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:
Invited guests include:
SVP, Transformation Office Bank Mandiri
MD, Head of Cash Management, APAC GTB, Deutsche Bank AG
Advisor, Security Bank
Chief Information Officer Union Bank of the Philippines
Head of Transformation
Head of Sales and Business Promotion Division,
Bank of Ayudhya
EVP, Chief Innovation and Inclusion Officer RCBC, Philippines
Managing Director, Payments and Trade Markets, APAC, SWIFT
SVP, Group Channels and Digitalisation, UOB
Director of Business Development,
Enterprise Payments, ASEAN and North Asia, FIS
Group Head, Transaction Banking, Bank CTBC Indonesia
Chief Technology Officer, Siam Commercial Bank
Head of Central PMO and Digital Banking, Ambank
The Asian Banker
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.