Over the last couple of weeks, we have been running a short poll on the ACI website to ask peoples’ views on payment systems in advance of Sibos, and the results are now in.
We asked respondents what is the most crucial element of a payments system, and interestingly only three percent identified the ability to generate revenue, and six percent pointed to the ability to differentiate your offering from those of your competitors.
There was then a big jump to 'the ability to handle all different payments from one place' which came in at 22 percent, and high levels of security at 25 percent, but the most common response, at 44 percent, was high levels of reliability.
These results just go to show that whatever we all talk about this week around payment systems, we must never lose sight of the fact that reliability - having payment systems that you can completely trust - underpins everything that we do. And that is why
banks time and time again chose systems that are proven in the marketplace, rather than gambling on vapourware.
Alongside this question, we also asked respondents which of the three Sibos themes, Regulation, Rebuilding Trust and Recovery, they felt was the most pressing. 42 percent said Regulation, 39 percent focused on Rebuilding Trust, with only 18 percent identifying
Recovery as most pressing.
This just goes to show the continuing burden that regulation is placing on the industry, which shows no likelihood of diminishing. It poses a massive challenge for banks, especially those with many payment systems to maintain and manage.
The industry has been talking about payment hubs for a while now, and perhaps one of the most immediate benefits that will be seen by banks heading down this path will be the reduced burden of regulation, with fewer systems to keep compliant.