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Category archive: Industry insights

Enabling innovation through payments platform transformation

Today, global trends including changing customer demands, new entrants, innovative technologies, regulatory pressure, higher costs and lower profit margins are driving significant changes to the financial services market. Regulations are tightened and compliance costs for financial institutions are increasing, while initiatives like PSD2 have opened up the financial market to innovative competition. In the wake […]

Is a national digital currency the means to a completely cashless society?

Sweden is going cashless too quickly, according to a letter published by the Riksbank in October. The Swedish central bank wants to ensure that cash does not disappear entirely in the short term. How? The Riksbank wants to compel all banks and other credit institutions to continue to offer cash services for the time being. […]

SIBOS Wrap-up – Key themes of 2019 identified

Time has flown by, Sibos 2018 has come to an end for me. A few days filled with discussions, presentations and sessions highlighting countless different visions on the future of payments have inspired thousands of professionals. Sibos has been the vibrant global hub of the payments industry this past week; almost every financial organisation was […]

SIBOS day 3 – How Instant Payments can make Europe a leader in innovation

Exciting times lie ahead for the ECB now that the pan-European infrastructure TARGET Instant Payment Settlement (TIPS) is going live next month. This platform enables banks to initiate immediate payments 24 hours a day, 365 days per year. The session The Eurosystem’s response to an evolving payments landscape revolved around the launch which will take […]

SIBOS day 3 – How do fintechs see the future?

In addition to banks, also technology suppliers, third parties and fintechs present their views on the future of the payments industry on Sibos. The funny thing is that the vibe of a session changes when fintechs are on stage. The suits make way for jeans and sometimes even shorts and short sleeves. At the same […]

SIBOS day 1 makes clear: never again a dull moment in the world of payments

In the not too distant past, our industry was considered traditional, fixed and a bit dull, but anyone walking around the International Convention Centre in Sydney during Sibos this Monday knows that those times are far behind us. There will never again be a dull moment in the world of payments. This is illustrated by […]

SIBOS day 1 – Open Banking requires radical changes

Banks should start from scratch when creating new business models rather than creating them step-by-step on top of their current business. Besides that, it is currently trendy to look at possibilities in the field of business to consumer, but especially in the field of corporate banking there is great potential. These were just a few […]

Interesting times in the world of payments

In all fifteen years that I have worked in the world of payments, I have never seen a more interesting period than the past few years. Just think about it: in the past, banks led major developments in the payment industry, which usually lasted for decades. ATMs, for example, have existed for more than half […]

‘Why are there no European companies competing in the battle for global payment solutions?’

Europe is largely dependent on non-European systems, such as PayPal, for cross-border (card) payments. The reason for this is that there is still no European payment system for the whole continent, partly because European banks mainly focus on serving their national markets. In the development of new payment services, this must change, says Yves Mersch, […]

Why banks are gradually embracing PSD2, fintechs and Instant Payments

Banks closely monitor how technological innovations are rapidly disrupting the payments landscape. The introduction of Instant Payments, competition from fintechs and the PSD2 regulations continue to put the business models of banks under extreme pressure. Liz Oakes, Associate Partner at McKinsey & Company, explains why it is good that banks, partly under pressure from the […]