🌟 Editor's note

Welcome to our second newsletter! It’s a busy week for us at Trade Treasury Payments HQ, with a lot going on in the world too. Here’s our breakdown of the top stories, highlights and important notes in this short digest.

But first of all, an invitation. We’re excited to invite you to a special gathering at Trade Treasury Payments (TTP) — a rooftop Open House to mark the launch of our new media platform and HQ in East London.

The Open House will take place at Second Home Spitalfields, in our vibrant rooftop space just off Brick Lane. This will be a drop-in style event — a chance to meet the TTP editorial and insights team, tour the new space, connect with others across the sector, or even record a short podcast or interview with us in the studio.

We’ll also have light lunch and refreshments available, and plenty of breakout spaces and meeting rooms if you’d like to catch up more privately.

When: Wednesday 30 April 2025, 10:30AM–2:30PM

Where: Second Home Spitalfields, 68 Hanbury Street, London E1 5JL

Event link & details: Register here

We’d love to welcome you. Let me know if you’re planning to come by — and feel free to bring a colleague or contact you think would enjoy the space and conversation.

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• Slow read

• Trade digest

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• 🚀 Our latest edition

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  • 🏆 Move of the week

Slow read

Alan Koenigsberg, TTP Editorial Board Member 

Let’s face it — all good things must come to an end.

In an era of automation, many familiar roles, products, and services have ridden off into the sunset. The Yellow Pages. Cashiers (at least the human kind). DVDs. Film cameras. All but gone. We could debate the speed and quality of it all, but the point is, change happens. And it’s happening now in the banking industry, where we’re seeing the end of the era for traditional transaction fee models.

Of course, this is a bit of a taboo topic, one many of my colleagues tend to avoid. But as those who know me will acknowledge, I rarely shy away from topics that drive transparency and inclusiveness. Recently, I discussed this and other topics moving our payments world in Going Boldly – The 2025 Top 5 in Payments and the Dark Mirror: Bold Predictions That Virtually No Banking Professional Will Say Out Loud. Pricing models, while delicate, include the challenges banks face today around transaction fees.

The real question is whether improved transparency is enough on its own, or if something deeper needs to change in how banks think about payments pricing?

P × V: Still the centre of the storm

Price-times-volume (P × V) has long been the corporate transaction fee model across most regions, with Asia Pacific being a notable exception due to its diverse currency and market structures. Years of low interest rates conditioned banks to depend on fees as a core revenue stream. That era has ended, and with it, the luxury of inertia. Many bankers, especially those newer to the industry, have only ever known a fee-driven environment. But for those who’ve been through full market cycles, we know that what’s “normal” has always been fluid.

It's important to note that while the P × V model is under pressure, we should not be too quick to assume it’s headed for extinction. What if, instead of collapsing, it’s simply being reshaped?

P × V sits at the centre of a much broader conversation. It’s the base unit, the DNA of how banking runs. And when external forces start to pull on it — tariffs, supply chain disruptions, market volatility — the entire system can start to unravel. But that doesn’t mean it disappears. More likely, it evolves.

Some industry voices have declared the end of P × V as we know it. Gird your loins, the end is nye! But maybe not. Maybe this is a transition to a hybrid era, where P x V still plays a central role, just within a new framework of performance and value alignment.

A new era of volume, value, and velocity

Thanks to real-time payments (RTP), distributed ledger technology, artificial intelligence (AI), and the rise of micropayments, corporates are pushing back on legacy pricing models. The sheer volume of transactions is exploding, but that doesn't mean banks should continue pricing them the way they did in the past.

Continue reading > 

Trade digest

Treasury digest

Payments digest

🗓️ Upcoming events

Multimedia from Trade Treasury Payments

Podcasts

🚀 Our latest edition

Our top picks this week

🦄 Company spotlight

Finverity — Bridging the working capital gap in emerging markets

A rising player in the open account finance space, Finverity is creating the infrastructure amongst local and regional banks to offer Open Account & Supply Chain Finance across EMEA and linking them to corporates to enable better SCF funding flows.

The backstory: Co-founded in London (like us), Finverity empowers mid-sized banks and corporates to structure, implement and operate a wide range of open account finance products. Their mission? Make supply chain finance more accessible, efficient, and transparent.

Key innovation: FinverityOS—a white-label, end-to-end SaaS platform—enables banks and non-bank financiers to digitise supply chain finance and working capital products, including payables, receivables, distributor finance, and now Islamic finance, PO finance, inventory finance, and trade loans. A built-in “create a deal” tool lets users design their own funding structures with ease, while AI Agents automate the most tedious of tasks like mass onboarding of suppliers.

Traction: Finverity is growing its presence across EMEA and attracting top talent, including execs from Demica, Aronova, and Starling Bank, to drive its next phase of growth. The firm’s hybrid model of technology + funding is resonating with institutions looking to scale in frontier markets. Check out Finverity

🏆 Move of the week

Did You Know? In 2000, liquid bulk (primarily oil) made up 29% of global seaborne volume. By 2023, that figure had declined to 18%, as dry cargo (including raw materials and manufactured goods) has grown to account for 36%.

Till next time,

Trade Treasury Payments (TTP)