Key takeaways from BNP Paribas Cash Management experts
- 2025 was a pivotal year for payments, with the introduction of new regulatory frameworks and the foundations of the new “around-the-clock” normal were consolidated.
- Instant payments are the new norm, adding new features such as Verification of Payee (VoP) against fraud.
- ISO 20022 migration has been completed, enabling frictionless, 24/7 payments, better data quality.
- Virtual accounts have reached industrial scale.
- Going forward, tokenisation will take us to a new level.
A pivotal year
2025 was a milestone year in the payments industry, when regulation, data and infrastructure all advanced at the same time. The introduction of the European Instant Payments Regulation was the main driver, forcing all payment services providers in the eurozone to send and receive instant payments in less than 10 seconds, any time of day, every day of the year. The new regulatory framework is accelerating the drives to continue modernising payment service providers’ real-time architectures, liquidity mechanisms, and intraday controls. Meanwhile for corporates, it is a next important step towards a truly “always-on” environment.
Evolution of instant payments
2025 was also the year when instant payments completed the move from a premium option to a universal rail. Instant payments for corporates became a reality, as prices and maximum amounts at scheme level are now aligned with classic SEPA credit transfers. These evolutions offer new opportunities for corporates to embrace the potential of real time.
A new front in fraud prevention
A fresh innovation of the year is Verification of Payee (VoP), a significant tool that reinforces trust in digital payments and takes one step ahead in mitigating the risks of payments fraud.
Since October, IBAN and name checks are now embedded in all SEPA payments. This means that corporates have faced decisions on their client master data, approval workflows, and reconciliation rules to incorporate VoP alerts consistently. Fraud prevention in instant payments has also been strengthened. By adding VoP to the toolbox against payments fraud, new critical infrastructure has been added to the corporate banking ecosystem.
The introduction of XML ISO 20022
November 2025 marked a turning point in the year with the end of the MT/ISO coexistence period, as cross-border payments are now exchanged exclusively in XML ISO 20022. For treasurers, this has meant better data quality and the ability to pass on new structured elements, while also providing an enabler for banks to make fast and frictionless international payments. The next key milestone for corporates will be November this year, with the end of unstructured addresses.
Significance of virtual accounts
Virtual accounts have become a mainstream building block of cash management strategies in 2025. They give treasurers agility to build their own structures, combining liquidity efficiency, seamless reconciliation, and cost control. They also act as powerful tools for corporates to reach their treasury management goals.
Tokenisation in 2025
2025 will be remembered as the year when tokenisation went viral. Thanks to important regulatory evolutions, stablecoins and tokenised deposits are now evolving within a clear regulatory framework. In the future, treasurers may expect super highways to manage their liquidity across the globe 24/7 and in an automated way.
