Leveraging an Agile Ecosystem for Faster Payments Experience and Improved KYC

Rapid technological advancements are changing the landscape of payment processing. They offer exciting new opportunities, such as smart, barrier-free real-time instant payments, that drive revenue and customer satisfaction. On the flipside, fraudsters and criminals are also quick to adopt new technologies and use AI to create scams that are near-impossible to detect; and customers have become used to instantly available digital services and don’t hesitate to change banks to get them. These developments are not new, but many financial institutions are still struggling to make the switch to instant, anytime, and anywhere offerings they need in order to meet demands while also staying one step ahead of the evolving fraud landscape. But what does a modern payments ecosystem look like? How can banks make the rich payments data provided by ISO 20022 accessible across their entire ecosystems to deliver smarter payments for their clients, leverage new technology for improved KYC and fraud prevention without having to replace their entire technology stacks? We’ll discuss the best approach to a consolidated payments processing framework capable of delivering on these requirements and how it helps financial institutions leverage up-and-coming technologies to align with market demands while providing a secure framework for future initiatives.