Blog article
See all stories »

Knowledge-based innovation

All banks benefit from improvements to the payment market’s efficiency. This is where experienced software professionals can help the payments community achieve more in less time, particularly in complex global markets. Software partners are in a position to help deliver innovative services with their available proven solutions and tools. When a bank has a question, there is often a good chance that a global solution provider already has the answer, or has gone some way to finding the solution. In this space there is little reason to go it alone, or take on the risk of re-inventing the entire payments infrastructure.

The latest stage in the evolution of the payments business is the development of fully functional payment services hubs that enables agile payments processing from common components across payment types. These hubs enable banks to offer new products, services and customer channels, safe in the knowledge that they have the back-office processes and functionality to meet customer demands, whatever they may be. Any roadmap in wholesale or corporate payments innovation is likely to direct financial organizations towards the adoption of a payments hub.

By providing core services on time and in the most effective way, banks can ensure that customers remain happy to do business with them. They should avoid going after the latest whim or technical fashion without ensuring that they can continue to deliver the business basics.

The payments industry has changed dramatically over the past few years and, like any other evolving business, will continue to change in the future. Innovation is what keeps the industry moving, but it is all too often regarded as a major step forward in terms of technical capabilities, without due consideration being paid to the business models and operations that were the initial source of competitive strength. In reality, innovation is about ensuring that products and services that the customer wants now and wishes to have tomorrow can be delivered at the time that they want them and at a price they are willing to pay.


Comments: (0)

Craig Ramsey

Craig Ramsey

Head of Real-Time Payments

ACI Worldwide

Member since

09 Sep 2009



Blog posts




This post is from a series of posts in the group:


EBAday is the annual event for European payments professionals organised by Finextra and the Euro Banking Association. This community has been created to deliver a forum for EBA delegates to exchange views on instant payments, open banking and new developments in payments processing and technology.

See all

Now hiring