FIS: Payments convergence - Seeking synergy
Historically payments have developed in silos with different standards, infrastructure, geographical boundaries, use cases and end-users. Roles were clearly defined and access was tightly controlled. The move to open and instant payment rails is an opportunity to review the blueprint for payments. Driven by digital interactions in both payments innovation and the wider environment, customer and merchant expectations are growing towards an instant, integrated, multichannel, yet personalized payments experience. Some payments may be initiated across one channel and completed via another. Others deeply embedded into the transaction context with the inter-bank rails almost invisible. The money movement itself is increasingly a commodity and payment providers are looking for new ways to lower costs, drive value, increasing customer loyalty and engagement.
This session will focus on examining the trends towards payments convergence, identify business models that are emerging, and discuss how to future proof payment infrastructures to embrace new opportunities.