Insights

We recently surveyed Payment Service Providers from around the world about how they are dealing with today’s volatile payments landscape.

We particularly focused on the hot topics: instant payments, ISO 20022, and liquidity management, all of which are heavily impacting the payments industry, and asked PSPs to reveal what they saw as the main challenges experienced today, how they are rising to these challenges including insights into global technology investment strategies and cloud adoption trends among others.

The survey took place against a backdrop of rapid digitalization, where advancements in technology, regulatory overhauls, the introduction of new initiatives and schemes – not to mention the wide-reaching impact of the pandemic – are having a tumultuous effect in the payments industry – perhaps the greatest experienced in the last decade.

Navigating these changes successfully no doubt involves rethinking existing approaches, business models and systems as well as intelligently leveraging on the many innovative technologies available including, in many cases, adopting a cloud-based strategy.

During TAS Group’s workshop at the recent Payvolution virtual event, Stefano Macchi, Global Payments’ subject matter expert, illustrated the great potential of the new SEPA standard developed by the EPC. R2P, together with instant payments and open banking, enables PSPs to offer a more digital, efficient and end-to-end user experience, irrespective of the target segment: consumer, business customer, merchant or public admin.

While the actual roll-out of the standard has been postponed to March 1 2021, from a technical point of view, everything is ready for the first initiative launched by EBA Clearing, whose testing phase began in July, with 27 partners from the financial world from 11 European countries that have joined the project.

R2P is not an additional payment instrument but a new, all-digital way of requesting a payment for which a payee and a payer electronically exchange structured data through a message workflow, before exchanging money. Being initiated by the creditor, R2P allows for a 100% automatic reconciliation of the subsequent payment, even if done in several instalments and deferred instead of in real time.

On the application platforms and channels of TAS, a series of competitive services for customers on both the beneficiary / payee side and the customer / payer side are created on the basis of calls to the standard R2P infrastructure. These services integrate domestic use cases already implemented in the PayTAS scenarios for B2G / C2G interaction as well as on CBI Globe (the leading Italian Open Banking Ecosystem standard), but are ready for billers, PSPs and clients throughout the entire SEPA area.

TAS Group’s Payment Intelligence allows you to generate powerful behavioural and predictive models that support business strategies and decision-making processes, and provide you with a continually updated, 360-degree view of your customers. Thanks to the Behaviour Analytics function, which makes use of leading-edge AI &ML technologies developed by Mantica, Payment Intelligence is able to create tailored behavioural models that enrich Profiling Analysis, Pattern Recognition, Segmentation and Scoring of Big data. The solution seamlessly integrates with TAS Group’s card and digital payments platform, CARD 3.0 IE, fully leveraging both cardholder account and transactional data. Discover more

TAS Group joins the PRETA Open Banking Europe initiative as a Service Provider through its Global Payments company to foster and accelerate innovation in digital payment and identity solutions. Leveraging the technological leadership already demonstrated at domestic level with our TAS TPP enabler platform, we are now pleased to offer our contribution at European level in helping banks and PSPs to take an active role in the increasingly challenging scenario introduced by PSD2. TAS TPP case studies to date include NEXI - recently awarded the PSD2 active phase by CBI Globe – the Italian Banking Industry collaborative platform with over 300 participating PSPs and over 50 connected TPPs in the role of AISP /PISP / CISP . OBE's spirit, in line with TAS Group’s, is to be a community-led initiative, aiming to facilitate a standardization path for XS2A services based on consensus and priorities shared among market stakeholders. to know more about the partnership, visit Open Banking Europe