A new Bottomline report highlights “Payment Pioneers” leading in real-time payments, ISO 20022 readiness, and verification tools to improve efficiency and trust.
This year’s Competitive Advantage in Banking and Payments report has identified a small group of leaders, which consists of leaders that we are referring to as ‘Payment Pioneers’—just under 10% of the institutions that took the survey—that most portray presence in areas of payments industry best practice. These organisations have the potential to provide valuable learning for the remaining participants.
For instance, industry leaders are increasingly prioritising the adoption of innovative technologies over the next 12 months. Key areas of focus include implementing real-time payment capabilities, ensuring readiness for ISO 20022, and introducing enhanced payment verification measures, such as verification of payee (VoP), to strengthen fraud prevention and customer trust.
This undertaking is reflected in this group’s adoption of advanced, multi-channel service platforms. By consolidating multiple channels into a single, integrated solution, these pioneering payment institutions are in-line to achieve more substantial gains in operational efficiency—namely faster execution, reduced error rates, and continuous service availability. All of which can be critical for maintaining customer satisfaction and ensuring regulatory compliance.
