Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.


Payment platforms: The concept is nothing new. But in a world where payments go hand in hand with offers of diversity and customer experience, this concept is taking on a new dimension. In the past, platforms have been indispensable to reduce costs thanks to their capacity to process large volumes using shared infrastructure, but, in the digital age, how will these industrial tools help banks, now more than ever, to be competitive? Let’s take a trip to the very heart of the platforms of the future.

When banks implemented payment platforms they were seeking to reach a critical mass of transactions and improve profitability by pooling resources and non-differentiating applications. Today, if this were the only prospect it would actually be a handicap. To ensure that future payment platforms are successful other factors must be taken into account, for example, the possibility of simplifying processes or innovating – and for this banks need increased investment capacity. Banks need to take action on several fronts; standardisation, authentication, security, and instantaneousness etc. Despite the related budgets reaching millions, it’s not always possible to plan them in advance. In the light of newcomers that covet their customers, the platform of the future is an opportunity for banks to speed up development of new services that meet customers’ requirements at any given time: paying bills, managing limits, paying for a purchase at the blink of an eye, facilitating cash management, optimising cash flow etc. Furthermore, in order to increase innovation potential it’s vital to pool technological watch resources.

Platforms in the digital age have the new advantage offering a holistic view of payments and increased agility in terms of building offers suitable for each bank’s customers.

Holistic view? Gone are the days of independent cards and payments sectors. Now it’s time to break down the barriers to make the most of these two universes by capitalising on the different payment instruments’ strengths, while fostering synergies between them at every possible opportunity.

Furthermore, this comes with additional advantages: the capacity to reuse a component or pool new resources when it makes sense, for example biometrics, authentication or payment initiation. Not forgetting the capacity to build, rebuild, and adapt offers, over and over again, based on an extensive catalogue to provide the customer with added value and innovation. To offer even faster and more attractive proposals in the digital payments space, payments architecture must now be open to integrate services provided by various ecosystem partners. Therefore, when we make a purchase, we can instantly obtain a revolving loan, automatically benefit from a reduction, or make a donation to an organisation.

As the provider of the first multi-bank platform in France, Sopra Banking Software is offering long term support to implement this sort of architecture in the long term, in the payments domain, based on industrial and open foundations. It’s clear that payment platforms of the future will be service factories for banks to develop digital payments. Even if this promise is extremely appealing, it will only really come into effect once we have tackled all the challenges associated with resource pooling; performance, openness, internationalisation, and a holistic payments view.