Strategic innovation in payments systems: What are the next big things?

Abstract

All market players, nowadays, agree that innovation is the utmost driver for economic improvements. However, in order to achieve truly innovative shifts, a fundamental change in perspective is required more than ever, as the financial crisis has clearly pointed out. With regards to payments innovation, the main drivers of which are real-time economy, the internet revolution and the digital generation, a new overall paradigm is needed for the payments systems industry not to miss the call — especially if we consider the recent substantial changes concerning the European Payments Area, with the introduction of groundbreaking initiatives such as the Single Euro Payments Area (SEPA) and the Payment Services Directive (PSD). In this new scenario, featured by new rules, new services, new players and new business models, the SIA-SSB Group has been focusing its efforts on creating examples of innovative contributions, working side-by-side with the international banking system and with key European institutions, to develop and offer new solutions, sustainable in the long term. This paper provides an overview of the SIA-SSB Group’s continued commitment in understanding the new evolving needs of the payments industry.