Creating a Next-Gen Payments Platform for an Evolving Digital Economy

The convergence of Open Banking, PSD2 and instant payments are giving rise to new use cases in the payments industry on an almost daily basis. The creation of new customer centric value-added services and the increasing shift of payments from cards to instant rails, presents a unique opportunity for banks to reinvent themselves, reducing costs and delivering benefits, such as tailored products and streamlined services, to their customer base at the same time.

However, to derive maximum benefits from these unparalleled changes, banks need to urgently review their service propositions and recognise that once acceptable norms no longer apply in 2018. And that both retail and commercial banking clients have an increasing choice of suppliers vying for their business and offering speed, convenience, accessibility and enhanced services – today.

Banks need to make a series of simple but informed decisions, that will enable them to not only quickly update their payments platforms but also accelerate their path to offering frictionless value-added payment services. This translates into a planned and strategic approach to the upgrade of ageing and tired IT infrastructures that cannot easily accommodate these new revolutionary offerings presented by Open Banking, PSD2 and instant payments.

Our new whitepaper: “Creating a Next-Gen Payments Platform for an Evolving Digital Economy” aims to identify the threats that new age banking service providers present, the new use-cases arising in the industry and the opportunities available for incumbent banks to not only face these threats head-on but to also emerge as winners through a more proactive longer-term and strategic use of modern technology.