Have you ever imagined a day without new forecasts of technology-induced solutions hitting the front pages? Of course not! In the process of transforming any organization into an Enterprise of the Future, it’s easy to get caught in technology’s glamour. And Financial services are no exception in this case! Plenty of digital ink has been spilled over the last few decades on the accelerating digital trends of tech-driven companies moving into financial services.
Buy Now Pay Later is setting new trends in the payment and credit system, disrupting both the lending and payment industry. Everyone is just talking about it, such as Customers, Merchants Investors, and BNPL companies for sure. In fact, Regulators across the globe are also keeping a close eye on the development and its impact on the consumers and ecosystem as a whole.
Though the concept of post-purchase, pre-purchase, or even during the purchase isn’t new, the ease of flexibility, usage, and mutual advantages at various value chain phases is making this trend one of the fastest-growing segments in payments. Within the next decade, it is expected that $306.8 bn of e-commerce purchases will be made via BNPL, increasing from $97.2bn in 2020. Merchants have seen a lift in their sales, and GenY & GenZ generations are generally driving this new trend.
However, one can’t ignore the fact that innovative technologies simultaneously lead to new problems such as privacy and new risks such as fraud and cybercrime. There are many new issues on the horizon, and some don’t have a clear answer in the short term. ECS Fin is making an effort to adopt technological advancements and gain a lot later on regarding financial security and integration into the market. We always have a feeling of deja vu.
Whether it’s about SWIFT connectivity, pen banking, and AI-driven solutions, ECS Fin has been well-prepared with every trend. Our solutions present many benefits such as increased transparency, improved risk management, alleviation of transactions, and opportunities for innovation through analytics on consolidated information.
Credit international beneficiaries in seconds and, at most, minutes.
Track payments end-to-end in real-time.
Benefit from reduced inquiry costs due to ability to track payments
ECS Fin is an engineering enterprise that specializes in process optimization. We design software solutions with a systems approach to transaction processing.
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