The payments industry is going through a profound transformation. Market participants are under pressure to connect and transact with greater speed, data transparency and interoperability, all against a backdrop of modernisation to payments infrastructures at global, regional and domestic levels.
Trends in the 2020s will revolve around instant payments, open banking and ISO 20022 migration, reflecting the regulatory and technological changes from the previous decade. Whilst these trends are occurring on a global level, there is a notable discrepancy amongst geographies in both direction and timing. Financial institutions of all sizes need to ensure they navigate these conditions by implementing strategic thinking and the right technology choices.
The impact study “Payments, 2020 and Beyond: How Today’s Trends Drive Tomorrow’s Strategies” explores the distribution of innovation, regulation and disruption across selected domestic and regional payments markets, as well as new global initiatives. Strategy recommendations are also provided, including:
- The most cost-effective areas to focus on when building instant payment services
- How to evaluate and renovate legacy infrastructures to future-proof them
- What new opportunities to consider when migrating to a new clearing and settlement platform
- How to take full advantage of open banking to deliver API-centric strategies for end customers
- What to consider when devising strategies to fully benefit from the possibilities of ISO 20022
Find out more by downloading your copy of the study, below. https://www.finextra.com/researcharticle/126/impact-study—payments-2020-and-beyond-how-todays-trends-drive-tomorrows-strategies
