Global payments industry group P20 has set out a series of best practice steps for the industry in a post-Covid-19 world.
The group has put together a report featuring the thoughts of senior executives from, among others, JPM Morgan, The Clearing House and NatWest, on a the challenges facing the sector during the pandemic.
These include the rapid transition to remote working and maintaining operational activity at a distance, the need for almost instant digitisation to account for changing consumer payment preferences, and ensuring balance between innovation and financial inclusion.
Duncan Sandys, CEO, P20, says: "In order to respond effectively to the Covid-19 crisis, the payments industry has been forced to fly the airplane while building it."
The report concludes with 20 actions payment firms can take, among them implementing check-ins with remote-working staffers, creating black swan contingency plans, and launching programmes to cross-train employees so they can take on multiple roles if necessary.
Read the full report:
Download the document now 3.5 mb (Chrome HTML Document)