Modernising bank payment systems for new formats and functionality is critically important – here’s how to prioritise decisions and not be left behind.
- What’s coming for payment processing, and how can banks make sure they are prepared to handle the changes in functionality and rules?
- How will ISO 20022 implementation of new standards and data sets impact current payments platforms, as well as client needs and expectations?
- AI (Artificial Intelligence) functionality and the cloud are both playing critical roles in evolving transaction processing practices… How might innovations here help banks raise their game above competitors?
- How can financial institutions best protect themselves from potential outages, regulatory actions, and possible reputational damage that could result from increased fraud, security breaches, or hackers, due to retaining outdated, higher risk payment systems?
- What are the key steps each financial institution should take to prepare for both the present and future of payments, and what should they look for in technology providers?
New standards – and new competitive threats – are emerging that require financial institutions to carefully consider changing or upgrading their legacy payments systems. Just keeping up with the industry and regulators is already a challenge, though leading banking software vendors are also finding ways to speed up transaction processing and service delivery platforms for their customers. Advanced tools and AI innovations have been developed specifically to leverage the latest ideas and technology.
What will it take for a bank or other financial services provider to compete, and what are some of the systems enhancements required to process payments in this new world? How can financial institutions help their clients, especially in the corporate sector, take advantage, for example, of ISO 20022’s new richer data fields and extended reporting capabilities, while protecting themselves from fraud and other disruptions to daily business operations?
Certainly, costs must be managed, and as with any expenditures, total cost of ownership (TCO) as well as ancillary benefits are critical factors for banks to weigh in making the right choice of platform providers. Robust return on investment as well as flexibility for the future are part of the price of admission for financial services companies, and also for their customers ‘paying to play’ in the emerging payments marketplace. How can financial institutions determine what is required to lift their bank one level ahead of their key competition in the industry? One thing’s for sure: waiting is not a workable option in today and tomorrow’s fast-moving global commerce environment.
Sign up for this Finextra webinar hosted in association with Hazelcast, to join our panel of industry experts who will discuss how financial institutions can evaluate their readiness to handle and capitalise on the latest payment processing advances.
Speakers:
- Scott Hamilton – Global Payments & Liquidity Expert, Contributing Editor, Finextra [Moderator]
