The foundational architecture of payments platforms designed for a world of card payments has become incompatible with today’s intricate payments universe. As a host of new schemes with digital at their core emerge, legacy payment systems are struggling to expand beyond their original use-case.
With mobile and contactless payments, Quick Response (QR) codes, digital currencies, Request To Pay (R2P), Real-Time Payments (RTP) and Peer To Peer (P2P) payment applications taking off, banks are having to build separate in-house silos to process these new payment types. Given a plethora of dedicated systems are already in place to process cash, cheques, cards, automated clearing house (ACH), mobile and P2P payments, this is a complex undertaking.
There are considerable operational costs that come with running multiple payments processing silos, as well as hefty labour costs associated with maintaining legacy technologies – all of which detract from the potential profits of new schemes. Not only will these costs continue to increase, but time to market for adding new services could be prohibitive – thus decreasing the value of participation in new payment schemes.
Forward-looking institutions are opting for modern payments platforms that have the capacity to consolidate their single-use platforms and facilitate the easy adoption of new payment services.
As the payments race heats up – and banks wrestle with the emergence of new payment types, and digital currencies – those with the most agile, secure, and reusable platform will be rewarded with a strong competitive edge and increased profitability.
This Finextra webinar, in association with Diebold Nixdorf, will cover:
- How is the emergence of new payments schemes impacting the ecosystem?
- How do costs and complexities around running current multiple in-house payments silos impact innovation and transformation?
- How does reusable technology assist in the delivery of new services?
- What are the features and benefits of migrating to a cloud-based payments platform?
Speakers:
- Jane Cooper - Researcher, Finextra [Moderator]
- Rod Bungey - Director, Diebold Nixdorf
- Varun Yadav - Global Innovation Program, Treasury Services, Digital Platform Office, BNY Mellon
- Becky Clements - Director of Payments, UK Finance