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eNewsletter Winter 2017

The financial sector is experiencing a number of fintech and digital challenges as well as regulatory requirements. Among others, payments and the need for faster, online transactions, corporate, b2b cross-border payments with open APIs are driving the market, in 2017, something that was also presented in KPMG’s report “The pulse of FinTech”.

One of the major trends that will transform banking payment processes and transactions in the next year is the implementation of Directive on Payment Services (PSD2) that allows consumers and merchants to use third-party software providers to manage their finances. According to Forrester predictions presented on ZDNet online magazine: “European banks and payments companies will spend much of 2017 preparing for the second phase of the EU’s Directive on Payment Services (PSD2). Furthermore, “In Europe, PSD2 promises a significant impact and a number of major benefits for fintech companies, merchants and consumers alike, and opens up the payments area to new competitors who can use aggregated data to create ancillary payment services.” KPMG supports.

Other trends appearing in BI Intelligence, include the growth of mobile wallet, digital remittances, payment security and mPOS, supported by applications that deliver on-the-spot and personalised service for instant payments. The recent findings of Visa’s 2016 Digital Payments study, indicate an increase (54% from 18%) of mobile baking activity with the number of Europeans regularly using a mobile device to make payments.

In additions, the changing client behaviour also leads firms - both technology and service side - to re-visit their structural models and create value proposition to meet the emerging demand. Security and regulatory compliance play an important role in payments services and are expected to mark the changes in the industry.

Profile Software has developed Payments that addresses payment requirements, and can be deployed as stand-alone or as part of the Core Banking platform. It supports multiple networks including users, payment channels and interbank networks through a complete and secure environment for payment transactions. Via its open architecture, functionality is available through APIs to use by different applications online, while the full cycle of payments remains automated, monitored and compliant to business workflows.

Trademarks are property of the respective owner. With the countesy of the companies mentioned, please follow the links to access the reports.

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