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The payments revolution

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  • Bellacosa, Michael

Abstract

The payments landscape is evolving at a phenomenal rate. New technology developments are emerging faster than ever, driven by the growing culture for digital solutions, new regulatory requirements, and the increasing number of new entrants in the market that are challenging more traditional practices with cutting-edge concepts that appeal to the tech-savvy society of today. This convergence of factors is acting as a catalyst for banks to take action and modernise payments. This paper discusses how banks must deliver real added value in order to maintain their standing in the payments space. Banks must consider how they can use SWIFT gpi to create solutions to support their clients. The paper also discusses how non-competing local-global correspondent banking alliances can help with navigating new developments.

Suggested Citation

  • Bellacosa, Michael, 2019. "The payments revolution," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 13(3), pages 237-241, September.
    • Handle: RePEc:aza:jpss00:y:2019:v:13:i:3:p:237-241
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    More about this item

    Keywords

    innovation; cross-border payments; client-centric; SWIFT gpi; data; real-time payments; value-added solutions; correspondent banking;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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