eNewsletter Autumn 2017
According to CapGemini’s recent report on the global payments industry, technology, demographics and regulatory dynamics are shaping the requirements. The client front-end keeps evolving to achieve a higher degree of user experience through innovation, however back-end operations need a further enhancement as well. Digital payments, APIs, cross-border payments and alternative service providers are shaking up the market. These trends are positively impacting on competition, innovation and system-related efficiencies. New players along with PSD II initiatives and open banking aim to “open up the market to third-party providers” leading to implement fool-proof systems for security protection.
With these concerns and developments, banks need to adopt a transformational approach to accommodate such market needs and address new business segments revolving around the end customer. These include KYC requirements, leveraging regtech for better data management and better responsiveness using lean technology that accelerates compliance and makes transactions between banks and with their customers much smoother and more effective. Banks can also collaborate with FinTech firms to achieve faster and better results or utilise technology tools to advance their payment operations (authentication, personalised offers, cross-border, cash management, etc.). For the latter, banks would need more agile systems that integrate with ease and effectively process domestic and cross-border payments, transfers, etc.
Learn more on how an advanced payments platform can transform the banking business environment using the elements needed depending on the operations and requirements. FMS.next Payments is Profile’s platform for supporting multiple networks including users, payment channels and interbank networks through a secure environment for payment transactions.
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