The Race Against Time for Payments Transformation.
In the age of instant payments and with the first Request to Pay services to go live in 2020, the financial services industry needs to prepare for the impact on the European payments landscape and understand how the growth of digital payments technologies will affect the sector.
This report looks at how real-time fraud can be addressed - when KYC remains a challenge – and whether initiatives such as TIBER-EU has the potential to strengthen the resilience of the financial system against cybercrime.
The requirements for corporate liquidity management are shifting in the age of instant payments, making way for a more collaborative model to dominate. However, with the availability of mobile devices, payments service providers must prioritise providing their customers a slick customer experience.
In parallel to this, financial players must understand the challenges of managing risk in an instant world, which is a paradox that correspondent banking faces. This is where adaptable payments architecture and a smooth standards migration can help banks focus on strategy, rather than the day-to-day processes.
Problems with operational efficiency can be overcome with leveraging APIs, but a question is posed when considering whether banks are ready for this technology to be customer-facing and if they would allow account access to third parties.
Finextra’s The Future of Payments report will explore how new business models, new operating models and new forms of collaboration are the catalyst for the 2020 payments ecosystem, which in turn, will help banks and payments providers to establish a clear strategy for the future.
Organisations interviewed in this report: Bank of England, BNP Paribas, Deloitte, Deutsche Bank, Erste Group Bank AG, EY, ING, JPMorgan, Santander, SEB, Standard Chartered, SWIFT.
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