As the payment landscape evolves with increasing velocity, should financial institutions be focusing their strategy on domestic or pan-European payment solutions?
Discussing the benefits and challenges of adopting domestic and international solutions
Impact on big banks and FinTech: how can they combat ‘change fatigue’ and come out on top?
How will this create opportunities for competition and innovation?
The payments landscape continues to evolve with increasing velocity. Open banking has, literally, opened the doors to new payment types, regulatory change has enabled new entrants to compete with the established banking institutions, and the focus on adopting ISO20022 by the major schemes worldwide has led to unprecedented levels of change across the landscape.
At the same time, the pandemic has accelerated the move away from cash and cheques, with online and contactless payments reaching record levels.
So what does this mean to the payments industry, and banking in particular?
In the UK, FIs currently implementing or looking to implement the acceptance of new payment types also face the wholesale change of the UK payments infrastructure through RTGS2 and NPA.
Both initiatives are tasked with positioning the UK financial market back at the forefront of payments processing, in the same way that BACS (1968) and FPS (2008) did.
In Scandinavia, a new payments infrvastructure, eventually encompassing all Nordic countries, is pressing forward.
In Europe, the new European Initiative will provide an alternative to the duopoly of the major payment schemes.
Meanwhile, globally, SWIFT currently remains dominant. FIs have to consider, or already have adopted, SWIFT gpi whilst keeping an eye on initiatives such as RTGS.global.
Layered on top of this digital currency is the new hot topic, with a Sterling CBDC gaining credence in the UK and BIS facilitating global innovation hubs focused on global CBDC interoperability.
Our panel includes:
Facilitator: Jane Gamble – Freelance Consultant, SME and contributor to Whitchapel Think Tank Future of Payments. Experience includes ACI, Visa Europe, VocaLink and HSBC.
Danny Pederson – Head of Products at P27 Nordic Payments and former Head of Mobile Payments at Nordea.
Suresh Vaghjiani – FinTech Advisor, former CEO of Tribe Payments and President of Global Processing Services, as well as FTSE companies such as Paysafe Group and Kalixa Payments Group.
Rohit Bhatnagar – Strategy Consultant whose clients have included Revolut, Transferwise, Tinkoff Bank and has recently concluded consulting engagements with WorldRemit and the Pollen Street Capital Group.
Dr Ruth Wandhofer – Global Fintech 50 Influencer, Partner Gauss Ventures,
I-NED Permanent TSB and Digital Identity Net,Strategic Adviser ETPPA, Adviser RTGS.global, Adviser Estatin
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