Future-Proofing Payments

Cash to digital assets. Bank cards to integrated devices. Lengthy clearing cycles to real time payments. Shifting regulation and global standards. Payments in the metaverse.  The pace of change has never been greater - are you thriving or just surviving? 

Watch video: An introduction to future-proofing payments.

Transcript

Ben Matthews, Baringa
Payments are fundamental to help society run effectively. A core purpose of the payments industry is to keep us safe and secure and to protect those more vulnerable in society. These are universal values, borderless. Whether it’s between individuals and organisations, employers and employees, or across supply chains and borders – payments form the thread of how financial institutions enable the safe exchange of value every single day. The pace of change is picking up speed.
Consumers are changing their behaviour. Bank cards are being replaced by mobile wallets and integrated, wearable devices. Open banking offers new ways to deliver account to account payments, such as variable recurring payments. And in parallel, the transition from cash to digital assets is here, with CBDCs being explored globally and payments being made using tokens in the metaverse.

Anna Orriss-Baxter, Baringa
Global innovations and architecture are driving change too. The move from lengthy clearing cycles to real time payments has accelerated and ISO20022 standards are being embedded across the world. In the UK, we are seeing the New Payments Architecture (NPA) and the real time gross settlement (RTGS) renewal programme coming online. In the US, FedNow is launching in July 2023. Similarly, there are ambitious ventures with payments modernisation in Australia, where they recently announced the payments roadmap for the industry, which includes phasing out cheques by 2030. In India the Unified Payments Interface (UPI) has enabled digital payments to overtake credit and debit card use in the last year.

Cross-border payments particularly in the low-value market continues to evolve, with many different players and models now available for transferring funds internationally. The possibilities offered now from proven and scalable distributed ledger technology means that there’s a re-think on global and local regulation with new opportunities for interoperability.

Ben Matthews, Baringa
The payments ecosystem needs to be ready, agile and look ahead to stay competitive in this market. That means maintaining business as usual so your customers can make payments safely, securely and on time. It means looking ahead to new innovations so you’re not falling behind the competition and losing customers. It means having the right data to be able to respond robustly to changing regulations. And it means being a driver for transformation in your organisation. At Baringa we understand how payments work in the real world. Our expertise runs deep – we've done everything from advising C-suite on payments strategy, to coding payments systems, to delivering some of the largest, most complex payments transformations in the market.

Anna Orriss-Baxter, Baringa
We work with payment schemes, banks, regulators, fintechs, payment service providers and more. We know every client has different starting points, different challenges, and different ambitions. What makes us different is that we understand how central payments are to customer experience, loyalty and trust and we will work alongside you to develop bespoke solutions –bespoke because every client is unique

A positive payment experience means satisfied customers. That’s because payments are fundamental; to help society run effectively, to exchange value and to provide peace of mind.

To deliver great customer experiences you need a partner who understands how payments work in the real world. That’s where we come in.

We work with payment schemes, banks, regulators, fintechs, payment service providers and more. We know every client has different starting points, different challenges, and different ambitions. What makes us different is how we work with you to develop bespoke solutions – bespoke because every client is unique.  

Future proof your organisation. Future proof payments.

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Tokenisation - the next big thing?

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Payment innovations: where should you invest?

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Finding the right modernisation approach: is your payments architecture fit for the future?

How can you take a tailored approach to modernising your payments architecture? We share six steps to determine the best approach for your organisation.

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Payments modernisation in financial services: building the foundations for future success

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Modernising payments architecture

To keep up with the pace of change and future-proof their organisation, now is the time for financial services firms to modernise their payments architecture.

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How can providers, customers and regulators create an innovative payments ecosystem?

Payments in Web 3 – redefining the role of traditional banks and intermediaries

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Is Web 3 the future of payments?

Web 3 represents the next iteration of the internet – it will be powered by distributed ledger technology (DLT)

Variable recurring payments: The next step for open banking

Variable recurring payments are one of the latest innovations in open banking, allowing customers to initiate recurring payments securely. In this article, we look at how they’re used, how they compare to other payment methods, and the benefits they provide.

UK payments outlook: the five trends to look out for

We explore the five key trends and predictions we expect to see in the payments industry over the next 12 months.

ISO 20022: a new language, for better payments

Customers don’t want a ‘payments experience’, they want instantaneous, seamless and reliable movements of money.

Ben Matthews

Partner, expert in Financial Services

Contact Ben

Tom Patience

Partner, expert in Payments

Contact Tom

Anna Orriss-Baxter

Expert in Global Payments Transformation

Contact Anna

Matt Britton

Expert in Payments

Contact Matt

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Watch video: An introduction to future-proofing payments.

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