Multiple API and data sharing standards are leading to implementation conundrum, making regulatory hand-holding essential.
Differences between local and regional KRIIs is the prime reason behind fragmented payments market landscape.
Now is a good time for commercial banks to proactively mitigate potential threats.
Marketplace lending continues to evolve, with agile firms operating at lower costs and innovating with technology at their core.
Financial services transparency as well as competitive and innovative products for customers are being promoted by regulatory initiatives such as Europe’s Revised Payment Service Directive (PSD2), mandates imposed by the UK’s Competition and Markets Authority (CMA), and various global open-banking plans.
Harmonization needed among conflicting key regulatory and industry initiatives to enable new payments’ ecosystem functionality
The lack of coordination and integrated data management among regulatory authorities is stirring contradictory objectives and competing agendas that are hindering standardization and causing ambiguity within the new payments landscape.
The Payment Services Directive 2 or PSD2 has been in full force for more than six months, and its impact is being felt not just in the European Union, but across the globe – with several markets, such as Singapore, Australia, and Nigeria, as well as Hong Kong announcing open banking initiatives inspired by the PSD2
Structural changes are spurring payments industry participants to evaluate the future of the business as well as their role in the months and years ahead.
Traditional banks must evaluate their place within the payments ecosystem and be open to partnering with FinTechs and third-party developers to drive value collaboratively.
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World Payments Report 2021
The World Payments Report 2021 explores Payments 4.X – an experience-driven environment that’s witnessing even more industry consolidation and attracting tech-expert ecosystem players. Discover how the customers’ growing digital appetite is shaping the payments industry and what is the way forward to succeed in the new Payments 4.X era.Download now