innovation and new developments will be the key drivers for change over the next five to seven years and the following assumptions have been factored into the new payments vision:
That payments product and service proposition development will be customer journey driven and focus on interoperability and seamless provision.
That payments innovation will continue to be driven by non-banks particularly in e- and m-commerce but that banks will partner with developers and use their innovative concepts and services to enhance traditional products and delivery.6
That convergence in wholesale and retail payments will drive banks to migrate payments to in-house gateway based platforms reducing their reliance on P2P/bureau/third parties and enable banks to capture and secure corporate and merchant relationships.
That as payment innovation expands banks will build flexible fast to market development delivery models for corporates and merchants many of whom will demand customised/ tailored solutions to meet their end customer’s requirements for integrated payments solutions.