Why treasury’s next competitive advantage will be in payments data

 

HSBC's Mark Evans explains why treasury's next competitive advantage will be won not in moving money faster, but in the data each payment now carries.

Payments are a cornerstone of the global economy, facilitating trust, efficiency and security in the trillions of transactions that take place around the world every day. According to HSBC’s Global Payment Trends Report 2026, these dynamics are driving treasury teams to rethink the role of payments as a strategic enabler. In practice, payments are no longer simply an end-point in the commercial cycle, but a source of data and analytics that can inform commercial and financial decision-making. Driven by a rise in richer data, tokenization, AI, real-time payments, Embedded Finance and digitisation that facilitate faster and more transparent value and data flows, the payments landscape has undergone rapid transformation. 

Richer data and programmable value

ISO 20022 represents a major step-change in terms of the richness and standardisation of payment data. For treasury, the importance of this development goes beyond faster processing times – it is about smarter payments, fewer exceptions, improved liquidity management and control, and greater confidence in the accuracy of the data content of each payment message.

Tokenization is another development with the potential to disrupt treasury operations. At a practical level, the use of tokens can support intraday liquidity management, settlement and collateral management across asset classes and markets. But beyond improving settlement cycles, the programmable nature of tokenized assets has the potential to fundamentally change the way in which value, data and settlement instructions are transferred. The reality, however, is that widespread adoption will be dependent on interoperability, standardisation and regulatory frameworks, and treasurers should start thinking now about the impact on their operating models, particularly in terms of controls, risk, liquidity and accounting.

AI and agentic commerce

Artificial intelligence (AI) is set to fundamentally change the way in which commerce takes place, and is already driving a shift towards “agentic commerce” in which digital agents are capable of identifying and purchasing goods and services with little or no human input. As agentic purchasing develops, treasury teams need to be aware of the potential impact on their operations. In particular, the rise of self-service digital commerce is set to raise expectations in terms of instant settlement, flexible payment methods and 24/7 availability. This will have a direct impact on treasury operations, with corporates needing to offer a wider range of payment options – from traditional payments between accounts, e-wallets and Cards, to potentially agent-to-agent nano-payments through the digital wallets held directly by the AI agent 

Real-time payments, Embedded Finance and digital trade

Real-time payment (RTP) schemes have been growing rapidly in recent years but have been largely confined to domestic transactions. However, there is a clear demand for cross-border RTP solutions, particularly among individuals, SMEs and platforms. Customers are looking for faster, more transparent and trackable cross-border payments, and industry and regulators are responding. “One-leg-out” solutions and cross-border clearing hubs that enable near-real-time gross settlement are all set to play a role. For treasury, this represents an opportunity to meet customer demand for 24/7 availability, greater transparency and faster value transfer.

Digital commerce is set to grow exponentially in the coming years, encompassing a broad range of end-to-end solutions that embed payment processing within broader digital ecosystems. As such ecosystems develop, it is critical that payment infrastructures support the need for seamless, real-time operations that are not constrained by borders, hours of operation or complex payment processes.
The B2B space is likely to be a major growth area, with the B2B ecommerce market projected to grow at a faster rate than B2C in the coming years. Within this space, buyers are looking for more consumer-like experiences, particularly for high-value transactions. At the same time, working capital finance is set to become a key differentiator for digital B2B platforms, with buyers demanding financing options at point of sale or procurement. According to HSBC’s Global Payments Trends Report 2026, there is strong potential for Embedded Finance to disrupt the procurement landscape, with significant growth expected in this area over the next five years.

What treasurers can do now

Payments modernisation is transforming how treasuries move money cross-border and domestically with greater speed, transparency and security. Adding to the shift is the current volatile geopolitical and economic conditions and their impact on global supply chains, which increase the urgency for change. So what tools can treasurers use as they take action?

Embed payments in core systems

As organisations increasingly adapt to digital commerce, treasurers should look to embed payments in workflows to provide an improved, seamless experience in order to reduce manual processes, increase efficiency and improve cash visibility. By leveraging more modern architectures and digital treasury tools, corporates can also look to optimise cross-border payments, while gaining greater insight into currency exchange rates, costs and payment status.

Raise data quality and transparency

As the volume and value of payments increases, and settlement cycles shorten, data quality becomes a critical risk and efficiency concern. Treasury teams should work closely with banks on ISO 20022 migration roadmaps, and look to use richer data to support tracking, analytics and reconciliation. Beneficiary validation and real-time payment status can also help to reduce investigation volumes, repair costs and fraud exposure. 

Use KPIs to drive performance

By defining and tracking appropriate KPIs, treasury teams can ensure that payments are a force for good within the business. Straight-through processing rates, exceptions and repairs, returns, investigation lifecycle and cut-off compliance by corridor/rail are all useful metrics that can highlight areas for improvement. This, in turn, can help to drive investment and resourcing decisions by demonstrating the business benefits of reducing friction in the payments cycle.

Strengthen fraud controls and culture

The shift to instant payments reduces the window for reversing transactions, while criminals are likely to exploit the rise of AI to improve social engineering and deception. As such, treasury teams need to ensure that governance and controls are fit for purpose, while also embedding the right culture around fraud detection and response. In particular, staff should be encouraged to raise concerns and report suspicious activity, and take a proactive approach to investigating and resolving issues.

Apply AI with strong governance

AI has the potential to revolutionise treasury operations, from exception management and reconciliation to cash forecasting, controls and fraud detection. By applying AI to richer payment data, treasury teams can realise significant efficiency gains, while also improving oversight and decision-making. HSBC’s Global Payments Trends Report 2026 suggests that AI has the potential to automate a significant proportion of treasury processes within five years.

Payments are set to become a strategic enabler for businesses in the years ahead, as real-time, data-rich transactions become the norm.  In this environment, it is critical that treasurers embrace the opportunities presented by the payments revolution, rather than being overwhelmed by the challenges. The next wave of disruption will be driven by the intersection between payments, data and digital commerce. The businesses that succeed will be those that use payments data to drive smarter decisions, stronger controls and faster operations.

The Banking View is an exclusive series capturing direct perspectives from banks on how they are navigating payments modernisation, fraud and financial crime, regulation, and innovation. In a landscape defined by rapid regulatory change, increased cost pressures, industry consolidation, rising expectations for real-time, seamless payments, and relentless innovation demands, banks face complex trade-offs between speed, security, and compliance. This series goes beyond theory to examine real decisions, real constraints, and real outcomes: what banks are prioritising, what is changing, and what is proving more challenging than expected. Each edition features candid insights from banking leaders, real-world case studies, perspectives on emerging topics, lessons from both successes and setbacks, and in-depth analysis of the technologies, processes, and trade-offs shaping strategic decisions. The Banking View delivers a front-line perspective on how banks are prioritising transformation, managing risk, and driving innovation under sustained pressure.

About Mark Evans

Mark Evans is Global Head of Payment Products, Global Payment Solutions, HSBC. Mark has been with HSBC for over 25 years, holding a number of roles across the UK and Latin America. Most recently, he was Head of Cross-Border and Cross Currency Payments, Global Payments Solutions, responsible for managing its global clearing business, global disbursement solutions, and its FX-based solutions.  He has also served as Managing Director Payments Advisory, leading HSBC’s cross-border FX payment services, including traditional international payments, embedded FX and its multi-currency payment proposition. Earlier in his career, Mark ran a programme to deliver commercial and corporate digital cash management services across Latin America and was a founding member of the team that developed HSBCnet and HSBC Connect.

 

About HSBC

HSBC Holdings plc, the parent company of HSBC, is headquartered in London and serves customers worldwide through offices in 56 countries and territories. With assets of USD 3,306 billion, HSBC is one of the world’s largest banking and financial services organisations.