Reimagining digital payments in 2022
While the payments landscape has digitally transformed in leaps and bounds, the coming few years will be even more defining for the sector as financial institutions work to adapt better to the pandemic. One of the key developments for this year is ISO 20022. January 27, 2022 | Stella LimWhat’s new in the evolving world of payments? There was a time when cash was king. Since then, the lightning pace of innovation has transformed how we transact money, and enabled us to purchase items and send payments to someone on the other side of the world in a matter of seconds. COVID-19 has helped speed up the pace of digitisation, and in turn, the growth of digital payments. Amid global lockdowns, many have turned to making payments through their mobile devices. Businesses too, large and small, find themselves having to go digital almost overnight. This has given rise to a quantum shift in customer expectations of their banking experience, particularly in Asia, home of financial services disruptors such as Alipay in China, and GrabPay in Southeast Asia. Speed, safety, transparency, and seamlessness in banking services and products are no longer a nice-to-have, but a necessity. There has also been a big push towards improving cross-border payments through industry initiatives like SWIFT gpi, which was developed to provide a seamless cross-border payments experience for customers and banks. Financial services providers realise that the ability to quickly adapt to changing circumstances while maintaining a high level of service is crucial to staying ahead of the digitisation curve. This is especially so in Asia where the speed of digitisation outpaces most other parts of the world. Here are a few key considerations for the financial services community in the new year. Collaboration powers innovation and drives inclusion The use of open application progamming interfaces (APIs) has been core to many banks’ open strategies. It allows financial services providers to share financial data with other businesses and sectors such as small and medium sized enterprises (SMEs). This in turn lets them co-create and deliver a wider variety of more innovative products and services, in a region that ... Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
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