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Global Payments: Get ready for next modernization decade

The era of global payments has arrived much earlier than anticipated, so financial futuristics across the globe are obliged to transform or improve their digital capabilities and cultivate an appetite for payment modernization evolution. We must build pillars supporting payment modernization schemes such as instant/real-time payments, cross-border interoperability, and ISO 20022 migration.

It's time to respond to our next decade Global Payments:

With the constant changes blowing through the financial community, ECS Fin spoke with multiple payment experts and surveyed more than 50 global corporates and financial institutions. Below are excerpts for different regions experiencing unprecedented transformation in payments.

Middle East's payment sector

The developments in the payments landscape of the Middle east market are speeding up, spurring new initiatives for the convenience of digital payments/ wallets and wearable payment technology. Over time, cross-border payments, featuring two of the world’s largest remittance corridors of UAE and Saudi Arabia, have become a significant payment channel to connect the whole region and drive growth.

Buna payment platform to enable multicurrency real-time payments through the Arab and world

AFAQ system connects the RTGS systems of six GCC countries (Sultanate of Oman, United Arab Emirates, Kingdom of Saudi Arabia, Qatar, Kingdom of Bahrain, and Kuwait).

Project Aber involves two central banks and six commercial ones to develop a common digital currency between UAE and Saudi Arabia.

Contactless payments in Latin America

In Latin America, financial services are massive, with the popularity of contactless payments such as digital wallets, Apple pay, and real-time transfers eclipsing the traditional payment methods. The region has boasted 10% of global banking revenue by switching from a cash ecosystem to digital banking. For instance, Chile has become a new HubSpot for wearable digital payments technology, with businesses ready to accept transactions through smartwatches.

Moreover, Mexico is questioning varied ways to use QR code scans for financial transactions. With Open banking, Baas, and treasury management solutions building up a new wave of payment modernization, we expect financial institutions and corporates to move towards an instant payments platform to boost efficiency and financial inclusion.

Real-time payments in the United States

With the enormous potential of real-time payments, the US market has become a financial superpower around the globe to perform faster, more cost-efficient payment transactions. The introduction of FedNow service, an instant payment platform to help financial institutions of every size provide efficient, safe, transparent, and fast instant payment services in real-time 365*24*7.

Just as The Clearing House’s RTP system works today, the FedNow service will also operate on ISO 20022 messages allowing individuals and businesses across the US to receive and make instant payments. ECS Fin team expects to witness the boosting trend of real-time payments in the US market in response to the rising potential for instant payments, both globally and domestically.

Seize the occasion of Global Payments era with ECS Fin

It is quite evident that modern payments demand innovative and collaborative instant payment solutions that can deliver the speed required for the movement of money through all channels instantly, data handling for ISO20022 messages, and multi-network capabilities. IMS Payments is an intelligent transaction processing system that can simplify, manage and control the full breadth of payments, connectivity, integration, and messaging. Select and stack the flexible IMS modules, components, and/or services to build solutions or address specific issues.

It has been stated that the RTP network connected over 50% of all demand deposit accounts in the US and is expected to reach nearly all U.S. accounts in 2020. Government entities, businesses, and consumers can start using RTP technology to facilitate payments across the payment categories.

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Take a look of our Blog:

The Rise of Real-Time Payments: A Global Perspective

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