Currency volatility in Africa is being fuelled by unprecedented economic shifts in global markets. Given that most African economies have fragile economic fundamentals, weak growth and high fiscal risks could hinder their ability to benefit from the currently on-going global rate cutting cycle.
South Africa’s major corporates seem to be unconcerned about the impending transition from interbank offered rates to alternative reference rates. The scale and complexity of the transition should not be underestimated by treasurers, who must ensure their business is well prepared to avoid significant disruption.
Although treasurers are preoccupied with the effects of the Covid-19 pandemic, everyday challenges still have to be met. With the average global treasury team reportedly spending more than one day each week dealing with know your customer (KYC) requirements, compliance remains a significant pain point for treasurers worldwide.
The SWIFT KYC Registry for corporates is a new central repository for standardised KYC information that will address current inefficiencies. It provides a secure self-service repository, simplifying the way that multi-banked corporates exchange and maintain their KYC due diligence details with their banks.