Payments Technology: It’s a People Thing
by Susan Colles, Senior Vice President of Global Product & Channel Solutions, Bank of America Merril Lynch
If you’re looking for an example of fast-track technology progress, you’re in the right place; payments technology is currently buzzing. Here’s a business segment that has changed almost beyond recognition in the past five years, with rapid adoption of ISO 20022 just one example of this. But amidst all the technology it’s easy to lose sight of the equally vital human expertise that is essential to keeping payments flowing. This article examines the interaction between rapidly advancing payments technology and the people who turn these into business benefits.
Today, spotting top technology trends in the payment industry isn’t what one would call a tough call. ISO 20022 leaps off the pages of most industry journals, but so do other related themes. First, there’s file flexibility; once the exception rather than the norm in the banking industry, it has now become a corporate expectation and clients now assume banks will accommodate them on this front. Second, the natural corollary is that banks need to be experts in translating file formats, with multilingual interpretation as a common client requirement.