The payment industry is facing an unprecedented change on a global scale.
This development occurs throughout the payments ecosystem, from domestic and instant rails, to cross-borders payments.
Driven by new technologies and new customer expectations, the future payments landscape will be friction-less and real-time. However, although the various payments initiatives are moving in the same direction, their lack of synchronicity makes the process fragmented, hybrid, challenging to predict and compromises the speed of benefit realisation.
Moreover, payments transformation relies on complex new technologies and sophisticated customer expectations – all contributing to further hurdles in understanding what the impact will be on connectivity, messaging, existing infrastructure and core systems.
This paper aims to define and clarify the various aspects of this change via specific payment rails (domestic RTGS, Cross-border, and Instant). We will also assess how this will impact Financial Messaging activity. Our mission is to highlight key issues for Banks & Financial Institutions specifically, and so we will save coverage for the Corporate B2B payments landscape in a separate whitepaper.