Driving payments modernization: Expert insights from Sibos 2024
Replay panel discussion on the importance of payments modernization and why it is crucial in the changing world of payments.
Held at Sibos in Beijing, Radha Suvarna, the Chief Product Officer of Payments at Finastra, and David Brown, Senior Director at Finastra discuss the broader industry and payment trends driving this modernization. They highlight the shift towards open finance, the deliberate move to cloud solutions, and the rise of generative AI. These trends are shaping the financial services technology space, making it more interconnected, scalable, and innovative.
In the payments landscape, the discussion focuses on six key trends: the need for faster and more transparent funds delivery, the introduction of real-time payment rails, the migration to ISO20022 standards, the centralization of payments processing, heightened requirements for resiliency and availability, and the growth of alternative payment rails. These trends are pushing banks to modernize their payment infrastructures to meet customer demands and regulatory requirements, ensuring better value and efficiency.
The panel also addresses the strategic approach financial institutions and fintechs should take towards modernization. This includes adopting a modular and open stack, leveraging strategic partnerships, and focusing on driving customer value. The modernization journey is essential for enabling product innovation, improving customer experience, reducing transaction costs, and ensuring compliance with regulations. By embracing these changes, banks can enhance their competitive edge and better serve their customers in a rapidly evolving environment.
