Payments transformation: banks reveal why it is worth it– new Finextra report

Payments transformation: banks reveal why it is worth it– new Finextra report

Payments transformation is central to banks’ view of how their business will develop. And answers are being formulated as to how real time can generate new revenue streams, as revealed in a new survey by Finextra, in association with Dovetail, now part of Fiserv.

Findings show how financial organisations will achieve transformation, and to what end. There is a strong belief among respondents from all the banking sectors that instant payments will compete seriously with card payments, both online and at point of sale. Download the paper to find out more.

More than 100 senior payments practitioners from banks, corporate treasuries, merchant services, payment processors and industry associations were surveyed during August and September 2017 and interviews with senior banking executives accompany the results.

The paper reveals 92% of respondents agree payments are fundamental to growing their banks’ business but feel current systems are hindering that progress. Real-time payments are seen as a must-have to win new corporate business, with 76% agreeing or strongly agreeing this is the case, and investment is in place for open APIs and real-time payments.

The paper reflects industry qualms to date on investing in payments without a clear business case, but reveals how different banks intend to generate revenue from real-time payments.

Kevin Brown, Independent Non-Executive Director and Senior Advisor, Global Payments, says real-time represents “a whole mix of different elements – and it is these functionalities that deliver value over and above retention.”
Download the paper to find out more about the outlook on payments transformation.

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