Since the dawn of time banks have been universally viewed as sources of economic power and stability. That image – and reality – is changing however as the combined forces of new technology, regulatory change and consumer expectations are revolutionizing the way businesses pay and get paid. So how will these changes affect the payments and financial management landscape?
According to Peter Hazou, Director of Development for Microsoft’s World Wide Financial Services Industry Group, the industry is at a pivotal moment and the success of financial services organizations “depends on how well they transform to create new value, becoming indispensable partners in increasingly interdependent networks and complex value chains that cross business, geographic and industry boundaries.”
The recent whitepaper “The Changing Payments and Financial Messaging Landscape” discusses this new paradigm in-depth. Most importantly, it digs into the issue of how banks can achieve success in this new age, as well as how they can make the most of the opportunities inherent in such a transformative time.
The reality is, taking a business-as-usual approach in the midst of all of this change is simply not an option. The current approach to connecting to and supporting multiple payment infrastructures and settlement networks globally is costly, complex and siloed, and that will not be sustainable if financial institutions are to survive (and thrive) in this new environment.
They need to adapt and evolve to serve customer needs, demonstrating an ability to provide the innovative solutions that customers now expect and demand. Cloud-based aggregation technology is one way they can achieve this since the cloud breaks down common cost and technical barriers, making rapid adoption and access to a global conglomeration of payment rails not just possible but easy. It also solves the ongoing challenges of having to duplicate messaging and compliance systems and of continually having to build and add new technologies that cater to emerging payment instruments.
To learn more about how banks can move away from fragmented, complex and disconnected infrastructure to a modern, integrated and secure platform, check out the whitepaper “The Changing Payments and Financial Messaging Landscape”.