The Payments boom has taken new shape in recent years, especially with the acceleration of new technologies like Blockchain, digital currencies and Open Banking. In fact, a recent report by IBM suggests that more than 70% of banks and credit unions around the world are either developing or currently implementing a comprehensive range of next-gen applications and modern technologies.
These developments have been met with a variety of regulations – most notably the PSD2 regulation, which emerged in 2015 and has since exceeded projections because of COVID-19’s influence on online shopping trends. Similarly, financial authorities around the world have started to review their position on Payments.
As customer acquisition becomes the focus of most Payment Service Providers (PSPs), superior technology strategies and infrastructure will be key to ensuring Payment Service User’s (PSUs) expectations are met.
In this paper, we explore:
- Key considerations for modern PSPs
- The shortcomings for PSPs who opt for traditional solutions
- The challenges of Payment operations
- How a sophisticated Payments reconciliation platform can mitigate these challenges and help firms meet user expectations
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