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How can payment systems keep up with Financial Technology innovation?

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Payment systems are the backbone of financial transactions, enabling people and businesses to exchange value for goods and services. However, as financial technology (fintech) evolves rapidly, payment systems face new challenges and opportunities to keep up with the changing needs and expectations of customers, regulators, and competitors. In this article, we will explore some of the key trends and innovations that are shaping the future of payment systems, and how they can adapt and benefit from them.

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Yemmie Olaleye (CMSA?, FTIP?) ?

I help individuals make informed & strategic decisions in the financial market; impacting with charts. Market Analyst|…
CA HENCY SHAH ????

??FCA | ??M.Com (F&T) | ??16x LinkedIn Top Voice | ???Information System Auditor | ??Certified Forensic Accountant…
Noel Rajakumar

Building Tutelar Sense | Product Marketing Manager | Podcast host - The Breakout Founders |

1 Faster and cheaper payments

One of the main drivers of fintech innovation is the demand for faster and cheaper payments, especially across borders and currencies. Customers want to send and receive money instantly, securely, and at low or no cost, regardless of where they are or who they are dealing with. To meet this demand, fintech companies are developing new solutions that leverage technologies such as blockchain, artificial intelligence, and biometrics to enable faster and cheaper payments. For example, blockchain-based platforms such as Ripple and Stellar aim to facilitate cross-border payments by connecting banks and payment service providers through a distributed ledger network. Artificial intelligence can help automate and optimize payment processes, such as fraud detection, risk management, and customer service. Biometrics can enhance the security and convenience of payments, by using fingerprints, facial recognition, or voice authentication to verify identities and authorize transactions.

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Yemmie Olaleye (CMSA?, FTIP?) ?

I help individuals make informed & strategic decisions in the financial market; impacting with charts. Market Analyst| Coach| Mentor| Thought leader| Futurist CFI: FMVA?| CMSA?| CBCA?| BIDA?| FTIP?| FPWM?
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Through constant innovation with the aid of advanced technology in financial space, this is achievable. Faster and cheaper payment models using internet of things (IoT) like that on appliances, wearables and vehicles that are designed with a sensor that can enable NFC payment, this is quick and infact contact-less. Similarly, on quick response (QR) code is also one of the ways to make a very fast transaction with ease. These payment system innovations are helping and more is coming to put financial technology in a better place for global use and relevance in the decades to come.

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CA HENCY SHAH ????

??FCA | ??M.Com (F&T) | ??16x LinkedIn Top Voice | ???Information System Auditor | ??Certified Forensic Accountant | ??Certified Concurrent Auditor | ??Virtual CFO | ??Researcher | ??16K+ Family | ??800K+ Impressions
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Exploring the dynamics of payment systems in the face of Financial Technology innovation is intriguing. Striking the right balance between adaptability and security emerges as a critical factor. Embracing emerging technologies, such as blockchain and AI, is pivotal to keep pace. Collaborative efforts between industry players, regulatory bodies, and tech innovators can foster an ecosystem where payment systems not only keep up but drive innovation in the FinTech landscape.

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Noel Rajakumar

Building Tutelar Sense | Product Marketing Manager | Podcast host - The Breakout Founders |
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As much as it is important to enable faster and cheaper payments. It is is also necessary to enable enhanced data on payments that helps reduce fraud. This could be done with : 1. Device fingerprinting 2. IP enhancement 3. Machine learning to understand pattern of payments and group them into cohorts

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Kaleem Ur Rehman

?? Accounting and Bookkeeping Expert | QuickBooks ProAdvisor | Xero Advisor | Financial Reporting | Budgeting | Inventory Management | Payroll | Bank Reconciliation | ??
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As a QuickBooks ProAdvisor and Xero Advisor with extensive experience in accounting and bookkeeping, I recognize the importance of fintech innovations like blockchain and AI in revolutionizing payment systems. These advancements can significantly streamline bank reconciliations and categorizations by enabling real-time transaction recording and verification. For businesses, this translates to more accurate financial reporting and efficient inventory management. Additionally, the integration of biometrics can fortify the security of account payables and receivables, ensuring that financial transactions are both swift and secure, which is critical for maintaining the integrity of financial models, budgeting, and balance sheets.

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2 Open and integrated payments

Another trend that is transforming payment systems is the shift from closed and siloed systems to open and integrated ones. Customers want to access and manage their finances from multiple platforms and channels, such as mobile apps, social media, e-commerce, and digital wallets. They also want to have more choice and control over their payment methods, such as cards, bank transfers, cryptocurrencies, or alternative options. To enable this, fintech companies are creating open and integrated payment systems that connect different actors and services through APIs, standards, and protocols. For example, open banking initiatives such as PSD2 in Europe and UPI in India allow customers to share their financial data and initiate payments through third-party providers, such as fintech apps or platforms. Integrated payment systems such as Alipay and WeChat Pay in China allow customers to pay for a wide range of services and products, from online shopping to utility bills, from one single app.

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Anita NGONO?

Financial Markets Engineer ???? | Business Analyst Finance/MOA Front Office????| Optimizing front office processes, trading & portfolio management systems.
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Lorsque les entreprises fintech créent des interfaces de programmation d'applications (API) ouvertes, cela permet à d'autres développeurs et startups de construire de nouvelles applications et services. Cela crée un écosystème d'innovation dynamique où de nouvelles idées peuvent être testées et déployées rapidement. Par exemple, les API ouvertes dans le cadre de l'open banking permettent de créer des solutions personnalisées pour la gestion de la dette, l'investissement, ou même des conseils financiers automatisés.

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3 Personalized and contextual payments

A third trend that is influencing payment systems is the demand for personalized and contextual payments, that cater to the specific needs and preferences of customers, based on their behavior, location, and situation. Customers want to have a seamless and frictionless payment experience, that is tailored to their individual circumstances and goals. They also want to receive relevant and timely offers, rewards, and insights that enhance their financial well-being and loyalty. To achieve this, fintech companies are using data analytics, machine learning, and smart contracts to create personalized and contextual payment systems that deliver value-added services and features. For example, data analytics and machine learning can help segment customers and offer them customized products, prices, and discounts based on their spending patterns, preferences, and needs. Smart contracts can enable automatic and conditional payments, such as escrow, insurance, or subscriptions, based on predefined rules and triggers.

Payment systems are at the forefront of fintech innovation, and they need to embrace and adapt to the changing trends and expectations of customers, regulators, and competitors. By adopting new technologies, standards, and models, payment systems can offer faster and cheaper, open and integrated, and personalized and contextual payments, that enhance the value and convenience of financial transactions. This way, payment systems can not only keep up with fintech innovation, but also drive it forward.

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Anita NGONO?

Financial Markets Engineer ???? | Business Analyst Finance/MOA Front Office????| Optimizing front office processes, trading & portfolio management systems.
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Les contrats intelligents mentionnés offrent une autre dimension d'innovation. En automatisant les transactions sur la base de règles et de déclencheurs prédéfinis, ils réduisent les délais de traitement et minimisent les risques d'erreurs humaines. Cela se traduit par une augmentation de l'efficacité et une réduction des co?ts pour les utilisateurs finaux. De plus, ces contrats peuvent intégrer des éléments tels que l'assurance, offrant ainsi une couche supplémentaire de sécurité et de confiance dans les transactions.

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4 Here’s what else to consider

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How can payment systems keep up with Financial Technology innovation?

1

2

3

4

1 Faster and cheaper payments

2 Open and integrated payments

3 Personalized and contextual payments

4 Here’s what else to consider

Financial Technology

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How can payment systems keep up with Financial Technology innovation?

1

2

3

4

1 Faster and cheaper payments

2 Open and integrated payments

3 Personalized and contextual payments

4 Here’s what else to consider

Financial Technology

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