Scaling cash management in a 24/7 world: In conversation with Stéphanie Ekindjian Delliste, Crédit Agricole - Trade Treasury Payments

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Scaling cash management in a 24/7 world: In conversation with Stéphanie Ekindjian Delliste, Crédit Agricole

In an era of real-time expectations and cross-border complexity, cash management has become more critical (and competitive) than ever.

To learn more about the space, Trade Treasury Payments (TTP) Editor Deepesh Patel (DP) exclusively spoke with Crédit Agricole CIB’s new Global Head of Cash Management, Stéphanie Ekindjian Delliste (SED).  

A new chapter in leadership

DP: Congratulations on your new role. What drew you to Crédit Agricole CIB at this point in your career? 

SED: After meeting with the management of Crédit Agricole CIB’s international trade and transaction banking (ITB) business, it was clear they had ambitious growth plans for the cash management business. Not only that, but we also shared the belief that expanding the offering and its geographical footprint while reinforcing Crédit Agricole CIB’s operating model was the key to grow at scale. 

I was impressed by their appreciation of the strategic importance of cash management, their commitment to building out the business over the longer term, and their ability to connect various functions within the bank to help serve their clients. These factors, along with our shared values and vision for the business, made this an exciting opportunity. 

DP: You’ve stepped into this role at a time when cash management is a strategic focus for Crédit Agricole CIB. What are your top priorities as you begin? 

SED: My main priorities are to connect with our clients, meet the teams, and deliver the various new offerings we are developing. 

I’m looking forward to meeting many of our corporate and FI clients at upcoming industry events such as UniverswiftNet, Sibos, or Eurofinance, and I’ve already met several of our French corporate clients at our HQ in Paris, where it was clear they consider Crédit Agricole CIB to be a trusted, long-term partner, which was great to see. 

Additionally, spending time in person with all the teams involved in the business, including those based internationally, is key to reinforcing our collaborative approach, our “front-to-back” operating model, and the global setup that enables us to best support our clients. 

There are a number of recent and upcoming offerings that I’m already fully engaged with. A major platform and infrastructure revamp means we now have a new payment engine operating our SEPA transactions and international flows for corporate and FI clients, which will offer huge volume and processing capabilities. And, on the transaction security and liquidity side, we are also working on a value-added offer to comply with the new IPR regulation regarding the “Verification of Payee” (VoP) requirements, while also developing a new real-time cash pooling and liquidity management offer. 

I’m also excited to continue developing our new ESG-linked account offer. In 2023, Crédit Agricole CIB in Asia and our sustainable banking team developed a current account remuneration mechanism, an industry first, that links account balance yields to client ESG performance as measured by S&P. Hugely successful in Asia, we intend to extend this offer to Europe, starting with France. 

Cash management in a time of transformation

DP: What do you see as the most significant challenges and opportunities facing corporate and financial institution clients in today’s cash management market? 

SED: Real-time, safe processing of flows is becoming challenging, as the acceleration of payments and their 24/7 availability is reshaping traditional cash management models. This raises significant challenges, requiring financial institutions to hold sufficient liquidity across multiple currencies and process transactions outside standard operating hours. As a result, this changes current treasury practices and the range of services banks should offer their clients. 

Additionally, regulations such as ISO 20022, CBPR+, and VoP are becoming both a constraint (requiring more reliable referential data and IT projects in order to upgrade their ERP/TMS in a context where regulations are not harmonised worldwide) and an opportunity to secure against operational risk, such as fraud on supplier IBAN until VOP implementation. 

The adoption of the ISO 20022 standard marks a strategic milestone, as it facilitates the gradual harmonisation between domestic and international payments. Yet beyond payment formats, the evolution of entire infrastructures now requires standardisation. A top priority is the alignment of API communication protocols and recommended security levels, as the lack of uniform standards currently hinders innovation and delays the broader adoption of new technologies. Deeper standardisation would not only enhance interoperability but also improve system performance while reducing environmental impact. 

DP: How is Crédit Agricole CIB positioning itself to meet rising client expectations for seamless, efficient, and innovative cash solutions across borders? 

SED: Within the group, Crédit Agricole CIB’s mandate is to focus on developing industrial solutions for large corporate/NBFI and banks, including the group’s entities, enabling infrastructure sharing. Instant payments are a good example of this strategy, providing both optimisation and value-added services to financial institutions and corporate customers. 

Crédit Agricole CIB also has a strong network of correspondent banks that provide smooth, cost-effective international payments. This allows us to homogenise the quality of services delivered to clients regardless of the country in which Crédit Agricole CIB operates. 

With increasing digitalisation of the ecosystem, we are accelerating our business transformation to meet the evolving needs of our clients, who are expecting continuous development of self-care capabilities while still expecting a personal relationship on a day-to-day basis. 

Additionally, to meet the evolving needs of institutional clients, we have launched a study of the new SCT Inst rulebook issued by the European Payment Council. This regulatory framework introduces the One-Leg Out Instant Credit Transfer scheme, designed to govern cross-border instant euro payments between payment service providers within the SEPA zone. By bringing up cross-border interoperability, this new standard will bring a truly real-time payment experience across Europe. 

Ultimately, as Crédit Agricole CIB has a strong footprint in Europe, our strategy is to provide harmonised offers and services across the EU, complemented by domestic specificities in key European countries. Leveraging Crédit Agricole CIB and the group’s strengths and presence in the global market, we establish interconnectivity between all entities to reach a single client experience objective everywhere. Outside Europe, we’ll keep our focus on key markets like India or China, growing our existing capabilities to remain a partner of choice for our clients developing their presence in those countries.

Building smarter and scaling through innovation and reach 

DP: Technology is transforming the cash management space. What role does innovation (particularly automation, APIs, and real-time payments) play in your strategy? 

SED: Cash management is a fast-moving environment where incremental improvements to traditional processes and technologies sit alongside more disruptive approaches. Our approach to innovation is therefore key in shaping our mid- to long-term strategy. For us, innovation serves three objectives: enhancing connectivity with our clients, improving operational efficiency, and exploring new business models to strengthen our offering. Importantly, we prioritise innovation that either responds to a clear client need (ideally built together with that client) or helps build tomorrow’s industry standards. 

For example, one technology we believe has the potential to enable faster, continuous, 24/7 cash operations is blockchain-based infrastructure. One example of us engaging with this technology was a recent initiative called so|cash. This is a blockchain-based correspondent banking standard and protocol for deposit accounts and inter-bank payments that was tested in the context of the ECB trials last year and has garnered significant interest from clients with more advanced needs and who want to help build the future of cash services. 

With the public sector promoting the convergence of digital money in the market, we were proud to then leverage our experience with tokenised commercial and central bank money in the ECB experiment and to participate in projects anticipating new ways of managing correspondent banking activity based on a “unified ledger”. 

Finally, we also use AI and automation in conjunction with human expertise to improve our client servicing. We find that this hybrid approach significantly enhances our reactivity and proactivity, elevating our clients’ overall experience. 

DP: Collaboration is key in a global business, especially amid today’s fragmenting global order. How do you plan to leverage Crédit Agricole CIB’s international network to grow the franchise? 

SED: Crédit Agricole CIB is present in over 30 countries globally, and we are able to engage relevant business lines in any geography to address client needs. The size of the group means that we can leverage a deep corporate and FI client portfolio to grow our cash management business. 

Within ITB, regional ITB heads and sales teams work with senior management to ensure that local activities are well-aligned with the global strategy as well as among our ITB business lines (i.e., trade finance, payable and receivable solutions, and export finance). Regions prepare their road maps based on local opportunities and market trends, while in parallel, executives at the business line level decide which offers and regions should be prioritised. Both teams then work together to converge on a common mid-term commercial and product strategy, creating alignment across stakeholders and facilitating execution of the strategy across all geographies. 

Additionally, Crédit Agricole CIB leverages the group’s international retail banks located in Italy, Poland, Ukraine, and Egypt, which serve a wide variety of customers in collaboration with the group’s specialised businesses and activities. We cooperate on our cash management offerings so they can include CIB offers in their catalogues, and we also support their development by promoting their offers in the international RFPs we receive. 

Personal purpose and professional ambition

DP: What excites you most about this next chapter, both professionally and personally? 

SED: Ultimately, it’s the fact that I feel fully aligned with the company, both from management and strategy, down to the teams I work with every day. Crédit Agricole’s motto, “Working every day in the interest of our customers and society,” really resonates with me. Every day, I work with professional teams who are committed to delivering success for our clients. It’s clear that there’s so much potential for growth, and our performance record and dedication ensure there is a winning dynamic to achieve it. 

DP: Finally, what does success look like for you in this role over the next two to three years? 

SED: For Crédit Agricole CIB, the aim is to be recognised as a top-tier bank for cash management in Europe that is leading in innovation. In practice, this means expanding our geographical coverage, extending our offering, and winning new business. For me, equally as important, however, is client satisfaction and trust, as is fostering a happy, empowered, collaborative team.