Technological developments are driving forward the digital changes to the payments industry at a relentless pace. New market players are emerging, and with them new products and services. As a reaction to this, the European regulators have acted to define a clear legal and organizational framework for the implementation of such new services.
A further impetus for new payment services is the “SEPA Instant Payments” initiative, scheduled for launch November 2017. This new type of payment transaction is completed in real time, which means that the beneficiary receives a credit to his/her account just seconds after the payment has been submitted. Even though the introduction of Instant Payments is currently not mandatory for banks, there are obvious benefits in introducing suitable products at an early time. Real-time payments have an obvious appeal to customers, which is an opportunity for banks to gain competitive advantage.
There is no question that significant investments will be needed to ensure compliance with the new regulations. Alongside that, it will become easier for new players to enter the market, challenging the banks. Despite this, traditional banks are in a strong position due their trusted relationship with the clients, many of whom have expressed a preference to consume these services from their banks. So there are many opportunities to be found for banks which are open to new solutions and ready to deliver innovative financial services.
Omikron’s White Paper describes in detail the effects of the new regulations on the banking world and summarizes potential technological solutions. In addition, the White Paper outlines the strategic opportunities for the banks to exploit the business potential from the changes.
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