Rapid technological evolution has impacted countless industries and sectors. The payments industry is no different.
The payments landscape has been particularly receptive to technological innovation and sociological change. Customers now have more ways to pay, more securities to protect them and more options open to them than ever before. Naturally, as we expand into uncharted territory, issues will arise – the most common and predictable being maintaining high levels of uptake among the consumer-base and defending against new forms of financial crime.
Huntswood recently took part in the Emerging Payment Association’s (EPA) “Project Futures” Workshop, the purpose of which was to provide members with insight into new developments, emerging market trends and the prospects of regulatory changes within Payments.
Our Principal Consultant in Payments, Andrew Ducker has developed a bulletin based on the discussion at this workshop, with support from EPA Benefactor FICO, David Core of Bacs (the Project Lead of Project Futures) and Tim Richards of Consult Hyperion (the facilitator of the workshop).
The paper explores the disruptive innovations that are, or will be, relevant in shaping and managing digital businesses, the impact of these on the payments landscape and the social and commercial drivers that will encourage their use. Ducker discusses:
- The utilisation of AI, machine learning and data analytics
- Open Banking
- Digital identity management (including verification, authentication and authorisation)
It is our pleasure to share this newly published report with our Insights readers.