As Africa evolves from a predominantly cash-first society towards payments digitization, a number of key drivers of payments modernization have become evident:
🔴 evolving regulatory requirements increasing pressures on systems and resources
🔴 continually advancing technology landscapes and needs
🔴 rising customer expectations and support for market innovations
🔴 the move to real time, instant, always-on processing cycles
🔴 increased volumes and throughput impacting service levels
🔴 ensuring both the bank and customer are protected from fraud and cyber-crime
From a regulatory perspective, banks must ensure compliance with the latest SWIFT ISO20022 regulations. After many years of using previous-generation ISO regulations, the transition to the new MX format has proved to be a massive undertaking for banks. This international pressure is further augmented by domestic and regional schemes harmonizing with the ISO 20022 standards, leading to the inevitable calls for conscientious modernization initiatives.
Along with these regulatory pressures, banks know that the modern customer expects seamless and instant payments. The days of payments taking days to reflect in recipients' accounts are long gone. Thanks in part to widespread mobile phone penetration, customers have an increased variety of options for initiating what they expect to be friction-less, real-time payments and remittances.
Technological advancements also open up new opportunities, with the global shift from on-premise to cloud-based deployments to increase processing flows, agility, and payment security. Along with changing open banking regulations, this allows for the embedding of Payments-as-a-Service solutions leveraging banking cloud capabilities.
The banking industry will need to gear up for a wave of changes and opportunities facing the African Union, increased trade that will require more robust and dynamic cross-border payment rails, rapidly spreading de-Dollarization, and the looming advent of a common BRICS currency.
Join our exclusive webinar, "It Takes a Village to Raise a Payment and an Ecosystem to Innovate,” featuring a panel of seasoned specialists and industry leaders who will share their insights and delve into the key drivers of payments modernization in Africa.
We'll also share use cases of payments modernization as well as payments-as-a-service in the European, American, and Asia Pacific context, offering insights and practical advice on how to make this transition to modernization a reality.
Register today to book your place!
The key take-aways
How banks can make the best of regulatory transitions while smoothly adapting to changing customer expectations and socioeconomic conditions
How do instant payments impact the processing environment within a bank and how do banks address the key challenges
What is required to win new customers and maintain key, profitable relationships in the dynamic, innovative world of digital payments
Whether payments modernization goes hand in hand with transforming the banks' wider processing ecosystem and services
This webinar is in partnership with
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