• What’s coming for payment processing, and how have banks made sure they’re prepared to handle the changes in functionality and rules?
• How edge computing played a role in faster expansion and revenue growth while adhering to data sovereignty regulations
• What are the key steps financial institutions have taken to get ready, and what they sought in technology providers?
• How financial institutions have best protected themselves from potential outages, costly risks, regulatory actions, and possible reputational damage that could have resulted from retaining antiquated payment systems?
• What roles will new AI functionality and the cloud play in evolving transaction processing practices, and how might innovations here help banks raise their game above competitors?
• How payment processing businesses can address ISO 20022 and not get caught behind due to all their other critical initiatives?

New standards - and new competitive threats - are emerging that require financial institutions to carefully consider changing or upgrading their legacy payments systems. Just keeping up with the industry and regulators is already a challenge, though leading banking software vendors are also finding ways to speed up transaction processing and service delivery platforms for their customers. Advanced tools and AI innovations have been developed specifically to leverage the latest ideas and technology.

What will it take for a bank or other financial services provider to compete, and what are some of the systems enhancements required to process payments in this new world? How can financial institutions help their clients, especially in the corporate sector, take advantage, for example, of ISO 20022’s new richer data fields and extended reporting capabilities, while protecting themselves from fraud and other disruptions to daily business operations?

Certainly, costs must be managed, and as with any expenditures, total cost of ownership (TCO) as well as ancillary benefits are critical factors for banks to weigh in making the right choice of platform providers. Robust return on investment as well as flexibility for the future are part of the price of admission for financial services companies, and also for their customers ‘paying to play’ in the emerging payments marketplace. How can financial institutions determine what is required to lift their bank one level ahead of their key competition in the industry? One thing’s for sure: waiting is not a workable option in today and tomorrow’s fast-moving global commerce environment.

Sign up for this Finextra webinar, hosted in association with Hazelcast, to join our panel of industry experts who will discuss how financial institutions can evaluate their readiness to handle and capitalise on the latest payment processing advances.