2023 will be an important year for payments.
The industry faces change across the landscape, including an anticipated recession. Real-time payments will continue to accelerate, and the launch of the FedNowSM Service in 2023 will bring a big step toward ubiquity. Fraud in real-time payments, whether real or perceived, is receiving a lot of attention—and not all of it in a good way. In the meantime, ISO 20022 is a key topic with a mandatory Fedwire migration to it by 2025. Globally, the migration of MT to MX on SWIFT, which also leverages ISO 20022, continues to be challenging to all. But the U.S., compared to other countries, has spent comparatively less, potentially putting the U.S. at a significant disadvantage in terms of both readiness and gaining the benefits. Overall, financial institutions have a lot to do, and how they approach the changes will be a competitive differentiator.
In this American Banker hosted webinar speakers from Celent and Alacriti discuss:
- Expected impact of a recession on payments based on historical data
- How fraud prevention is different with real-time payments
- The impact of Fedwire modernization to ISO 20022 by 2025
- Where financial institutions should be when it comes to ISO 20022
- The need to drive faster payments adoption with more product ideation, which will, in turn, provide more use cases
- How to extend real-time payments to the user experience
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