The COVID-19 pandemic has left an indelible mark on both our personal and professional lives. With an almost overnight adoption of digital payments by consumers across the globe through 2020, the year 2021 will see many of these changes persist, and the effects will present banks and payments firms with opportunity – but also considerable challenges. The need for digital capabilities has accelerated.
For banks, this acceleration means that costs are brought to the fore and payments have been made a strategic priority. Technology, regulations, and the post pandemic pace of change are putting a sharp focus on innovation and banks must be ready to exploit these opportunities and the new partnerships they can bring. Customer experiences during the pandemic have led to changing B2B customer expectations.
The implementation of instant payments through the ‘Retail Payments Strategy’, ISO 20022 messaging standards and developments such as the SWIFT gpi API should also be prioritised as a focus of this constantly transforming landscape; supporting flexibility in order to meet the ever-evolving payment demands from customer and regulators.
Join Finastra and a group of peers to discuss and decode the impact of these changes on payments, and how to meet the challenges ahead in this new digital payment landscape.