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David Yates, CEO of Vocalink looks at payments, the rise of startups, the future of ACHs and the promise of blockchain technology prior to Money 20/20 in Las Vegas.
Fascinating conversation covering a number of the big topics in the payments industry today. David mentions that a lot of the innovation in payments at the moment is about accessing and monetising data about the underlying transactions. Does anyone have
some good examples of what he's referring to there?
MCX in the US: the whole business case for CurrentC is predicated on making more use of the SKU level data.
Any systems that can harness and monetise the underlying data about transactions will have struck gold. The simple fact is that the data exchanged for the purpose of the payment is usually constrained by the format, which prohibits the transfer of data with
the payment. Take loyalty schemes, there is a second card transaction there, where the loyalty card grabs the transaction data, while the POS terminal carries only the necessary card and value data thorugh the system. More data flowing through with the payment
would be ideal. The rapid innovations made in Singapore following the launch of FAST is an example of how a format can facilitate innovation. It uses ISO20022 and carries more reference data than a card transaction can in ISO8583. I agree that plastic is mature
and that the only way to move forward would be a format change, because any digitisation of cards, fails to address the underlying limitations of the system. There are very many shiny and interesting innovations in the card world but they are, alas, mostly
I agree, fascinating conversation indeed. To Finextra Members query, there is an important initiative on the cards in the UK, to create a richer data capability and allow more than the current 18 character limit. Ping me if you need more information on this.
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Santosh Thomas, Executive VP & President, Global Growth Markets, Cognizant, speaks at The Temenos Community Forum 2019 in The Hague about the banking industry in the next decade, the future of digital banking platforms and how Cognizant is helping banks redefine customer engagement.
Prema Varadhan, VP of AI Centre of Excellence, Temenos, speaks at The Temenos Community Forum 2019 in The Hague about the priority banks place on the value of AI to their institutions, which business functions are likely to gain the most value from the use of AI and the main challenges that banks face in implementing AI at scale.
Gareth Lodge, Senior Analyst, Payments, Celent & Shrey Rastogi, Payments Strategist, Temenos, speak at The Temenos Community Forum 2019 in The Hague about how Banks are changing their payment strategy, the major areas where they need to focus on to be successful, how this space will evolve and whether the market is big enough for everyone to succeed.
Martin Frick, Managing Director, APAC, Temenos, speaks at The Temenos Community Forum 2019 in The Hague, about the impact of AI on wealth management, how AI is shaping financial services in the APAC region and how the two will likely evolve along side each other in the future.
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