The next 3 years are set to introduce significant changes to payments and cash management processing through a range of global, regional, and local market initiatives. Some of these initiatives are set to impact every financial institution on the planet, whilst others will have more focused localized impacts.
These market initiatives include:
• SWIFT ISO 20022 migration
• Local RTGS ISO 20022 migrations
• New Instant and Real-time payment services
• SWIFT gpi
• Open banking/API based services
• Request to Pay and Confirmation of Payee services
At the same time new channels, new technologies, and new market competitors are putting further pressures for change on existing systems, whilst the increase in volumes of digital payments has been greatly accelerated by COVID-19 through an embracing of contactless initiation methods around the world.
It is now vital for each payment processing institution to assess their readiness for these changes.
As always, Temenos is committed to being your trusted technology partner and to work together to align our activities so we can address both the challenges and the opportunities presented by these major market changes.
To progress this journey we are launching a major program of engagement with our customers to modernize your payments capabilities. This program will enable our customers to support the regulatory and compliance demands being placed on your organization, but also create an environment that will excel at addressing the ever-changing payments processing demands of your customers.
If possible, we would like to request that you respond to a short questionnaire on your current environment below, otherwise please take this opportunity to download the new white paper from Temenos.