Acknowledging iGTB’s reputation as “the coolest thing at Sibos”, FX-MM enlisted the help of iGTB’s David Dunmire, product council head for payments and cash management, and Jan Gonnissen, senior payments consultant, to discuss the trajectory of financial technology in 2016. In an article exploring the technological developments coming to market in 2016 and citing iGTB’s launch of Release 16 (published by FX-MM, Bobsguide, GTR, Fintech Finance and PYMNTS), David and Jan contributed their own predictions for the year ahead.
“There are three areas where financial institutions will be looking for services in the realm of payments,” said David, “Firstly, the ability to process payments faster. Secondly, how to leverage technologies such as blockchain – not only for transaction processing and clearing but also in the exchange of peripheral information such as remittance information. And thirdly, in the area of fraud, risk control and regulatory compliance. We are seeing a greater interest in fraud prevention in the context of profiling, and looking at the characteristics of customer behaviour”.
Jan concurred, stating that “XML makes the availability of remittance information alongside the payments message a workable possibility and this is really exciting, not only for financial institutions but for their corporate customers. Remittance information within the cloud will be accessible for banks to perform many AML and other regulatory compliance requirements, and will complete the straight-through-processing picture”.
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