Register for our upcoming webinar with ACI Worldwide on Tuesday 7 December 2021 at 15:00 GMT as industry experts discuss: Should banks rethink how they invest in payment hubs?
Payment hubs are not new to the scene, but they have come a long way since they first arrived. More recently they have created more buzz around them, as the question is asked of how payment hubs can be developed for the future.
The main benefit of payment hubs, for those who have invested in them, is that they can help speed up the payments process. In light of this, many tier-one banks and other users of payment hubs have spent around 20 years investing in their own payment hubs. The number of different platforms has made the definition of a payment hub seem disparate and at times confusing over the past years.
With the quickly changing payment platforms, these individualised hubs are becoming rapidly redundant. These systems by themselves prove more costly to maintain, they don’t have the agility needed to adapt, they don’t scale well, and they don’t give the support needed for continually working with fresh partners.
This puts banks in the position of having to rethink the payment hubs they have heavily invested in. A digital transformation is needed in order to keep up and maintain the high expectations of consumers.
An obvious idea is for banks to start completely from scratch, with completely new systems which solve all of these problems.
However, banks already have sunk costs, the idea of scrapping the work which has already gone into development is difficult to fathom. Another solution might be to approach this adaptation from a hybrid angle, building from existing hubs to develop systems that work well for both banks and consumers.
In this webinar Finextra will discuss why payment hubs need to change and if this is the right time for their transformation. If so, what then is the most efficient way to make that transition and still deliver what is needed from these platforms.
Sign up with this Finextra webinar, in association with ACI, to join our panel of industry experts discussing the following topics:
- Whether payment hubs need to be rethought, and if this is the right time for their transformation.
- Of the option that exist for revamping these platforms, such as starting from scratch or adapting what is already there, which are the more efficient.
- Look at what payment hubs might look like a few years down the line, and what would be an ideal outcome of their rethink.
- Gary Wright - Head of Research Finextra [Moderator]
- Craig Ramsey, Head of Real-Time Payments, ACI Worldwide