#PayTech / Ten trends set to influence the payments industry Fitech Futures

1. …growing popularity of treasury management solutions that link money-in and money-out, providing a clear line of sight into your finances. It’s likely we’ll see these solutions attract investment in 2021 as banks offer sophisticated, white-labelled cash management apps to their corporate customers.

2. Interoperability across multiple payment rails will bring more choice for consumers and businesses. In a world increasingly dominated by application programming interface (APIs), payments will become faster and easier to track.

3. Open Banking may evolve into open finance as it matures and we’re likely to see a growing number of value-add applications in corporate payments. We’ll see more account-to-account payments rather than traditional card networks, and white-labelling by the High Street Banks will help bring open banking to the market.

4. ISO 20022 will accelerate the digitisation of payments by enabling machine-readable, structured data to travel as XML tags in payment messages, which will improve straight-through-processing (STP) and compliance with anti-money laundering and know your customer (AML/KYC) requirements…

5.The G20 has launched an initiative into the pain points around cross-border payments, aiming to establish a roadmap for a frictionless future. It’s long overdue and hopefully 2021 will be the year that cross-border payments become simpler, faster and more secure.

6. Innovations in overlay technology are increasing, as by overlaying new services on existing systems, companies can avoid ripping and replacing expensive infrastructure. A good example of this is Visa B2B Connect being overlaid on Swift to improve cross-border transactions.

7. Public cloud platforms are gaining acceptance as a solution for financial services. Until recently, chief information security officers (CISOs) considered the likes of Azure and Amazon Web Services (AWS) to lack the security level demanded, but, as this year’s Sibos conference proved, public cloud solutions are at the heart of many financial offerings.

8. Whilst the consumer market has led the way in payment innovations, the business community looks set to catch up as technology providers look to these opportunities.

9. … accelerated digital transformation… for businesses

10. Financial crime remains a huge issue. As we move to an automated, real-time, remote and cloud-based world, the security and due diligence balance will remain essential…

https://www.fintechfutures.com/2021/01/10-trends-set-to-influence-the-payments-industry/