Financial Messaging and Bank Connectivity
Securely communicate, reconcile and manage financial transactions across your global financial supply chain.
Focused specifically on Open Banking and PSD2, it considers the impact this initiative will have on corporates and financial institutions alike, and looks at how cloud-based technology can insulate customers from the effects of continuing change, whilst optimising the way payments are processed.
The proposed regulatory, technological and operational changes will transform the UK payments landscape between now and 2023.
The principal milestones are Open Banking, the revised Payments Services Directive (PSD2) and the creation of the UK New Payments Architecture (NPA). These pivotal initiatives will drive the introduction of new payment processes and instruments, known as Overlay Services, such as Request to Pay, Enhanced Data and Confirmation of Payee.
A new Simplified Payments Platform (SPP) will be launched as a central infrastructure which will replace legacy systems, in particular, Bacs Direct Credits, Direct Debits, Faster Payments and cheque clearing.
An industry that has historically been dominated by banks is now littered with emerging technology companies offering innovative financial products to solve specific business problems – and they are starting to win. To survive, banks need to radically shift their growth strategies to digital, and provide an experience that businesses need and now expect.
We brought together the most prominent thought leaders on payments and banking to share their predictions on what the next decade has in store. From Open Banking, to more sophisticated fraud schemes, to real-time payments, to the rise of artificial intelligence and process automation... they all agree the innovation and shifts in the marketplace will require you to adapt and evolve.
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