Good perspectives from Mark Garvin chief administrative officer JPMorgan Chase AG, talking about the European space post SEPA.
Finextra: comment – Payments 2016
Speaking at the first annual EBAday payments conference in Frankfurt in June, Mark Garvin chief administrative officer JPMorgan Chase AG, outlined a vision of the payments industry in 2016, a time when paper cheques are non-existent, payment by mobile phone is commonplace and biometrics have wiped out fraud.
Faster cheaper, simpler. He talks about realtime information, and movement of money. Float is eliminated. Also greater standardisation.
Finance directors and treasurers care about managing their working capital, so they envision 2016 as a time of better, faster, and cheaper means to manage their critical business processes and to optimize working capital. Payments are embedded in these business processes so they expect real-time payments and information transparency – knowing exactly where a transaction is at all times – regardless of the country, instrument or channel by which it was originated. They see fewer banks, fewer payment systems, and – in the words of one client – worldwide, end-to-end standardization. Standardization was also top of mind with technologists. They see 2016 as a time of common utilities, a single set of open standards, a single common interface into their various banks and the payment systems, and fully electronic transactions with Straight through Processing.
Relevance to Bankwatch:
Background information for planning.
Bankwatch 