Covid-19 Impact on Banks, And fixes. The Black Swan Opportunity

Download Now

The Black Swan Opportunity | Get your bank digital ready.

IBSI Special 5 Digital Report Package with Special Offer. Subscribe now

IBS Journal: The iconic monthly FinTech magazine

May 2020 issue out now! Subscribe now

India FinTech Report 2020

Insights into the historical and projected market size of key FinTech categories. Subscribe now

IBS Journal Supplement: Payments
Software & Solutions

In this latest edition we round up payments industry endeavours from around the globe. Who has been doing what and is it working?

As the industry keeps moving at an unprecedented pace towards all things digital, banks and regulators around the world are embracing (or at least trying to) new ways of delivering financial services and new technologies.

Some geographies, such as Poland, are often flagged as a shining beacon of payments innovation and collaboration, with this country among the first to fully adopt the ISO 20022 messaging standards and also undertake a raft of mobile payments initiatives. The latest one, BLIK, was launched in February as a result of six competing banks joining forces to introduce common mobile payment standards, enabling their customers to make payments in stores and online, withdraw cash from ATMs and send P2P transfers all through their mobile phones.

Meanwhile, some countries are notoriously lagging behind, such as the US, where chip and PIN cards have only recently been mandated by the government to replace magnetic strip- based technology. By Q4 last year, just two per cent of Americans had chip and PIN enabled cards, according to the Smart Card Alliance. However, the US is trying to catch up, and where possible ‘leap frog’ into the next generation of payment technologies, with the Federal Reserve Bank pondering the idea of building a brand new, real-time infrastructure for all kinds of payments (see the US Analysis article on p20 of the Supplement).

The latest issue of our free Payments Software & Solutions Supplement features:

Market round-up:

Swift and UK Payments Council gear up for the SEPA ‘IBAN only’ mandate
Greek banks sign for EBA’s MyBank for internet and mobile payments
ACi Worldwide gains a large deal in Poland, with PKO Bank Polski
ACI Worldwide wins court ruling in India
Bank of America Merrill Lynch (BAML) launches new travel payments product in EMEA

Analysis: Mobile Banking – Game of phones

While there remains the risk of disintermediation, some banks are moving centre stage in mobile financial services. As a result, in this rapidly evolving sector, the lines are becoming ever more blurred. Telcos are behaving like banks, retailers are behaving like both. While it’s hard to predict the winners, it seems consumers can only benefit from the competition.

Cast Study: BAML – Time, patience and tenacity

Bank of America Merrill Lynch (BAML) has made significant strides in its attempt to consolidate its vast global treasury business onto a single payments platform, Fundtech’s Global PayPlus-SP. The bank was one of the pioneers of the revamped SOA version of Global PayPlus, and has made steady progress towards a new global platform.

Analysis: Real-time payments in the US – Myth or reality

One commentator at Sibos 2014 in Boston said that the drive for real-time payments initiatives stemmed from one key factor: customer expectation. The Federal Reserve Bank is the latest to confront the growing demand for ‘immediate’ banking with proposals for a new real-time payments infrastructure in the US.

What is the IBS Journal Supplement?

Each issue of our flagship monthly IBS Journal includes a Supplement, dedicated to a specific area of banking technology. The Supplements are part of the IBS Journal subscription.

IBS Journal Supplements cover a wide range of subjects pertinent to the financial technology industry worldwide. They include detailed case studies, analysis, interviews and other feature articles.

Each publication features independently researched and compiled material, with no advertorial or contributed articles. All articles are written by IBS, and we believe that this dedication to quality is unique among publications in the banking/financial services technology space.

Click here to subscribe to IBS Journal