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Future-ready payments: Increasing competitiveness with reusable technology
November 9, 2021 @ 7:00 am
Tuesday 9 November 2021 15:00 GMT | 16:00 CET | 10:00 EST
Register for our upcoming webinar with Diebold Nixdorf on Tuesday 9 November 2021 at 15:00 GMT, as industry experts, explore the benefits of an agile, secure, and reusable payments platform.
The foundational architecture of payments platforms designed for a world of card payments has become incompatible with today’s intricate payments universe. As a host of new schemes with digital at their core emerge, legacy payment systems are struggling to expand beyond their original use case.
With mobile and contactless payments, Quick Response (QR) codes, digital currencies, Request To Pay (R2P), Real-Time Payments (RTP), and Peer To Peer (P2P) payment applications taking off, banks are having to build separate in-house silos to process these new payment types. Given a plethora of dedicated systems are already in place to process cash, cheques, cards, automated clearing house (ACH), mobile and P2P payments, this is a complex undertaking.
There are considerable operational costs that come with running multiple payments processing silos, as well as hefty labor costs associated with maintaining legacy technologies – all of which detract from the potential profits of new schemes. Not only will these costs continue to increase, but time to market for adding new services could be prohibitive – thus decreasing the value of participation in new payment schemes.
Forward-looking institutions are opting for modern payments platforms that can consolidate their single-use platforms and facilitate the easy adoption of new payment services.
As the payments race heats up – and banks wrestle with the emergence of new payment types, and digital currencies – those with the most agile, secure, and reusable platform will be rewarded with a strong competitive edge and increased profitability.
This Finextra webinar, in association with Diebold Nixdorf, will cover:
- How is the emergence of new payments schemes impacting the ecosystem?
- How do costs and complexities around running current multiple in-house payments silos impact innovation and transformation?
- How does reusable technology assist in the delivery of new services?
- What are the features and benefits of migrating to a cloud-based payments platform?
- Jane Cooper – Researcher, Finextra [Moderator]
- Rod Bungey – Director, Diebold Nixdorf
- Neelkant Rawal – Senior Vice President & Head – Strategy, Digital & Innovation, Wells Fargo