The payments world has reached a critical inflection point.
Banks are tackling the importance of enabling payment innovation and diversification by creating infrastructure that is flexible and configurable while collaborating with technology companies to plan and achieve enterprise-wide payments modernisation.
As Real-Time Gross Settlement (RTGS) incorporates the global messaging standard ISO 20022, organisations have an increasing stack of compliance and industry deadlines upon which there is ever-greater pressure to differentiate their service offering and compete for business.
Financial services providers are migrating from the existing SWIFT MT messaging to ISO 20022 to take advantage of benefits such as richer data, improved analytics and fraud detection; reduced risk, enhanced straight-through-processing and better customer service; flexibility of response to emerging technologies, ultimately promoting innovation for cross-border payments.
Understanding the evolutionary changes in cross border payments and identifying opportunities to optimise payments journeys by adding overlay services is crucial in order to monetise the effort.
Migration deadlines have been pushed back and this shows to highlight the vast challenge that organisations are dealing with and the number of systems involved that need to be integrated as part of the same payments ecosystem. Enterprise-wide modernisation plans that most firms have in place need to accommodate changes in cross-border and RTGS money movement and hence the task to manage multiple shifts and projects simultaneously becomes herculean.
Agility is required to remain relevant in a crowded marketplace and keep pace. Banks may start with one driver: either RTGS, ISO 20022, cross-border migration or a technology layer when modernising payment infrastructure in the first instance, but when considering a holistic and comprehensive payments strategy, delivery models need to be aligned in close succession and yet continually reviewed in order to meet compliance deadlines and tally budgets.
All this against the backdrop of core transformation, ever-changing adoption of cloud services and the new norm of having to be fit and ready for anything at anytime, and FIs quickly have their work cut out as they jostle for position in the emerging financial arena.
Join us for this Finextra webinar, in association with FIS, to hear industry experts discuss the following, and more:
- Juggling converging compliance and modernisation pressures
- RTGS, ISO 20022 and cross-border payments migration and what kind of overlay services can be built on top
- Long-term strategy and delivery for enterprise-wide payments modernisation - how to monetise the efforts
- Gary Wright - Head of Research, Finextra [Moderator]
- Guy Moons - Head of International Solution Consultants, Open Payments Framework (OPF), FIS
- Petia Niederländer - Head of Retail and Corporate Operations, Erste Group Bank AG
> Register your place now