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The Future of Global
Payments
Payments are the
flow of funds and information between parties. For decades,
banks have established their institutions as a critical link
in the financial flow continuum, being the primary
intermediary in the exchange of money and information along
with the payment chain.
Today, this still remains true
as consumers and corporates continue to look to their most
trusted partners - financial institutions - to provide a
secure environment for payments. However, the New Millennium
is heralding a change in the way the payments business will be
conducted. The New Digital Economy coupled with International
Monetary Fund’s funding regulations as well as ongoing
infrastructure changes with the introduction of Real Time
Gross Settlement (RTGS) further accelerate this
change.
Financial institutions must now adopt a global
perspective to its payment business as technology continues to
bring payment systems together, transforming the face of
payments both in terms of complexity and volume, enabling the
emergence of local, regional, national and global private
sector providers for payment processing, clearing and
settlement. |
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