Payments Transformation: Fulfilling the promise of speed, transparency and traceability


The coronavirus pandemic has accelerated the move to cashless transactions globally. For consumers and businesses alike, there’s a continuing upward trend in the adoption of all things digital. Speed, transparency, predictability and low transaction costs are the new drivers of the payment landscape.

With over 200 global initiatives in various stages of implementation, the adoption of the XML ISO 20022 payments messaging standard is increasing rapidly as it facilitates greater payment processing efficiency and interoperability, improved customer experience, streamlined compliance procedures and the capability to deliver new value-added services.

The new open, structured and data rich payments standard underpins SWIFT’s global payment innovation (gpi) and various new national retail payment systems like FAST in Singapore, PromptPay in Thailand, and FPS in Hong Kong. It enables real time transactions, even across borders, and provides users improved data quality, analytics as well as insights for automated payment tracking, reconciliation and enhanced liquidity management.

The emergence of fintech players has accelerated the integration of digital and mobile payment options with third-party ecosystems, enabled through open application programming interfaces (APIs), to provide consumers more personalised services and streamlined experiences.

The confluence of forces propelled by the migration to new ISO 20022 payment standard, albeit delayed by the pandemic, and the pressure to effectively compete amid growing market disruptions presents financial institutions significant opportunities and challenges to transform core payment infrastructure and introduce new capabilities.

This RadioFinance virtual roundtable will debate key issues impacting the ongoing transformation of the payments business and discus the different approaches taken by various market players. The discussion offers clear insights on:

  • Key trends driving the transformation in payments landscape
  • Complying with local and global regulations as well as standard in payments
  • Some of the breakthroughs that need to happen to enable real-time, structured, data rich and interoperable payment market infrastructure
  • New business and operating models as well as partnerships that underline a fundamental advancement in payment capabilities

Invited guests include:

  • Adinata Widia, SVP, Transformation Office, Bank Mandiri
  • Chintan Shah, Head of Cash Management in Asia Pacific, Deutsche Bank
  • Colin Dinn, Advisor, Security Bank
  • Dennis Omila, Chief Information Officer, Union Bank of the Philippines
  • Kanags Surendran, Head of Transformation, CIMB
  • Krit Unenanond, Head of Sales and Business Promotion Division, Transaction Banking Group, Bank of Ayudhya
  • Lito Villanueva, EVP, Chief Innovation and Inclusion Officer, RCBC, Philippines
  • Lorn Hui, Senior Manager, Payment Operations, Fusion Bank
  • Michael Moon, Managing Director, Payments and Trade Markets, APAC, SWIFT
  • Stephen Peters, Director of Business Development, Enterprise Payments, ASEAN and North Asia, FIS
  • Suriady Wutan, Group Head, Transaction Banking, Bank CTBC Indonesia
  • Trirat Suwanprateeb, Chief Technology Officer, Siam Commercial Bank
  • Vrindalakshmi Rajkumar, Head of Central PMO and Digital Banking, Ambank

Guests include:
Adinata Widia

SVP, Transformation Office Bank Mandiri

Chintan Shah

MD, Head of Cash Management, APAC GTB, Deutsche Bank AG

Colin Dinn

Advisor, Security Bank

Dennis Omila

Chief Information Officer Union Bank of the Philippines

Kanags Surendran

Head of Transformation
CIMB

Krit Unenanond

Head of Sales and Business Promotion Division,
Bank of Ayudhya

Lito Villanueva

EVP, Chief Innovation and Inclusion Officer RCBC, Philippines

Michael Moon

Managing Director, Payments and Trade Markets, APAC, SWIFT

Siew Chiun Tan

SVP, Group Channels and Digitalisation, UOB

Stephen Peters

Director of Business Development,
Enterprise Payments, ASEAN and North Asia, FIS

Suriady Wutan

Group Head, Transaction Banking, Bank CTBC Indonesia


Trirat Suwanprateeb

Chief Technology Officer, Siam Commercial Bank


Vrindalakshmi Rajkumar

Head of Central PMO and Digital Banking, Ambank



Host:
Foo Boon Ping

Managing Editor,
The Asian Banker



About The Asian Banker RadioFinance:

The Asian Banker RadioFinance aims to enhance understanding of the finance industry globally by bringing together thought leaders, industry experts, practitioners and futurists to examine current, critical issues through a discussion facilitated by visual and web-based platforms. Through the use of interactive technology, participants do not have to take time out from their crowded schedules or leave the comfort of their own desks.

This session is supported by:

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