --> 06:34.990 align:middle line:90% Dawn, I have a question for you. 06:34.990 --> 06:38.520 align:middle line:84% We keep hearing about ISO 20022 and that it will affect 06:38.520 --> 06:40.710 align:middle line:90% most payment rails globally. 06:40.710 --> 06:45.504 align:middle line:84% What is it and what should customers look out for? 06:45.504 --> 06:46.760 align:middle line:90% DAWN HOSMER: Thanks, Adam. 06:46.760 --> 06:49.610 align:middle line:84% Today most countries have their own domestic payment 06:49.610 --> 06:53.480 align:middle line:84% rails such as Fedwire or Nacha here in the United States. 06:53.480 --> 06:57.150 align:middle line:84% Each of these payment rails has their own proprietary format, 06:57.150 --> 06:59.720 align:middle line:84% which makes integration very challenging. 06:59.720 --> 07:03.140 align:middle line:84% ISO 20022 provides a rare opportunity 07:03.140 --> 07:05.690 align:middle line:84% to standardize the payment rails around the world 07:05.690 --> 07:07.850 align:middle line:90% to use the same format. 07:07.850 --> 07:10.310 align:middle line:84% More than 70 countries will be replacing 07:10.310 --> 07:14.990 align:middle line:84% their domestic and SWIFT MT formats with a new ISO 20022 07:14.990 --> 07:17.030 align:middle line:90% file format. 07:17.030 --> 07:20.150 align:middle line:84% The change is going to bring richer, more detailed wire 07:20.150 --> 07:24.020 align:middle line:84% information by expanding fields and field sizes. 07:24.020 --> 07:26.930 align:middle line:84% It also enables faster payment processing, 07:26.930 --> 07:29.210 align:middle line:84% streamlines regulatory reporting, 07:29.210 --> 07:31.970 align:middle line:84% and allows seamless integration with new payment 07:31.970 --> 07:35.450 align:middle line:90% rails such as SWIFT to RTP. 07:35.450 --> 07:38.160 align:middle line:84% Changing the world is going to take several years, 07:38.160 --> 07:40.130 align:middle line:84% so the first wave of the migration 07:40.130 --> 07:43.730 align:middle line:84% was originally planned for November of 2022. 07:43.730 --> 07:45.830 align:middle line:84% This is actually now been deferred, 07:45.830 --> 07:50.960 align:middle line:84% so the first wave is now planned for March of 2023. 07:50.960 --> 07:53.720 align:middle line:84% By March all banks will have the ability 07:53.720 --> 07:58.910 align:middle line:84% to accept payments and statements in ISO MX format, 07:58.910 --> 08:01.430 align:middle line:84% and banks will then determine their own timeline 08:01.430 --> 08:05.570 align:middle line:84% for adding the ability to send payments in ISO format. 08:05.570 --> 08:12.560 align:middle line:84% From 2023 to 2025, there's going to be a coexistence period 08:12.560 --> 08:16.100 align:middle line:84% where both the MX and the MT format will both exist 08:16.100 --> 08:18.800 align:middle line:84% and can be exchanged and supported. 08:18.800 --> 08:23.420 align:middle line:84% And by November of 2025, the Legacy MT formats 08:23.420 --> 08:25.250 align:middle line:84% will be completely decommissioned, 08:25.250 --> 08:28.130 align:middle line:84% so we'll only be using ISO format at that point. 08:28.130 --> 08:31.870 align:middle line:90% 08:31.870 --> 08:33.159 align:middle line:90% ADAM TOWERS: Thanks, Dawn. 08:33.159 --> 08:35.900 align:middle line:84% So some of that information was hot off the press. 08:35.900 --> 08:37.375 align:middle line:90% So SWIFT only announced today-- 08:37.375 --> 08:39.250 align:middle line:84% DAWN HOSMER: Yes, breaking news this morning. 08:39.250 --> 08:40.375 align:middle line:90% ADAM TOWERS: Breaking news. 08:40.375 --> 08:43.539 align:middle line:84% So they announced today that they'll 08:43.539 --> 08:48.070 align:middle line:84% be moving to March from November to align 08:48.070 --> 08:50.440 align:middle line:84% with some of the payment systems in Europe. 08:50.440 --> 08:55.190 align:middle line:84% That said, 2023 to 2025 is a wide range. 08:55.190 --> 08:57.790 align:middle line:84% And many banks will be moving at different speeds. 08:57.790 --> 09:02.110 align:middle line:84% How is U.S. Bank thinking about its roadmap? 09:02.110 --> 09:04.960 align:middle line:84% DAWN HOSMER: In March of 2023, the U.S. Bank 09:04.960 --> 09:08.140 align:middle line:84% is going to add the ability to accept the incoming payments 09:08.140 --> 09:11.770 align:middle line:84% and statements in MX format in addition to MTs. 09:11.770 --> 09:13.690 align:middle line:90% We'll support them both. 09:13.690 --> 09:16.750 align:middle line:84% From 2023, U.S. Bank is going to focus 09:16.750 --> 09:21.550 align:middle line:84% on enhancing our wire room to remit outbound payments in ISO 09:21.550 --> 09:23.440 align:middle line:90% MX format. 09:23.440 --> 09:25.960 align:middle line:84% For most customers, this migration 09:25.960 --> 09:27.940 align:middle line:90% will have minimal impact. 09:27.940 --> 09:32.170 align:middle line:84% Systems such as SinglePoint will see additional fields 09:32.170 --> 09:34.810 align:middle line:90% or expanded field sizes. 09:34.810 --> 09:36.880 align:middle line:84% SinglePoint information reporting 09:36.880 --> 09:38.980 align:middle line:84% may see additional details resulting 09:38.980 --> 09:41.440 align:middle line:84% from these new and expanded fields. 09:41.440 --> 09:45.100 align:middle line:84% It's possible, however unlikely, that information reporting 09:45.100 --> 09:48.940 align:middle line:84% customers may see a plus sign at the end of a line that 09:48.940 --> 09:52.630 align:middle line:84% indicates additional information was unable to map 09:52.630 --> 09:55.120 align:middle line:90% to the current field sizes. 09:55.120 --> 09:57.550 align:middle line:84% As an example, that means that if you 09:57.550 --> 10:01.280 align:middle line:84% have an address information where city, state, country, 10:01.280 --> 10:05.410 align:middle line:84% and postal code may not all fit into the current 35-character 10:05.410 --> 10:06.970 align:middle line:90% fields. 10:06.970 --> 10:10.540 align:middle line:84% Over the coming years, customers sending payments to U.S. Bank 10:10.540 --> 10:15.190 align:middle line:84% in SWIFT format will be asked to migrate to the ISO format. 10:15.190 --> 10:17.980 align:middle line:84% And the customers receiving SWIFT statements 10:17.980 --> 10:20.665 align:middle line:84% will also be asked to migrate to the SWIFT format. 10:20.665 --> 10:24.530 align:middle line:90% 10:24.530 --> 10:25.940 align:middle line:90% ADAM TOWERS: Thanks, Dawn. 10:25.940 --> 10:30.540 align:middle line:84% So in March, incoming payments will support ISO standard, 10:30.540 --> 10:32.670 align:middle line:84% and customers will need to watch out for the plus. 10:32.670 --> 10:35.460 align:middle line:84% I would say the plus was there when 10:35.460 --> 10:37.398 align:middle line:84% we were planning to launch in November, 10:37.398 --> 10:38.940 align:middle line:84% and so we'll need to continue to work 10:38.940 --> 10:42.300 align:middle line:84% with SWIFT to see if that will still be the case for a March 10:42.300 --> 10:43.020 align:middle line:90% rollout. 10:43.020 --> 10:46.470 align:middle line:84% As said, this is hot off the press information 10:46.470 --> 10:49.930 align:middle line:84% and we will keep you informed as we go along here. 10:49.930 --> 10:53.250 align:middle line:84% And then U.S. Bank will focus on outgoing payments 10:53.250 --> 10:56.170 align:middle line:90% in future years. 10:56.170 --> 10:58.590 align:middle line:90% So Alyssa, back to you. 10:58.590 --> 11:01.530 align:middle line:84% Dawn has just talked about some of the complexities 11:01.530 --> 11:04.110 align:middle line:84% with international wires, and making payments internationally 11:04.110 --> 11:07.380 align:middle line:84% can involve a patchwork of different payment systems. 11:07.380 --> 11:10.840 align:middle line:84% Choosing the right payment method can be confusing. 11:10.840 --> 11:12.640 align:middle line:84% How should business customers think 11:12.640 --> 11:14.380 align:middle line:84% about the different payment options 11:14.380 --> 11:17.275 align:middle line:84% available for cross-border payments? 11:17.275 --> 11:19.150 align:middle line:84% ALYSSA DEMERS: Yeah, this is a good question. 11:19.150 --> 11:21.270 align:middle line:84% And, in fact, we had a question submitted 11:21.270 --> 11:25.500 align:middle line:84% prior to this that was similar to yours, really asking about 11:25.500 --> 11:28.590 align:middle line:84% if there were options other than wire transfers 11:28.590 --> 11:32.430 align:middle line:84% to make easy, safe, simple, and efficient reimbursements 11:32.430 --> 11:34.217 align:middle line:90% to several countries. 11:34.217 --> 11:36.300 align:middle line:84% And with that in mind, I'll just talk a little bit 11:36.300 --> 11:38.850 align:middle line:84% about the variety of payment and clearing systems 11:38.850 --> 11:40.690 align:middle line:90% around the world. 11:40.690 --> 11:43.140 align:middle line:84% So the most common international payment types 11:43.140 --> 11:48.800 align:middle line:84% are international wire transfers and ACH-like clearing systems. 11:48.800 --> 11:50.590 align:middle line:84% We're starting to see in some countries 11:50.590 --> 11:53.650 align:middle line:84% that they're launching new real-time networks and faster 11:53.650 --> 11:55.030 align:middle line:90% payment schemes. 11:55.030 --> 11:58.450 align:middle line:84% But each country has its own set of rules and requirements 11:58.450 --> 12:00.970 align:middle line:90% that vary by payment type. 12:00.970 --> 12:04.180 align:middle line:84% For example, the Single European Payments Area, 12:04.180 --> 12:07.540 align:middle line:84% also known as SEPA, has one set of rules and payment 12:07.540 --> 12:08.470 align:middle line:90% requirements. 12:08.470 --> 12:12.340 align:middle line:84% But the Canadian market has the Electronic Funds Transfer, 12:12.340 --> 12:16.030 align:middle line:84% or EFT network, that has another set of rules and payment 12:16.030 --> 12:17.050 align:middle line:90% requirements. 12:17.050 --> 12:21.640 align:middle line:84% And of course, the two networks don't talk to each other. 12:21.640 --> 12:23.680 align:middle line:84% When you're using a wire transfer, 12:23.680 --> 12:26.080 align:middle line:84% the payment rules are fairly straightforward. 12:26.080 --> 12:31.510 align:middle line:84% And as Dawn mentioned, ISO 20022 is further simplifying things. 12:31.510 --> 12:34.840 align:middle line:84% Typical payment requirements for a wire transfer 12:34.840 --> 12:40.150 align:middle line:84% are SWIFT Business Identifier Code, or BIC, an account 12:40.150 --> 12:43.630 align:middle line:84% number, and in some countries, the purpose of payment. 12:43.630 --> 12:46.270 align:middle line:84% To make things a little easier, many countries 12:46.270 --> 12:49.330 align:middle line:84% use an International Bank Account Number, also known 12:49.330 --> 12:52.690 align:middle line:84% as an IBAN, which uniquely identifies 12:52.690 --> 12:55.540 align:middle line:84% an individual account at a particular financial 12:55.540 --> 12:58.180 align:middle line:84% institution in a particular country 12:58.180 --> 13:03.490 align:middle line:84% and has a standard alphanumeric length of up to 34 characters. 13:03.490 --> 13:06.730 align:middle line:84% When choosing an ACH-like system in another country, 13:06.730 --> 13:10.240 align:middle line:84% things can be just a little bit more complicated. 13:10.240 --> 13:14.920 align:middle line:84% Most ACH-like clearing systems use the local banks account 13:14.920 --> 13:18.820 align:middle line:84% number and routing number format instead of an IBAN and a SWIFT 13:18.820 --> 13:20.290 align:middle line:90% BIC. 13:20.290 --> 13:22.810 align:middle line:84% They also often require additional information 13:22.810 --> 13:24.880 align:middle line:84% that could be different than a wire transfer, 13:24.880 --> 13:28.420 align:middle line:84% such as a beneficiary email or mobile phone number. 13:28.420 --> 13:32.500 align:middle line:84% And some cases can get even just a little bit more complex, 13:32.500 --> 13:35.170 align:middle line:84% where countries require a specific registration 13:35.170 --> 13:39.010 align:middle line:84% number to ensure that the payment can be processed. 13:39.010 --> 13:41.380 align:middle line:84% When choosing an ACH-like payment option, 13:41.380 --> 13:44.800 align:middle line:84% you'll want to select a provider that has broad country coverage 13:44.800 --> 13:47.440 align:middle line:84% and provides guidance on how to gather and input 13:47.440 --> 13:50.350 align:middle line:90% payment instructions. 13:50.350 --> 13:53.140 align:middle line:84% For both wires and international ACH, 13:53.140 --> 13:56.380 align:middle line:84% U.S. Bank has connected to best-in-class providers, 13:56.380 --> 14:00.010 align:middle line:84% giving you a simple process in SinglePoint that 14:00.010 --> 14:02.830 align:middle line:84% guides you to enter the payment data elements 14:02.830 --> 14:05.770 align:middle line:84% and converts them into the necessary format required 14:05.770 --> 14:08.440 align:middle line:84% for each country and payment type. 14:08.440 --> 14:11.230 align:middle line:84% That way you don't have to know the ins and outs 14:11.230 --> 14:12.970 align:middle line:90% or the country's specific rules. 14:12.970 --> 14:16.150 align:middle line:84% U.S. Bank has done that work for you. 14:16.150 --> 14:18.310 align:middle line:84% As you think about which cross-border payment 14:18.310 --> 14:20.470 align:middle line:84% method might be right for your company, 14:20.470 --> 14:22.030 align:middle line:84% there are a variety of factors that 14:22.030 --> 14:25.510 align:middle line:84% play into selecting between different payment types. 14:25.510 --> 14:27.370 align:middle line:84% Key considerations include the value 14:27.370 --> 14:32.410 align:middle line:84% of the transaction, urgency and speed of the payment, currency 14:32.410 --> 14:35.560 align:middle line:84% of the transaction, payment routing instructions, 14:35.560 --> 14:37.390 align:middle line:90% and remittance details. 14:37.390 --> 14:40.450 align:middle line:84% You'll also want to consider the cost of the transaction 14:40.450 --> 14:44.750 align:middle line:84% compared to the need for speed and value of the payment. 14:44.750 --> 14:47.680 align:middle line:84% For example, an urgent high-value transaction 14:47.680 --> 14:50.350 align:middle line:84% is likely best via wire transfer, 14:50.350 --> 14:53.110 align:middle line:84% but a low-value, non-urgent transaction 14:53.110 --> 14:55.750 align:middle line:84% could be routed via international ACH, 14:55.750 --> 14:58.360 align:middle line:84% allowing you to take advantage of the cost savings 14:58.360 --> 15:00.590 align:middle line:90% and improve working capital. 15:00.590 --> 15:03.730 align:middle line:84% And that may very well be a great option for the customer 15:03.730 --> 15:06.560 align:middle line:90% who submitted the question. 15:06.560 --> 15:09.380 align:middle line:84% At U.S. Bank we're actively expanding coverage 15:09.380 --> 15:13.010 align:middle line:84% for both international wires and international ACH. 15:13.010 --> 15:16.100 align:middle line:84% Wire transfer coverage will expand to by-- 15:16.100 --> 15:19.310 align:middle line:84% it'll expand by 18 currencies in December. 15:19.310 --> 15:21.260 align:middle line:84% And international ACH has recently 15:21.260 --> 15:23.750 align:middle line:90% launched five new currencies. 15:23.750 --> 15:26.300 align:middle line:84% The new international ACH currencies, 15:26.300 --> 15:31.160 align:middle line:84% in addition to our current Canadian euro, Mexican peso, 15:31.160 --> 15:34.010 align:middle line:84% and great British pound offering, 15:34.010 --> 15:37.340 align:middle line:84% the new currencies are Australian dollar, New Zealand 15:37.340 --> 15:42.560 align:middle line:84% dollar, Swiss franc, Japanese yen, and Hong Kong dollar. 15:42.560 --> 15:44.210 align:middle line:84% If you're interested in making payments 15:44.210 --> 15:47.810 align:middle line:84% in any of these countries or trying international ACH, 15:47.810 --> 15:51.200 align:middle line:84% please reach out to your relationship manager. 15:51.200 --> 15:54.050 align:middle line:84% I also want to address one other question that was submitted 15:54.050 --> 15:55.730 align:middle line:90% in advance of the webinar. 15:55.730 --> 15:59.090 align:middle line:84% And the question was around if U.S. Bank offers same-day ACH 15:59.090 --> 16:00.480 align:middle line:90% to Canada. 16:00.480 --> 16:03.380 align:middle line:84% U.S. Bank does not support same-day ACH to Canada 16:03.380 --> 16:04.440 align:middle line:90% at this time. 16:04.440 --> 16:06.350 align:middle line:84% However, we're evaluating options 16:06.350 --> 16:09.180 align:middle line:84% to provide faster clearing to our customers, 16:09.180 --> 16:12.680 align:middle line:84% both for international ACH and wire transfers. 16:12.680 --> 16:15.620 align:middle line:84% And one example of a solution that we're exploring 16:15.620 --> 16:17.600 align:middle line:84% is connecting to the newly launched 16:17.600 --> 16:20.420 align:middle line:84% Canadian real-time payment network. 16:20.420 --> 16:23.210 align:middle line:90% So stay tuned for more on that. 16:23.210 --> 16:26.160 align:middle line:90% ADAM TOWERS: Thanks, Alyssa. 16:26.160 --> 16:28.080 align:middle line:84% And I'll add that if customers still 16:28.080 --> 16:30.720 align:middle line:84% have questions about the right payment rail, 16:30.720 --> 16:35.130 align:middle line:84% we have treasury management consultants available to help. 16:35.130 --> 16:37.940 align:middle line:84% So Dawn, staying on the topic of how customers 16:37.940 --> 16:39.650 align:middle line:84% can make sense of the complexities 16:39.650 --> 16:41.812 align:middle line:84% in international payments, Alyssa just 16:41.812 --> 16:43.520 align:middle line:84% spoke about the different payment methods 16:43.520 --> 16:45.450 align:middle line:90% that users can choose from. 16:45.450 --> 16:47.540 align:middle line:84% There are also different ways that customers 16:47.540 --> 16:50.390 align:middle line:90% can submit those payments. 16:50.390 --> 16:53.060 align:middle line:84% How should businesses make sense of the different systems 16:53.060 --> 16:57.040 align:middle line:84% and user experiences that are available to them? 16:57.040 --> 16:58.240 align:middle line:90% DAWN HOSMER: Thanks, Adam. 16:58.240 --> 17:00.670 align:middle line:84% There's a number of different tools treasury 17:00.670 --> 17:03.430 align:middle line:84% and accounts payable team may consider. 17:03.430 --> 17:06.730 align:middle line:84% Generally, they're based on the number and the effort it takes 17:06.730 --> 17:08.530 align:middle line:90% for you to make those payments. 17:08.530 --> 17:11.140 align:middle line:84% They tend to fall in about three categories. 17:11.140 --> 17:13.630 align:middle line:84% You've got online treasury platforms, 17:13.630 --> 17:16.150 align:middle line:84% account payable automation platforms, 17:16.150 --> 17:18.369 align:middle line:90% and direct transmission. 17:18.369 --> 17:22.030 align:middle line:84% Let's talk about online treasury management platforms. 17:22.030 --> 17:25.420 align:middle line:84% Do you have a small to medium number of payments? 17:25.420 --> 17:28.540 align:middle line:84% Then an online treasury platform tends to work well. 17:28.540 --> 17:32.680 align:middle line:84% U.S. Bank's treasury management platform is called SinglePoint. 17:32.680 --> 17:34.960 align:middle line:84% Benefits of using an online platform, 17:34.960 --> 17:37.390 align:middle line:84% they're quick and easy to set up. 17:37.390 --> 17:39.640 align:middle line:84% They have built in payment validation, 17:39.640 --> 17:42.310 align:middle line:90% real-time exchange rate feeds. 17:42.310 --> 17:46.780 align:middle line:84% They tend to automate capturing country-specific rules 17:46.780 --> 17:50.710 align:middle line:84% such as purpose of payments, with built-in fraud protection, 17:50.710 --> 17:52.930 align:middle line:90% so like dual approval. 17:52.930 --> 17:55.330 align:middle line:84% If I take, for example, SinglePoint, the-- 17:55.330 --> 17:56.770 align:middle line:84% I'm sorry-- U.S. Bank's platform, 17:56.770 --> 17:59.410 align:middle line:84% SinglePoint, our treasury customers 17:59.410 --> 18:03.220 align:middle line:84% can enter wires or ACH easily, based on their preferences, 18:03.220 --> 18:06.160 align:middle line:84% and have dynamic fields to ensure that customers 18:06.160 --> 18:10.190 align:middle line:84% can enter the right information for each given country. 18:10.190 --> 18:12.830 align:middle line:84% I'll also give a plug to our SinglePoint modernization 18:12.830 --> 18:13.520 align:middle line:90% teams. 18:13.520 --> 18:15.770 align:middle line:84% For those not involved in the pilot yet, 18:15.770 --> 18:18.830 align:middle line:84% we're piloting a new initiative for SinglePoint 18:18.830 --> 18:23.480 align:middle line:84% that's going to make it even simpler and more intuitive. 18:23.480 --> 18:26.420 align:middle line:84% If you're looking for an end-to-end payments platform 18:26.420 --> 18:29.450 align:middle line:84% to handle everything from invoicing the payment-- 18:29.450 --> 18:31.760 align:middle line:84% I'm sorry. --from invoicing to payment, 18:31.760 --> 18:36.337 align:middle line:84% then you'll probably want an AP automation platform. 18:36.337 --> 18:38.170 align:middle line:84% There are several options in the marketplace 18:38.170 --> 18:40.540 align:middle line:90% offered by fintechs and banks. 18:40.540 --> 18:43.780 align:middle line:84% These tend to focus on driving efficiency and control 18:43.780 --> 18:45.550 align:middle line:90% in your AP workflow. 18:45.550 --> 18:49.640 align:middle line:84% U.S. Bank's solution is AP Optimizer. 18:49.640 --> 18:53.420 align:middle line:84% Finally, customers that have a medium to large volume, 18:53.420 --> 18:55.430 align:middle line:84% submitting payments via transmission 18:55.430 --> 18:58.340 align:middle line:84% can be a great way to save time and money. 18:58.340 --> 19:00.530 align:middle line:84% Customers with larger payment volumes 19:00.530 --> 19:03.680 align:middle line:84% are very focused on efficiently managing their payment 19:03.680 --> 19:06.890 align:middle line:84% workflows, often from inside their ERP or accounting 19:06.890 --> 19:08.600 align:middle line:90% platforms. 19:08.600 --> 19:11.390 align:middle line:84% Host-host transmissions come in several forms 19:11.390 --> 19:16.550 align:middle line:84% from apps that can be downloaded to API or file integrations. 19:16.550 --> 19:18.800 align:middle line:84% These services allow you to submit payments 19:18.800 --> 19:22.310 align:middle line:84% to your bank with minimal clicks from inside your ERP, 19:22.310 --> 19:26.750 align:middle line:84% and the effort to set them up can vary by bank and ERP. 19:26.750 --> 19:30.230 align:middle line:84% At U.S. Bank, we provide API and file integrations 19:30.230 --> 19:32.990 align:middle line:84% for most ERP and treasury management workflows. 19:32.990 --> 19:36.238 align:middle line:90% 19:36.238 --> 19:38.030 align:middle line:84% ADAM TOWERS: Thanks for the insights, Dawn. 19:38.030 --> 19:40.840 align:middle line:84% It's helpful to know there are multiple ways that customers 19:40.840 --> 19:43.450 align:middle line:84% can work with their bank, including integrating 19:43.450 --> 19:46.450 align:middle line:90% into their ERP systems. 19:46.450 --> 19:49.750 align:middle line:90% Susie, let's talk receivables. 19:49.750 --> 19:52.670 align:middle line:84% With all the volatility in the market today, 19:52.670 --> 19:54.670 align:middle line:84% how should customers think about invoicing 19:54.670 --> 19:58.320 align:middle line:84% in foreign currencies vs. U.S. dollar? 19:58.320 --> 20:00.030 align:middle line:84% SUSIE TAYLOR: Yeah, Thanks, Adam. 20:00.030 --> 20:04.800 align:middle line:84% So a lot of US exporters invoice in U.S. dollars. 20:04.800 --> 20:07.960 align:middle line:84% And I think they do this for a couple of reasons. 20:07.960 --> 20:11.880 align:middle line:84% So there's a general comfort in dealing in U.S. dollars. 20:11.880 --> 20:14.280 align:middle line:90% It's what customers are use to. 20:14.280 --> 20:16.920 align:middle line:84% Customers are also concerned about exchange rate 20:16.920 --> 20:19.890 align:middle line:84% fluctuations cutting into their profits. 20:19.890 --> 20:24.930 align:middle line:84% There's also a belief that foreign denominated accounts 20:24.930 --> 20:28.320 align:middle line:84% are required to receive payments in foreign currencies. 20:28.320 --> 20:30.570 align:middle line:84% And then also the time that it takes 20:30.570 --> 20:33.390 align:middle line:84% to open and manage accounts in multiple countries, 20:33.390 --> 20:35.230 align:middle line:90% if that's desired. 20:35.230 --> 20:38.760 align:middle line:84% So there are definitely benefits to invoicing 20:38.760 --> 20:41.670 align:middle line:84% in foreign currencies that companies should consider. 20:41.670 --> 20:44.190 align:middle line:84% But before we tackle that issue, it's 20:44.190 --> 20:46.890 align:middle line:84% important to understand that there is still 20:46.890 --> 20:49.140 align:middle line:84% an FX conversion that happens when 20:49.140 --> 20:53.320 align:middle line:84% you invoice a foreign customer in U.S. dollars. 20:53.320 --> 20:55.800 align:middle line:84% So the responsibility for that conversion 20:55.800 --> 20:57.870 align:middle line:90% happens on your customers plate. 20:57.870 --> 21:00.340 align:middle line:90% They own that currency risk. 21:00.340 --> 21:03.240 align:middle line:84% So having said that, let's get back to the question 21:03.240 --> 21:06.400 align:middle line:84% around benefits of invoicing in a foreign currency. 21:06.400 --> 21:08.730 align:middle line:90% So first benefit is cash flow. 21:08.730 --> 21:12.870 align:middle line:84% So invoicing in foreign currency is convenient for the payer. 21:12.870 --> 21:16.050 align:middle line:84% It eliminates the currency risk for the customer 21:16.050 --> 21:18.480 align:middle line:84% and may speed up the payments process, 21:18.480 --> 21:21.990 align:middle line:84% increasing their business's cash flow. 21:21.990 --> 21:24.460 align:middle line:90% Second is risk management. 21:24.460 --> 21:28.090 align:middle line:84% So when businesses invoice in the local currency. 21:28.090 --> 21:32.430 align:middle line:84% They can also put protocols in place such as FX contracts 21:32.430 --> 21:36.300 align:middle line:84% or use their foreign receivables to fund foreign payments 21:36.300 --> 21:37.950 align:middle line:84% as hedging instruments to give them 21:37.950 --> 21:40.440 align:middle line:84% control over the foreign exchange rate, which 21:40.440 --> 21:42.660 align:middle line:84% that can protect profits and keep 21:42.660 --> 21:45.240 align:middle line:90% more cash in their pockets. 21:45.240 --> 21:48.600 align:middle line:84% So for customers looking to use foreign receivables to make 21:48.600 --> 21:50.562 align:middle line:84% payments in those same currencies, 21:50.562 --> 21:52.020 align:middle line:84% they should consult with their bank 21:52.020 --> 21:55.020 align:middle line:84% to see about leveraging accounts in foreign currencies. 21:55.020 --> 21:57.420 align:middle line:84% These accounts are usually easier to open, 21:57.420 --> 21:59.220 align:middle line:84% and it helps to keep banking partners 21:59.220 --> 22:02.430 align:middle line:84% to a minimum, while also having the benefit of receiving 22:02.430 --> 22:06.720 align:middle line:84% and paying without exchange on each transaction. 22:06.720 --> 22:09.180 align:middle line:84% And third, providing a good customer 22:09.180 --> 22:10.980 align:middle line:90% experience for their buyers. 22:10.980 --> 22:13.560 align:middle line:84% So currently, the strength of the dollar 22:13.560 --> 22:15.780 align:middle line:84% has put pressure on foreign sales, 22:15.780 --> 22:19.980 align:middle line:84% where the risk is on the foreign buyer as mentioned earlier. 22:19.980 --> 22:22.200 align:middle line:84% So invoicing in the local currency 22:22.200 --> 22:24.090 align:middle line:84% does promote a good customer experience 22:24.090 --> 22:27.420 align:middle line:84% by providing convenience for the importer. 22:27.420 --> 22:29.370 align:middle line:84% It removes the need to manage or worry 22:29.370 --> 22:32.040 align:middle line:84% about the foreign exchange, which simplifies the payment 22:32.040 --> 22:33.600 align:middle line:90% process for them. 22:33.600 --> 22:37.710 align:middle line:84% And especially in this market, where the dollar is so strong, 22:37.710 --> 22:42.000 align:middle line:84% not having to purchase U.S. dollars is more cost effective. 22:42.000 --> 22:45.750 align:middle line:84% In addition, taking advantage of virtual accounts and markets 22:45.750 --> 22:47.640 align:middle line:84% to offer their customers the ability 22:47.640 --> 22:49.500 align:middle line:84% to make payments through local payment 22:49.500 --> 22:53.430 align:middle line:84% rails such as the Single European Payments Area, 22:53.430 --> 22:56.580 align:middle line:84% also known as SEPA, and then Bacs in the UK, 22:56.580 --> 22:59.550 align:middle line:84% can help decrease costs for their customers 22:59.550 --> 23:03.150 align:middle line:84% and have payments post to their designated account in the U.S. 23:03.150 --> 23:04.200 align:middle line:90% same day. 23:04.200 --> 23:07.020 align:middle line:84% So this is a solution that we are currently piloting here 23:07.020 --> 23:11.460 align:middle line:84% at U.S. Bank and anticipate rolling out early in 2023. 23:11.460 --> 23:13.480 align:middle line:90% And then lastly is growth. 23:13.480 --> 23:15.630 align:middle line:84% So invoicing and foreign currency 23:15.630 --> 23:18.990 align:middle line:84% opens a business's product or service to new markets. 23:18.990 --> 23:21.630 align:middle line:84% And as being able to pay in the native currency 23:21.630 --> 23:23.790 align:middle line:84% is attractive to prospective buyers, 23:23.790 --> 23:27.760 align:middle line:84% and it usually translates into greater market share growth. 23:27.760 --> 23:30.360 align:middle line:84% And as you consider growth, leverage a trusted banking 23:30.360 --> 23:33.030 align:middle line:84% partner to ensure that you have the right global treasury 23:33.030 --> 23:35.520 align:middle line:84% solution in place while minimizing 23:35.520 --> 23:38.010 align:middle line:84% the number of banking relationships and fees 23:38.010 --> 23:39.430 align:middle line:90% that you need to manage. 23:39.430 --> 23:42.480 align:middle line:84% So as an example, U.S. Bank's Canadian Treasury Management 23:42.480 --> 23:45.540 align:middle line:84% Solution offers a robust suite of treasury management 23:45.540 --> 23:49.350 align:middle line:84% services, including incoming wires, lockbox, and branch 23:49.350 --> 23:52.710 align:middle line:84% deposits, in both Canadian and U.S. 23:52.710 --> 23:56.040 align:middle line:84% dollars to help customers manage their local receivables 23:56.040 --> 23:58.230 align:middle line:84% and grow their Canadian business without having 23:58.230 --> 24:01.950 align:middle line:84% to be in country to open an account in person. 24:01.950 --> 24:04.680 align:middle line:84% And customers should always be sure to consult with their tax 24:04.680 --> 24:07.320 align:middle line:84% partner when they are looking to expand in other markets 24:07.320 --> 24:08.850 align:middle line:84% because there may be requirements 24:08.850 --> 24:10.993 align:middle line:84% that may be in place to establish 24:10.993 --> 24:11.910 align:middle line:90% an account in country. 24:11.910 --> 24:15.510 align:middle line:90% 24:15.510 --> 24:17.880 align:middle line:90% ADAM TOWERS: Thanks, Susie. 24:17.880 --> 24:19.380 align:middle line:84% I love hearing about how you have 24:19.380 --> 24:22.890 align:middle line:84% a pilot where customers can have virtual accounts in the UK 24:22.890 --> 24:23.580 align:middle line:90% and Europe. 24:23.580 --> 24:27.570 align:middle line:84% That feels like a real extension of what U.S. Bank has 24:27.570 --> 24:30.270 align:middle line:90% historically been known for. 24:30.270 --> 24:32.460 align:middle line:84% Now historically, some criticisms 24:32.460 --> 24:34.260 align:middle line:84% of cross-border payments are that they're 24:34.260 --> 24:36.900 align:middle line:90% slow and hard to reconcile. 24:36.900 --> 24:40.380 align:middle line:84% What are some ways that customers 24:40.380 --> 24:43.110 align:middle line:84% can simplify receiving cross-border payments 24:43.110 --> 24:47.730 align:middle line:84% and overcome the challenges with reconciling them? 24:47.730 --> 24:49.800 align:middle line:84% SUSIE TAYLOR: Yeah, so active sellers 24:49.800 --> 24:53.160 align:middle line:84% are consistently facing challenges of reconciling 24:53.160 --> 24:54.480 align:middle line:90% incoming payments. 24:54.480 --> 24:59.100 align:middle line:84% And these challenges can be costly due to manual processes, 24:59.100 --> 25:02.760 align:middle line:84% and they impact their cash flow, especially when you have delays 25:02.760 --> 25:04.980 align:middle line:84% in receiving payments or matching 25:04.980 --> 25:07.380 align:middle line:90% incoming payments to invoices. 25:07.380 --> 25:09.850 align:middle line:84% So to help mitigate some of these issues, 25:09.850 --> 25:14.110 align:middle line:84% there are a couple of quick tips to help in these areas. 25:14.110 --> 25:17.160 align:middle line:84% So the first is to ensure that you provide proper payment 25:17.160 --> 25:20.670 align:middle line:84% instructions to your customers to ensure that transactions 25:20.670 --> 25:23.320 align:middle line:84% can be received as quick as possible. 25:23.320 --> 25:26.550 align:middle line:84% Now, this is especially important on payments coming in 25:26.550 --> 25:30.210 align:middle line:84% from other countries, where if you don't have full payment 25:30.210 --> 25:32.760 align:middle line:84% details such as an intermediary bank, 25:32.760 --> 25:36.030 align:middle line:84% transactions can be delayed and incur 25:36.030 --> 25:39.180 align:middle line:84% additional costs due to lifting fees that may be taken 25:39.180 --> 25:41.460 align:middle line:84% by other institutions that are involved 25:41.460 --> 25:43.500 align:middle line:90% in settling that transaction. 25:43.500 --> 25:45.750 align:middle line:84% Now, the SWIFT GPI tracker has been 25:45.750 --> 25:47.400 align:middle line:90% a game changer in this space. 25:47.400 --> 25:50.160 align:middle line:84% It's giving more visibility into all the parties 25:50.160 --> 25:52.170 align:middle line:84% who touch the transaction, the fees that 25:52.170 --> 25:54.660 align:middle line:84% might have been deducted, as well as any currency 25:54.660 --> 25:58.020 align:middle line:84% exchange that might have been taken along the way. 25:58.020 --> 26:00.690 align:middle line:84% Another is to advise details that you 26:00.690 --> 26:04.390 align:middle line:84% need the payer to provide within the transaction, 26:04.390 --> 26:07.260 align:middle line:84% such as an invoice or a customer number, 26:07.260 --> 26:09.730 align:middle line:90% to help with the reconciliation. 26:09.730 --> 26:13.110 align:middle line:84% Now, as Don mentioned, that rich data benefits 26:13.110 --> 26:15.690 align:middle line:84% that are going to come with ISO 20022 26:15.690 --> 26:19.070 align:middle line:84% will definitely help in this area. 26:19.070 --> 26:21.610 align:middle line:84% So from there, streamlining receivables 26:21.610 --> 26:25.420 align:middle line:84% through automation or use of centralization applications 26:25.420 --> 26:29.050 align:middle line:84% can tie together data from multiple payment sources-- 26:29.050 --> 26:31.960 align:middle line:84% or multiple receivable sources, sorry-- 26:31.960 --> 26:34.810 align:middle line:84% to provide a comprehensive view of those 26:34.810 --> 26:38.180 align:middle line:84% receive payments and simplify the reconciliation. 26:38.180 --> 26:42.250 align:middle line:84% So, for example, receiving details on incoming payments 26:42.250 --> 26:46.570 align:middle line:84% into bank accounts through SWIFT messaging and/or transmission 26:46.570 --> 26:50.350 align:middle line:84% into ERP system automates the collection 26:50.350 --> 26:54.800 align:middle line:84% and the reconciliation, which saves customers time and money. 26:54.800 --> 26:57.940 align:middle line:84% So if customers are not at this point in their automation 26:57.940 --> 27:01.120 align:middle line:84% journey, I recommend that they consult with a banking partner 27:01.120 --> 27:04.300 align:middle line:84% to discuss the availability of a receivables management 27:04.300 --> 27:05.660 align:middle line:90% solution. 27:05.660 --> 27:08.200 align:middle line:84% So, for example, VantagePoint is U.S. 27:08.200 --> 27:11.320 align:middle line:84% Bank's centralized receivables management solution, 27:11.320 --> 27:14.500 align:middle line:84% which gives customers that comprehensive view 27:14.500 --> 27:16.990 align:middle line:84% of their received payments and images 27:16.990 --> 27:19.870 align:middle line:84% in a single easy to use portal within our banking 27:19.870 --> 27:22.030 align:middle line:90% application, SinglePoint. 27:22.030 --> 27:25.150 align:middle line:84% And VantagePoint matches data to dollars. 27:25.150 --> 27:28.690 align:middle line:84% It provides integrated reporting on multiple payment types, 27:28.690 --> 27:32.350 align:middle line:84% and it also exposes data to enable more informed decision 27:32.350 --> 27:33.040 align:middle line:90% making. 27:33.040 --> 27:37.180 align:middle line:84% And that helps clients to optimize working capital. 27:37.180 --> 27:39.640 align:middle line:84% To further streamline our customer's receivables 27:39.640 --> 27:43.450 align:middle line:84% management, we have enhanced VantagePoint's, the solution, 27:43.450 --> 27:46.660 align:middle line:84% to include Canadian treasury management lockbox payment 27:46.660 --> 27:48.590 align:middle line:90% data and images. 27:48.590 --> 27:51.970 align:middle line:84% So this means that customers will have the ability 27:51.970 --> 27:55.360 align:middle line:84% to view their Canadian lockbox payment details right 27:55.360 --> 27:57.910 align:middle line:84% alongside their U.S. Bank receivables 27:57.910 --> 28:00.820 align:middle line:84% for a comprehensive view of those 28:00.820 --> 28:05.680 align:middle line:84% received payments and images in that one single portal. 28:05.680 --> 28:07.810 align:middle line:84% So customers will have the same capabilities 28:07.810 --> 28:10.870 align:middle line:84% within VantagePoint on their Canadian lockbox deposit 28:10.870 --> 28:14.170 align:middle line:84% details as they do today with their U.S. Bank U.S. dollar 28:14.170 --> 28:16.000 align:middle line:90% lockbox details. 28:16.000 --> 28:18.610 align:middle line:84% And this solution is currently in pilot, 28:18.610 --> 28:20.470 align:middle line:84% and we are seeking customers who would 28:20.470 --> 28:22.900 align:middle line:84% be interested in taking advantage of this service 28:22.900 --> 28:24.650 align:middle line:90% and providing feedback. 28:24.650 --> 28:26.470 align:middle line:84% So if you're interested, please reach out 28:26.470 --> 28:29.215 align:middle line:84% to your relationship manager you can get that process started. 28:29.215 --> 28:32.750 align:middle line:90% 28:32.750 --> 28:35.040 align:middle line:90% ADAM TOWERS: Thanks, Susie. 28:35.040 --> 28:38.040 align:middle line:84% Well, we've flown through a lot of information today. 28:38.040 --> 28:40.290 align:middle line:84% We've heard a lot today about tips 28:40.290 --> 28:42.780 align:middle line:84% to simplify and to save time and money 28:42.780 --> 28:45.540 align:middle line:84% with cross-border payments from different tools, 28:45.540 --> 28:47.880 align:middle line:90% to different payment rails. 28:47.880 --> 28:50.610 align:middle line:84% We've heard about ISO 20022 that's 28:50.610 --> 28:53.400 align:middle line:84% coming to international wires and SWIFT, 28:53.400 --> 28:58.940 align:middle line:84% with changes early as March now for incoming payments 28:58.940 --> 29:01.820 align:middle line:84% We tried to incorporate as many of your questions as possible 29:01.820 --> 29:03.548 align:middle line:90% into our discussion today. 29:03.548 --> 29:05.090 align:middle line:84% And if we didn't get to your question 29:05.090 --> 29:08.420 align:middle line:84% or if you have more questions, please reach out 29:08.420 --> 29:11.780 align:middle line:84% to your relationship manager or treasury management consultant. 29:11.780 --> 29:14.630 align:middle line:90% We'd be happy to assist. 29:14.630 --> 29:16.640 align:middle line:84% We do have an upcoming webinar series 29:16.640 --> 29:20.110 align:middle line:84% where we'll be focusing on FX hedge accounting 29:20.110 --> 29:22.160 align:middle line:90% on November 10th. 29:22.160 --> 29:26.050 align:middle line:84% We will present Derivative Hedge Accounting 101. 29:26.050 --> 29:31.210 align:middle line:84% And on November 17, we'll have a 201 level event. 29:31.210 --> 29:34.240 align:middle line:84% A link to register for one or both of those events 29:34.240 --> 29:37.840 align:middle line:84% will be emailed out following today's event. 29:37.840 --> 29:41.160 align:middle line:84% As mentioned earlier, this call has been recorded, 29:41.160 --> 29:42.910 align:middle line:84% and you'll receive a link to the recording 29:42.910 --> 29:46.000 align:middle line:84% by email in the next one to two days. 29:46.000 --> 29:47.510 align:middle line:90% Thank you for listening. 29:47.510 --> 29:49.240 align:middle line:90% Thank you to my panelists. 29:49.240 --> 29:52.230 align:middle line:84% And I hope you have a great rest of your day. 29:52.230 --> 30:00.000 align:middle line:90%