This post was originally published on Fin Extra
Considering the diversification of payment methods and channels, what do consumers expect from their payment services providers today?
How banks keep pace in a world that’s increasingly instant, online, and has a growing number of management checks and controls around regulation and compliance?
How can banks build the infrastructure to support multiple rails which handle multiple functionalities while ensuring elasticity and scalability?
How does the regulatory environment fit in with this new generation of integrated platforms? Does it support or hinder innovation?
Incumbent banks have long faced the challenges of keeping up with the pace at which new payment rails develop, schemes evolve, and consumer expectations expand. Currently, 73% of banks struggle with legacy infrastructure hampering their ability to effectively deliver instant payments, and by 2028, outdated legacy technology is predicted to cost banks as much as $57 billion.
Gone are the days of one-channel, one-direction functionality. Today’s consumers expect choice – whether that’d be card-based, account-to-account, instant, or mobile – which has significant impact on the dynamics of supporting payments for financial institutions. Modern infrastructure needs to support multiple rails that can handle multiple functional interfaces, and transactions need to be rooted
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