A report by Sepaforcorporates, emphasised top 6 highlights  in payments as follows:                                                                                                                                                                                                                                 :

1. FI’s are collaborating in order to maintain their position as the key provider of innovative payment services to customer

Regulation, Immense completion from Fintech, and the need to gain market share are reasons why banks will collaborate to become platform for the deployment of innovative service offerings.

2. Transaction Infrastructure Rationalization

Partnerships in payment industry are on going. This allows transaction infrastructures to be more accessible by distinct intermediaries with many product offerings. Collaboration will enable banks and fintechs to extend services within reach.

3. Open Banking regulations becomes active in Europe

Open Banking regulations became active on January 13, 2018. Verified 3rd party companies are now able to access customer data via APIs. This removes limitations and upsurge competition between major players in the payment industry. Consequently, payment firms will collaboration and become bigger firms.

4. PSD2 enabling APIs to Deliver Optimum Benefits

PSD2 is enabling Services to be offered via APIs. For instance, third party payment service providers are able to provide payment services via APIs. Furthermore, Industry competitions will result in partnerships that will enable efficient deployment of banking services via APIs.

5. Retail & Corporates Experiences Swift Payments

The report by Capgenmini highlighted the development of numerous instant payment systems across retail and corporate space that ensures the enhancement of liquidity management.

6. More Investment in Authentication Technologies to Tackle Fraud & Cyber-Risk

As innovative Payment technology systems are being developed, cyber criminals become more sophisticated. Consequently, more investment in Authentication Technologies is required to Tackle Fraud & Cyber-Risk.

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