Learn about the future of payment modernisation
The continued global modernisation of business practices spans almost every field of the global economy.
This is no different for banks and financial institutions, which continue to prioritise the modernisation of their payment systems to address key compliance issues, support new payment schemes, and take advantage of new technologies.
The COVID-19 pandemic has increased the pressure on banks to digitise their transaction processes across the board.
This is why Temenos and the IDC are teaming up to run an exclusive webinar helping African banks to highlight and address the key issues with modernising their payment systems.
Prioritising your focus
While it is widely agreed that the modernisation of its payment capabilities is a necessity for any bank hoping to remain relevant, working out which elements to prioritise can be a challenge.
This is why Temenos has highlighted seven themes that are key to the future success of banks in the modern digital payments ecosystem.
These themes are essential to supporting growth, innovation, compliance, and success in the era of digital payments.
- ISO 20022 – ISO 20022 is the messaging standard that is used by the vast majority of new clearing mechanisms, meaning that digital payment solutions must offer comprehensive support for the expanded data set and new processing rules required by the new standard.
- Architecture and technology – Implementing the correct architecture and technology is critical to developing a solution that can continually adapt to the ever-changing world of payments. Key to such architecture, therefore, is flexibility.
- Universal and end-to-end coverage – When modernising your infrastructure, you should focus on implementing a single hub that can consolidate all payment types into a single solution, reducing costs and risks.
- Operational optimisation – By optimising your operations, you can deal with increased volumes and more sophisticated customer demands – helping you to remain competitive and relevant.
- Real-time – Real-time payments have become core to the digital payments age due to ecommerce and a market that has come to expect instant gratification and value.
- SaaS – The emergence of the cloud and software-as-a-service (SAAS) has enabled banks to reduce costs and limit risks. This needs to be balanced against regulations approval within the specific market, but is a key part of digitally transforming your bank.
- Time to market – Being the first mover with new technologies can be the key to success – it is therefore important that you can launch and roll out products faster than your competition, and meet your customers’ demands in a timely manner.
Exclusive webinar
Temenos’s Mick Fennell and the IDC’s Mark Walker will be expanding upon these points and contextualising them within an African context when they speak in an exclusive webinar on 24 June 2020.
Fennell is the business line director of payments for Temenos, while Mark Walker is the associate VP of the IDC in sub-Saharan Africa – meaning both are experts with great insights to share.
The speakers will also provide guidance on how banks should transform their cultures, processes, and platforms to meet the new challenges they are facing – which have been exacerbated by the COVID-19 pandemic.
Fennell and Walker will also offer guidance to developing cost-effective propositions that support the long-term strategic ambitions of banks in Africa.
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