Recent market events underscore the importance of fee-based services to the banking sector. Fee-based corporate banking services are one of the most profitable areas of banking. However, there is increasing pressure from corporate clients for new products and reduced rates. Corporate customers are consolidating their banking relationships with a small number of lead banks, generally between three and five that can give them the best priced package of services to meet their needs. Banks today are focusing their offerings around efficiency and reducing operational costs. Simultaneously, competition for fee-based services is escalating due to initiatives such as the Payment Services Directive, which opens the opportunities for providing payment services to new players.