Many leading community banks, credit unions and other banking and payments experts are having
their existing livelihood threatened by mobile payments and online banking payment instead of the customers going
to the traditional brinks and mortar branches for their payments need.
Why Disruptive Trends and Technologies?
When it comes to disruption trends, community banks and credit unions, retailers, tech companies and wireless providers
face unique challenges, but also have tremendous opportunities - thanks to the Universal Payments (UP).
You see, leaders from innovative financial institutions, industry organizations and independent research firms, thinks and believe that Universal Payments is the solution for their disruptive trends, which can transform the industry and seize a sustainable competitive advantage.
This will transform traditional payments environments to address emerging opportunities, including mobile, social media and web payments.
The Payment systems companies and the industry organizations innovators and leaders in the community financial world to share best practices and facilitate interactive discussions on how to address the disruption opportunity in banking and payments.
They focused on all aspects of banking and payments-online banking, mobile banking, bill pay, risk management and threat protection, consumer marketing, and more.
They hope that universal payments will address the Disruption Opportunity and how to turn the disruptive trends and technologies into business advantage - high expectations of universal payments!
What is Universal Payments?
Universal Payments is a simple transaction, millions of times per day,
billions per year that will help banking and financial institutions develop and build payment systems where every person on the
planet is linked, all engaging in payment transactions, buying and selling. Universal Payments meets this demand.
The universal payments help organizations get up ahead of the competition and further unlocks and extends the power of payment systems companies software leading solutions of Biller, Fraud, Merchant Retailer, Online banking, Retail and wholesale.
A payment systems company create customer value, accelerate time to market, grows revenues and increases operational efficiencies.
Also, universal payments delivers the industries only end to end payment solutions based on innovate and unique technology that meets the rigors of ever accelerating change and global teams that provide the expertise.
Universal payments allow companies to compete, thrive, and win in this rapidly evolving disruption opportunity payments; you need to take control of your payments.
Future of Payments Industry
The future of Payment industry according to experts views of payment developments which are shaping the future of the universal payments industry could be that:-
People are buying stuffs from new ways and old ways. But it is a global market and is really impacts the economy, the culture and all the different ways in which we people behave around the globe becomes obvious in the payments.
It is a complex and extremely complex more market. There are people who do universal payments that are processors, on behave of banks, who then do it on behaves of businesses, do it on behave of consumers.
And you can take any niche of this market and think about it or think about the payment market in it totality.
Well, it going to have two aspect to it and there will be technical aspect to it. It is going to be highly integrated and common data model, probably the service oriented as well.
There will be a little redundancy and no silos of automation from a technical perspective. From a business perspective, will see more processing of common payments types, debit, ACH, the line blurring... you may see some blurring in the wire and low value payments as well. An example will be "Faster payments", not faster universal payments.
Legacy Automated Clearing House (ACH) systems will now going to be retired and people can starts to see the light at the very long tunnel. And the lights are getting brighter at last.
You will starts to see the Single Euro Payments Area (SEPA) for payments being adopted through choice not through regulations, and corporate will start seeing benefits of it.
So certainly in Europe we will start seeing more and more use of SEPA, more and more standardization of universal payments processing.
With that comes the downsizing of the banks and they lose further revenues, what will happen is they will add more values to payments. They can't offer the same separate processing that the bank next door is offering.
They have to add value beyond that, whether it will be better liquidity toward customers, better reporting, value added services or they will use those services in MTS that we're traditionally use in the payments for complex payment processing in a simple payments for SEPA.
Breaking down the Future of
Money and Mobile Payments
Watch for disruption as Smartphones continue to transform the way we do business, the possibilities of completing transactions completely from our mobile devices continue to expand.
The traditional banking services are not going to change a lots, the way consumers pay for things is going to change, could be disruptive to the whole payments industry worldwide.
There will be things like mobile applications, mobile purchases or being able to do things in a very mobile environment especially for the new generation that is coming up. They expect that and it will cause some changes.
Standard will be adopted through out the world that SEPA is use to get to this stage in the markets. There is a strong call to the banks to move forward in much faster innovation, and mobile payments are obviously one of the key one.
So banks will have to really adapt their infrastructure to accept the traffic in the payments coming from the mobile world.
Probably one of the favourite projects in the past few years has been the one in United Kingdom (UK) that is called "Faster Payments" (not faster universal payments) which you may or not have heard of.
It's actual where they creates a new payment instruments, which is pretty exciting and does not happen all the time. It's kind of a blend between ACH payment and wire payments, a blend of the characteristic with the same day settlement and real time money movement.
It's just a very exciting thing to us because its leverages and very compatible to our core competence.
The Future of Money and Mobile Payment
In Asia there are customers who will show you how they're reducing the number of branches they have and increasing the number of ATM that they have. And they're tying ATM to mobile devices. So when you go to the ATM.
It's a whole bunch of new capabilities - like paying your bills, transferring money, downloading a token to mobile phone.
Then once that is downloaded to a mobile phone, you can use your mobile phone for all the same additional services that ATM is used for. So it is really important context that that happened ultimately.
What you see is a number of kind of outside of the banks, companies coming with new payment methods.
People like PayPal that really could disinter mediate the banks in an establishment relationship with the consumer and all the banks are kind of watching all those things to determine where all that will go and then how they will play in that role, and still keep their relationship with consumers.
Things are changing...just looks how your kids are buying stuff on the mobile devices and the mobile devices are actual the transaction devices that you will never have to take a card from your wallet anymore to make a payment.
That kind of changes makes it an extreme exciting industry. People want to do universal payments everywhere and ultra critical for the 21st century with mobile payments, person-to-person (P2P) payments, they will become ubiquitous.
Universal Payments Benefits
Putting personal back into payments - Take out the pains of payment. Pay where when who you wants - any way you want it.
Making universal payments more secure and easier than ever to buy and sell goods and services wherever and whenever you want to. Transfering money to almost anywhere in the world is just as easy. - the future of payment today!