Finextra issues call for comment on payments revolution

Finextra issues call for comment on payments revolution

Finextra is opening a public consultation on the competitive pressures driving the future strategy and direction of banks, as the sector grapples with a series of profound disruptions that are shaking up the once staid payments industry.

Payments have been the bedrock of the banking industry since inception, but new technologies, regulatory pressures and competition from nimble newcomers have altered the landscape.

The transition to real-time payments infrastructures has brought with it a host of compliance-related requirements - from ISO20022 to SWIFTgpi and Open Banking - and an extensive array of complex security, liability and liquidity management issues with which banks have to grapple.

At the same time, competition from fleet-footed newcomers and Big Techs has thrown into sharp relief the ageing legacy architectures hampering the banking sector as it faces up to a new era of firctionless digital payments.

To gain a deeper insight into these business-critical issues, Finextra has issued a call for comment to capture the current thinking on the challenges that lie ahead and provide a pointer to the future direction the industry is heading.

The results of this work will be pulled together in a wide-ranging report to be published at Sibos in London in September.

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