Ripe For Change? New Frontiers in Merchant Payments [Klarna Q&A]

Consumers often have a love/hate relationship with online shopping. They are easily frustrated when the checkout experience does not deliver the convenience they expect, and delighted when the online journey – including payment – is smooth and frictionless.

How To Leverage #NewPayments Transformation in Transaction Banking

Market pressures including new regulation, evolving customer demand, and competitive threats are transforming the payments ecosystem. New kinds of competitors are emerging, from start-up backgrounds, but also well established businesses are entering from non-payment industries. These new competitors are leveraging new technologies to offer new experiences to traditional banking customers. And not just in the consumer payments or retail banking space. It’s just as important for banks servicing corporate customers to adapt to survive and thrive in this New Payments Ecosystem. The hierarchy of payment needs teaches us why we need to build a path to transformation that rests upon a strong foundation of #sleepatnightability. A successful evolution means fast and open payments that don’t break the bank. To guide your journey to the New Payments Ecosystem, here are 10 ways transaction banks can follow the hierarchy of payment needs to jumpstart their digital transformation projects today.

Oh, the Different Ways to Pay Today (Not by Doctor Seuss)

Mark, Mega Millions tickets cost 2 dollars now?!? I don’t have 2 dollars in my wallet... I don’t have any dollars in my wallet! And due to my lack of paper currency, if I’m not in it, I can’t win it. And I wanna win it, which has got me to thinking (again) about the new(er) ways to pay. When we last tackled the topic, I think we were ranting about wearable rings, speedos, the Rio Games and maybe Ryan Lochte’s hair. We’re now approaching a saturation point when it comes to places (on the body) to put payment mechanisms (especially if you’re in Rio!).

Payments’ Big Five: What We Will Be Hearing About in 2018

The new year is here… so while resolutions are enacted, and almost inevitably broken before the month is out, it is also the time to look ahead at what the next year may bring. One thing that is clear is that payments will become an even more important ingredient in the business strategy of every merchant. From my perspective, these are the five trends that will have the biggest impact in 2018.

Immediate Payments Require New Business Models First, IT Solutions Can Come Later

Hungary is probably not the first country that comes to mind when talking about fintech hotspots and innovation hubs. However, the country is very much at the forefront when it comes to banking innovation in Europe. In late 2017, I had the privilege to speak at the annual Fintech Innovation Conference in Budapest. Organized by Privatbanker.hu, this was a great opportunity to meet not only Hungarian experts, but finance professionals and industry stakeholders from across the continent.

The EBA’s Regulatory Technical Standards Provide the “How” to PSD2’s “What”

February 2017 saw the release of the long-awaited draft regulatory technical standards (RTS) for strong customer authentication (SCA) from the European Banking Authority (EBA). The RTS defines the technical framework for the implementation of PSD2 with primary focus on SCA, and common and secure connection (CSC). In short, we could say that PSD2 covers the “what” aspect of the regulation whereas the RTS defines the “how” this is to be done.

Faster Payments Are Coming to U.S. – Are You Ready?

For the first time in more than 40 years, the United States will welcome a new payment network: real-time payments (RTP).

The Bank of the Future: 2040 and the Reality of AR and VR

Mark, when I envision the bank of the future, I imagine Twiki and Buck Rogers at a casino. Or maybe I once dreamed that—I’m old and my mind is going. So what are we talking about and what can we envision when it comes to the bank of the future? And by future, I’m talking about 2040, before certain cities might be flooded (by water). But I digress, as this isn’t a post about climate change.

Oh payment trends, oh payment trends….

As the first flakes start to fall and the smells in the air start to change (as my esteemed colleague Seth mentioned in his recent post), my favorite sign of the holiday season begins to appear—the trends to watch in the coming year.

Four Customer Experience Golden Rules for Real-Time Bill Payments

Faster. Instant. Real-time. Immediate. Whatever you call it, Real-Time Payments are transforming how we pay for goods and services on a global scale.

Real-Time Payments in Italy: Now is the Time to Act

Italian’s biggest payments event, Il Salone dei Pagamenti, kicks off in Milan today (Wednesday). More than 6,000 attendees representing leading banks, technology vendors and fintechs will come together for three days – testimony to the fact that banking innovation and payments are now on top of the agenda of many financial institutions in Italy.

Beyond the Bargains: How China Singles Day Became Unstoppable

Another year, another China Singles Day. After the clock struck midnight and November 11th got underway, the records fell fast – and frequently – with sales eventually reaching USD $25.3 billion. This represents a 39% rise over 2016, which was in turn 24.4% higher than 2015. The growth trend is as predictable as it is impressive.