Join the premier event where senior cash management executives share knowledge, discuss new ideas, and lead change.The US cash management business is rapidly evolving. Technology, competition and regulation are challenging familiar business models and long-standing client relationships. Banks often must pursue standardization, outsourcing and partnerships to achieve efficiency. Yet, increasing client sophistication and aggressive negotiation require banks to differentiate.
The Forum provides a venue for members to navigate these conflicting challenges and inform strategy.
Payments Hubs – Simplifying Architecture for a New Age of Payments and Banking
Join our panel discussion on the 05 of December to know more about payments infrastructure.
Date: 05 December 2017
Time: 2.15 pm – 3.15 pm
– Rob Hayden; Senior Expert, McKinsey & Company/GC Insights (Moderator)
– Trevor LaFleche; VP Product Marketing, Billing and Payments Group, Fiserv
– Jeff Siekman, SVP, Director – Payment Products, Fifth Third Bank
Traditionally, banks have maintained a siloed approach to payments processing, with individual instrument-based utilities like fraud prevention, regulatory compliance, risk management, reporting, and customer servicing. To better serve their needs and those of their customers, financial institutions are leveraging payments hubs that offer a single point of connection across channels, instruments, and utilities to create flexibility within their payments IT stack. Payment hubs streamline a bank’s infrastructure enabling them to improve operational effectiveness and increase agility; two essential items in today’s faster, digital-centric TM ecosystem. McKinsey estimates that 50-60% of the top 50 banks in North America are likely to contract with a hub vendor by 2018. In addition, over the next 3–5 years, many hub providers are expected to target mid-market and smaller banks with an ASP offering allowing for easier integration.
In this session, the panelists will discuss several important issues related to payments hubs including how the current TM environment has contributed to resurgent interest in hubs; best practices to successfully integrate new hub infrastructure; and whether banks choosing not to modernize their payments architecture risk losing ground.