![]() Payments modernisation: The big survey 2022 It is based on several industry interviews, through which we aim to take a pulse on the industry’s general appetite for real-time, AI-driven, data-rich transaction fraud monitoring, and the various models, technologies, and priorities that shape acquirers’ anti-fraud strategies.ģ. This Finextra industry sentiment report was produced in association with Brighterion, a Mastercard company. Transaction fraud monitoring lies at the heart of fraud prevention for acquiring banks, and while the effort in decreasing fraud rates has advanced significantly, so has the sophistication of fraudsters themselves. We take a pulse on these themes and questions by interviewing senior experts at several banking service providers across Europe and Asia.Ĥ. The onset of the COVID-19 pandemic catapulted banks and their clientele into instantaneous cashlessness, forcing many organisations and customers to adapt at speed. Prior to the pandemic there wasn’t a bank or financial services provider worth their salt who did not have some kind of digitalisation strategy as a core part of their operations planning. ![]() Will banks use digital security as a post-pandemic differentiator?īanks large and small, old and new, have come a long way in a short amount of time. “They need to be looked at as a component of client experience.”Ĭhayt told Webster of faster payments in general: “When you start to think about corporates and middle-market companies, that's when you start to understand that infrastructure, the straight-through processing, the managed-service wrapper that a bank can bring is where the real efficiency and value are seen.5. “One common thread is that we don't look at payments just as back-office payments anymore,” Billings said. That would include (but not be limited to) initiatives such as FedNow. In a separate interview, Sarah Billings, PNC’s senior vice president and head of payments product, operations and strategy Bridgit Chayt, Fifth Third Bank’s senior vice president and director of commercial payments and treasury management and infrastructure expert Domenico Scaffidi of Volante Technologies said banks must leverage real-time infrastructure to unlock value for corporate clients that moves well beyond the confines of simply being fast. There is increasing focus on faster payments as a key value driver in B2B commerce as well. Initial use cases would be geared toward making sure that rent and other payments would be settled in a speedy manner for low- and moderate-income individuals, and serving underbanked populations. Interoperability, Montgomery added, will be fostered through the use of ISO 20022, for standardized messaging. The overarching goal has been to provide more competition for payments rails, and better integration with the 10,000 financial institutions that already work with the Fed. Core clearing and settlement functions will be delivered in that initial 2023/2024 timeframe.Ĭommentary from stakeholders during the public commentary period and from the previously-announced FedNow Community ( which debuted in May 2020) “highlighted the need for features to address accessibility, interoperability, security, liquidity, and fraud prevention,” Montgomery said. In an interview with Karen Webster, Boston Federal Reserve Chief Operating Officer and FedNow Program Executive Ken Montgomery said that here in the U.S., FedNow is on track for a 2023/2024 rollout. The FedNow announcement comes at a time when dozens of faster payments initiatives are taking shape, or have already launched, around the globe. ![]() Providers include Volante Technologies, Jack Henry and FinTechs such as Finzly. Morgan, Citi, Goldman Sachs and Wells Fargo and several regional players. In a list of names participating in the pilot program, we see a number of marquee FI, including J.P. Those participants will provide feedback on specific features and use cases tied to FedNow. As a result the Fed is creating what it calls an “ecosystem participant” program beginning later in 2021. ![]() The central bank also said it received “more than 80 submissions” from organizations that provide payment systems and services for financial institutions and end users that are interested implementing instant payments to meet business or consumer needs. 25) that more than 110 organizations, including financial institutions and processors, are participating in the pilot program for FedNow, the instant payments offering that is at least a few years away.Īs detailed in a press release, “The program will support development, testing and adoption of the FedNow Service, as well as encourage development of services and use cases that leverage FedNow functionality.” To that end, the Federal Reserve said Monday (Jan. Instant payments on the horizon - but first the pilot programs. ![]()
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