Yet another banking business threatened by digitalization
International Payments has unmatched importance for global trade and global business. Yet it is an area that has remained relatively untouched by the digital revolution that has been under way for almost 20 years.
Accenture’s “International Payments in a Digital World” point of view outlines strategies and approaches to enable banks in the International Payments market to cope with this blizzard of change—while also realizing real business benefits from the resulting opportunities.
Banks need to create an end-to-end experience for their clients, supported by a simple yet powerful global platform that allows for ongoing innovation and the use of emerging technologies quickly and economically. And they must continue to improve the end-to-end experience relentlessly, supported by an agile organization across business and IT.
"ACCENTURE ANALYZES HOW THE IMPACTS OF DIGITAL WILL DRIVE CHANGE IN INTERNATIONAL PAYMENTS AND HOW BANKS SHOULD RESPOND."
For banks, it is now crucial to respond to digital change. Now is the time to:
Digital first—and only
Integrated into clients’ value chains
Connecting price with value
Portals to interact and automate
Publishing APIs for easy access
Global Payments Innovation (GPI) as an immediate and easy step
Real-time payments around the world
Use cheaper and direct routes where available
Position for correspondent business with easy access via APIs
One processing platform for all payments globally
One place to invest
Global to local access
Create “sticky” client-specific solutions such as virtual accounts
Build distributed ledger technology (DLT) solutions for specific industry needs
Monitor and experiment with cryptocurrencies as substitutes