FinextraTV: The key payment trends to maximize business value
In this Finextra TV interview, Barry Rodrigues, EVP of Payments at Finastra, discusses how modern payments technology can help financial institutions future-proof their payments business, provide consistent value, and generate revenue in rapidly evolving payments landscape.
Key takeaways:
- Modern architecture drives agility and innovation – Legacy systems are no longer viable. Cloud-native, microservices-based, API-first, and scalable and always-on platforms allow financial institutions to integrate new payment rails and expand geographically — and monetize new capabilities.
- Cross border payments take centre stage – Increasing global commerce means banks must modernize their infrastructures to support efficient, cost-effective international transactions — and capture value along the way.
- Smart Routing enables precise settlement – Banks can now leverage Finastra’s Smart Routing module to route domestic and international high-value payments through immediate payment schemes — ensuring cost optimization, increased operational efficiency, and improved customer experience.
- ISO 20022 isn’t just a mandate, it’s an opportunity – Beyond compliance, adopting ISO 20022 enables richer data, better analytics, improved messaging, and enhanced customer insights.
- Payments as a revenue generator – By leveraging modern payments technologies, institutions can move beyond cost-saving, turning payments into profit centers through value-added services, tiered offerings, and enhance customer retention.
