Stay connected
Subscribe to our Inside WEX blog and follow us on social media for the insider view on everything WEX, from payments innovation to what it means to be a WEXer.
"*" indicates required fields
As words and phrases like big data, analytics, next gen, and more move from jargon to colloquial, another word comes to mind: Cohesiveness. With a more connected world featuring faster information flows and better visibility, the financial and payments industries have a lot to gain, as well as a lot to lose if they do not adapt to current and future payment technologies.
With the payments infrastructure becoming more connected, more developed and faster, IBM recently released analysis in a whitepaper to highlight how the next iteration of payment infrastructure will develop, and what it can ultimately do for financial institutions upon adoption.
The whitepaper discusses in detail the following three trends in the ‘next generation’ of payments infrastructure and how stakeholders and innovators can adapt:
Streamlining payments processes across multiple lines of businesses, channels, and platforms is the intent, but this movement can be a complicated path, according to a PYMNTS recap of the whitepaper.
Whether it’s in consumer, commercial, or wholesale banking; regulation, roles, and responsibilities are changing for financial institutions, and disruption is creating a need for evaluation and reevaluation of current and future practices.
With this, the whitepaper points out opportunities for advancement:
How to address all of these issues? IBM recommended in the paper that executive leadership and long-term strategic vision must dovetail to bring payments processes to the next generation. In addition, analytics solutions must be broad in scope and modular in implementation, rather than focusing on a key area such as fraud or risk.
For more information on the next generation of payments, please download the whitepaper from PYMNTS, and to keep up with all the latest in payments evolution, follow WEX on LinkedIn.
Subscribe to our Inside WEX blog and follow us on social media for the insider view on everything WEX, from payments innovation to what it means to be a WEXer.
"*" indicates required fields