Michel Jacobs, executive vice president and head of new market strategy at iGTB, has been quoted in Global Finance magazine where he talks about fintech start-up Ripple, its new distributed ledger payments solution, and compares the current payments environment with the early days of smartphones when channels, adoption and usage were limited. Jacobs points out that today, networks and uptake are plentiful thanks to sharp competition and open markets – and the same will happen with payments solutions.
“Today we are at the dawn of a similar evolution in global-payment movement networks and operators,” Jacobs says. “The ability that traditional operators have to evolve and drive innovation, versus the ability of new entrants to mature and evolve — all within agreed-upon rules between participating banks — is what will define the landscape, in the near future.”
The future of payments, Jacobs believes, will be Cloud-based and fine-tuned—it will be about understanding each interaction, enabling banks to optimize and maximize the execution of those transactions based on a deep understanding of the intent and context of the interaction. “In short,” Jacobs says, “payments will become business-aware.”
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