At the end of 2021 only 11% of euro credit transfers took the form of instant payments. Many financial institutions have already built up their own payments instructions in-house, but struggle to bring this product to market through the current methods.
Outsourcing elements of payments infrastructure to qualified experts by banks has seen a marked increase in efforts to inch closer to an instant payments offering. According to a study conducted by PPI AG and ibi, 73% financial institutions in Germany have already outsourced part of their payments transactions to external partners, and more than half plan further outsourcing in the next five years. Clearing on the cloud offers an alternative avenue for financial institutions to meet the SEPA requirements and strive for instant payments, while keeping costs low and allowing banks to outsource connectivity while focusing on business agility in their own systems. As a result of this pressure, cloud-based payments-as-a-service gateways hold sizeable market appeal.
Sign up for this Finextra webinar, hosted in association with Intercope and PPI AG, to join our panel of industry experts as they discuss the following areas:
- How does a cloud-based payments-as-a-service CSM gateway work?
- What challenges are banks facing in meeting instant payments requirements?
- Where can we see instances of these gateways gaining traction in the industry?
- Why does it make sense to move clearing to the cloud?
- How can financial institutions capitalise on this trend to develop a competitive advantage?