Monetizing Real-Time and Open Payments – A Global View from Leading Banks

Payments experts from Bank of Montreal, Lloyds Bank and Rabobank lead a discussion on #NewPayments use cases.

During Sibos 2018, I was lucky enough to moderate a panel of payments experts from around the globe, including banking leaders representing three key phases of the real-time evolution; early adoption, go-live and ‘wave 2.’ Here, I’d like to share insights from these experts, outlining the challenges and rewards for banks in the new real-time and open payments ecosystem.

Sibos Preview: The Five Trends Transforming Real-Time Payments

Real-time is now a reality, with more than 30 schemes live around the world. And real-time is in the spotlight as banks and financial service providers make their way to Sydney for Sibos 2018. What better time to look ahead at the key trends that are going to shape the ongoing development of real-time payments.

What's Next for SWIFT gpi and Cross-Border Real-Time Payments?

Recently, I wrote about the potential benefits of SWIFT gpi for banks. Like any technology, the rate of change is accelerating, making it critical that banks keep pace with the market and with their competition. In 2018, as domestic real-time payments schemes reach near-ubiquity thanks to a combination of regulatory and customer demand drivers, we have seen an accelerated parallel trajectory for cross-border real-time gross settlement (RTGS) payments.

Modernizing Cross-Border Transfers with SWIFT gpi

The customer experience for domestic payments – retail and corporate – has recently undergone a complete transformation. There’s still plenty more that could be achieved, but the advent of real-time payments in combination with open APIs has seen the launch of Request for Payment services and direct eCommerce instant payments in the UK and Europe. And it’s not just the PSD2 push in Europe that’s driving change – in the U.S., Zelle is moving beyond standalone P2P payments to become an integrated part of the retail banking app experience, as well as being included in new kinds of corporate disbursements.

Instant + Open Payments = A Winning Combination

I recently joined a panel discussion at EBAday 2018, alongside representatives from across the payments ecosystem, and the clear consensus was that real-time payments will be the new normal. This was evidenced by some of the interactive polls carried out.

Three Ways to Build Your Business Case for Real-Time Payments

In the UK, faster payments are well established, and we have seen new innovations as well as new businesses being built since May 2008. In Singapore, which went live in 2014 with its Fast and Secure Transfers (FAST) scheme, we are starting to see similar innovations. And we can expect similar seismic shifts in payments innovation for years to come, as Instant Payment schemes in Europe and Real-Time Payments in the US go live, ubiquity increases and real-time payments become the new normal.

Three Reasons Why Corporate Banks Must Invest in New Security Measures

The New Payments Ecosystem brings great opportunities, if banks can mitigate the new risks and threats that arise. Real-time and open payments enable a wealth of new revenue streams; however, the potential for growth must be balanced against maintaining payments security. They cannot break the bank.

How to Protect the Foundations of Transaction Banking Against Disruption in The New Payments Ecosystem

Scalable, Available, Reliable – #SleepAtNightability for Corporate Banking

SEPA Instant Payments: The Importance of Real-Time Hubs in a Global Market

An epiphany is happening across Europe—and across the global markets.  I’m not talking about the realization of Brexit (and that we’re all going to need to make it work).  But rather, the realization that payment hubs that were brought in to manage SEPA batch credit transfers and direct debits are not going to be capable in the real-time world of SEPA Instant Payments.

Cross-Border Payments: ready, set, go…

The cross-border payments market is probably the most important industry in the world. Trillions of dollars are exchanged every day to cover the settlement of everything from multi-billion-dollar company investments, through to the value of the perishable cargo on the ship that’s stuck in port, all the way down to that rather nice holiday rental I’ve got my eye on for next summer.  International payments are essential to everyone, in every country in the world.