Defining payments systems of the future: Challenges and reality

Abstract

This paper sets out to define the payments system of the future, providing insight into how a payments hub concept will help to overcome some of the challenges currently facing the payments industry, as well as enabling banks to generate further revenue. The paper puts forward the argument for a new type of payments model which blends products and blurs the distinction between high and low value, and between domestic and international payments: payments hubs. The reader will gain a high level of understanding of how a hub architecture can be introduced and the advantages of implementing a standardised operating model which covers multiple payment types.