The financial sector is rapidly evolving in Australia. Here, open-banking has already started with the passing of Open banking legislation by the Australian Parliament. We are witnessing a rise of Neobanks which will pose some challenge for the traditional banks by offering better digital banking options for its customers however traditional banks are responding by supplementing their full-service models with improved digital banking offerings of their own. There is a quest for offering faster and safer payments services which is available 24/7 x 365 days.
The growth of Real-Time Payments has helped set a new standard in payments which is now getting wider acceptance around the globe. It now offers important advantages which are beyond the speed of funds-transfer such as driving treasury efficiency, enabling more-effective use of cash flows, and minimising exposure to fraud.
RTPs is now seen as part of an overall ‘Payments-Modernisation’ drive with many of the key banks in the process of modernising their payment systems, which will allow them to accommodate recent ISO standards, but also to accommodate omni-channel payments, faster payments and enhance the user experience. The financial sector is betting big on latest technologies like AI and Machine Learning to check payments fraud and enrich user experience.
The Real-Time Payments Summit has emerged as an important meeting point for the payments stakeholders from leading banks, insurance and financial technology companies. This year we have widened the scope of this event to also include the Insurance as well as Retail sector which are also working on payments-modernisation. This show provides an ideal knowledge sharing platform to learn about the latest innovation in payments space, key trends and industry insights, new strategies, use cases and implications on the payments ecosystem.
We invite you to come and join this unique summit to stay ahead of the curve.