From the Bank of England’s RTGS renewal programme to the Eurosystem’s TARGET consolidation and the need to migrate messaging standards to ISO 20022, European banks must to be ready for a new world of real-time payments. Particularly given the ECB’s Governing Council mandate for full deployment of IP across the eurozone by the end of 2021.
Real-time payments present a clear opportunity for competitive differentiation and monetisation of new value-added services. However, integrating interoperable payment systems is no mean feat. The overarching focus on infrastructure change presents a challenging context for financial institutions to navigate. Traditionally, adding new payment schemes and enabling 24x7x365 real-time operation require high upfront costs and long integration projects.
The complexity and convergence of impending infrastructure deadlines, however, provides financial institutions with the opportunity to exceed expectations and break away from the pack. A realistic investment and implementation strategy, which not only addresses the need to move quickly, but also accounts for future infrastructure change will set firms apart and help to future proof their business.
Sign up for this Finextra webinar, in association with Volante Technologies, to join our panel of industry experts as they discuss the following topics:
- What are the current payments schemes and infrastructure updates that are most challenging for financial institutions and corporates to prepare for?
- What is driving this push for infrastructural change? Central authorities, banks and financial institutions themselves, or market expectations?
- Are financial institutions keeping up with the timeline for these infrastructural updates? Will there be competitive advantage by moving to new schemes quickly? How can a long-tail of adoption be avoided?
- What new business models are evolving as a response to these overarching shifts?
- What does this mean for the value of services to the target market? How does it make a difference to them, what does it improve, how can it be exploited?
- Gary Wright - Head of Research, Finextra [Moderator]
- Domenico Scaffidi - Head of Market Infrastructures, Volante Technologies
- Tino Kam - Head of Product Management - Transaction Banking, Nordea
- Dr. Patrik Pohl - Managing Director, Head Cash Products Germany, Corporate Cash Management, Deutsche Bank AG