As we enter our fourth edition of Flavors of Fast, the most important message is not simply that the number of countries offering faster payments is growing; the takeaway is that the whole nature of faster payments is evolving. We at FIS™ have often made the point that faster payments alone are not the end game; as the world grows to embrace the joy of instant gratification, faster payments are seen as a catalyst to new ways of making payments, a way to create context for consumers, SME and corporates alike.
Many institutions are now evaluating their delivery options and looking for alternatives that will drive greater efficiency while keeping pace with the whirlwind of change. With customers at the forefront, financial executives must also satisfy the demands of the board of directors, the regulatory community, business partners and the industry at large.
Financial institutions can begin to identify the role they want to play in payments modernization by asking questions about how the current payments environment supports their goals, whether they have to sacrifice one goal to accomplish another, what current obstacles they face, how to accelerate their business to outpace competitors, obsolescence and costs of compliance, and how to remain not only relevant—but indispensable to customers.
There is no one-size-fits all approach that’s guaranteed to be right for the unique needs of each financial provider – but there is a solution that’s the right fit your current business model, existing infrastructure, budgets and resources, operational demands, and the long-term role you want to play in the reinvented world of payments.
FIS’ Open Payment Framework offers a unique opportunity for the unification and orchestration of payments and modernization of processes, technologies and environments, and strategic value in preparedness for what is next.
Open APIs and Instant Payments will transform the entire payments value chain. In Europe, PSD2 is setting the pace and it is vital that banks adjust quickly to a world in which third parties gain increasing access to the customer relationship.
With the arrival of Instant SEPA Payments many European institutions are also looking at what they need to do to move to real-time. Explore the practical implications, opportunities, and challenges of moving to an Open & Instant world.
Open APIs can foster innovation and partnerships with third parties, grow your customer base and revenue streams. An Open API ecosystem will introduce a new three-way relationship between the customer, payment institution, and the third party. Learn how Open APIs will impact the payments value chain, and why it’s important to properly serve the developer community.