With the quick uptake of real-time payment systems and the developments in AI and machine learning, the payment sector is undergoing significant upheaval in 2024. Future payment experiences will be more automated, secure, and customized as a result of these developments. In the midst of these changes, cross-border transactions are being reimagined as quicker, cheaper, and more seamless than ever. The industry is poised for a change with the forthcoming switch to the ISO 20022 standard, which promises to bring about greater efficiency and thorough, data-rich transfers.
Erika Baumann, Director, Commercial Banking & Payments Practice at Datos Insights, and Mark Majeske, Senior Vice President, Faster Payments at Alacriti, spoke about the upcoming changes and more in the American Banker-hosted webinar Payments in 2024: What You Need to Know. Read the article for a full summary.