The Future of Payments
The evolving payments industry explained
There are a number of innovations driving the future of payments. Understanding these market innovations and taking action is critical for organizations seeking to grow and prevent disruption.
Payments Industry Overview
In the past, we have talked a lot about reaching a faster, more digital and dramatically consolidated industry. Today it is a reality. The days of pondering possible headwinds and tailwinds are over. Real time payment rails are live. The largest processors have merged to create ‘mega processors’. And payments capabilities have become embedded in nearly every conceivable device and software solution. The results are unique, compelling and often specific to industries such as health care, insurance, retail, travel and hospitality.
For those that have prepared and are actively participating in the change, the rewards will be real and very significant. And for those who have taken a ‘wait and see’ approach, we see eight reasons they should be concerned.
In this edition of the Payments Radar, we present our perspectives on the industry and offer strategic, practical ideas for those who use payments solutions across all industries (merchants, corporations, governments, consumers) and those who supply and serve those constituents (bank issuers and acquirers, processors, networks, and fintech companies).
Reinventing bill pay: Deloitte and The Clearing House engage owner banks in a conversation around real-time payments
2019 MAG Tech Forum: Surfing the perfect storm
Brian Shniderman, principal at Deloitte Consulting LLP, and Peter Davey, VP of Product Innovation at The Clearing House, engage in conversation around harnessing the potential of Artificial Intelligence, Internet of Things and Real Time Payment Systems at the 2019 MAG Tech Forum in Scottsdale, Arizona. If you missed the session or would like to revisit it, check out the 2019 MAG storyboard.
10 steps we recommended for your real time payments journey
1. Assessment—conduct 50pt. RTP readiness assessment
2. ISO20022—create use cases using ISO 20022 messaging format
3. Benefits case—create business case ready for CFO’s office
4. Pilot registeration—register for Real Time Payments pilot
5. Bank partner selection—use a robust framework and select banking partners
6. Pilot registration—Live transaction testing (potentially at an industry conference)
7. CFO approval—gain CFO approval of business case
8. Refine implementation—learn from other pilots to evolve your plan
9. Implement
10. Operationalize
Ready to take the next step towards real time payments? To learn how to implement and operationalize in partnership with Deloitte, please contact Brian Shniderman.
