Trillium Software
     

By Scott Thompson

Ninety six per cent of retail banks cite the internet and 82 per cent mobile technologies as having the most important impact on payments infrastructures. That's one of the key findings of new research carried out by the FSClub and sponsored by Cognizant.

The FSClub asked readers and members to provide their views, via an online survey, of the world's largest payments infrastructures and whether they are fit for purpose. It released the results at a dinner this week hosted by Cognizant. Other findings include: 63 per cent expect significant or major changes to payments infrastructures in complying with regulatory change; 40 per cent will be using two to three key payments infrastructures in 10 years’ time, compared to the nine used today; 19 per cent expect VocaLink will be most impacted by developments in mobile payments; 27 per cent expect SWIFT and Eurogiro (24 per cent) to be most impacted by internet developments.

Key messages from the report include: there will be consolidation as well as increased competition. The process of consolidation will be slowed by certain national and domestic interests, with the largest countries of the world - the BRICs and America - protecting their national infrastructures; there will be fewer payments infrastructures in ten years than there are today and increased competition from both existing and new payment providers; European Clearing houses for retail payments - such as Equens, VocaLink and STET - will be locked in a competitive battle.

Fedwire, Eurogiro and CHIPs scored highest in the ‘out of date’ category; SWIFT, VocaLink, Equens and EBA are viewed as innovative, although banks and non banks views varied in this regard. SWIFT and the EBA have very strong support for the long-term from their banking community advocates, and are likely to remain central to payments for the foreseeable future as standard setters and low-cost processors; payments processors need to be on top of rapid developments in mobile, internet and cloud computing to continue to be fit for future purpose. In retail, changes will be driven by changing customer behaviours relative to social media and the way we pay, with mobile contactless and online payment systems driving real-time connectivity; as the number of providers and the pace of technology increases there will be greater need for payment risk forecasting, monitoring and the real-time tracking of payments processing by the customer.

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