Making digital transformation happen

As digital transformation initiatives in payments pick up steam, there are four main areas of focus, each of which is important to ensure not just a solid foundation for a digital payments ecosystem, but also to ensure the groundwork for unlocking the revenue potential from
treasury and payment operations. This is something yet to be tapped in most organizations:

• Enabling of digital channels: Buoyed by the consumer payments industry, there is a rapidly growing array of digital payment channels that need to be integrated into the digital payments service offerings.
• Process automation: Payment processes typically span across entities (bank-corporation-consumer), and integration across disparate systems will make for a critical foundation to enable scalable implementations.
• Payment analytics: Payment processes have always been data rich, and even more so when digital channels continue to grow. Effective use of the data to make better decisions (e.g., manage risk, prevent fraud) and, furthermore, explore data monetization opportunities, are becoming important.
• Adoption of standards: For any multi-entity ecosystem with entities across the globe to scale with technology, it is essential to establish standards. Adoption of open banking standards is essential for digital payments to succeed – and we are at an inflection point, given the increasing adoption of these standards.