Banking Transformed with Jim Marous
The Future of Payments is Now: How Banks Can Keep Pace
Oct 12, 2023
In this episode, Jon Budd and Dr. Jorge Jimenez, the CEO and president of Juniper Payments, discuss the challenges and opportunities in the payments industry. They highlight the importance of upgrading payment systems and collaborating with service providers. The podcast also explores the benefits of automation, cloud technology, and the rise of third-party payment solution providers. The guests express excitement about the future of payments, including wider availability of instant payments. They emphasize the importance of embracing change in the banking industry and highlight the role of third-party solution providers in facilitating adaptation.
44:58
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Quick takeaways
- The trend towards facilitating instant payments is growing globally, and the United States needs to catch up by upgrading capabilities and core processing systems to offer real-time payments and 24/7 services.
- Financial institutions should prioritize user experience innovation and adapt to customer-centric trends such as easy and seamless account-to-account transfers, while also embracing open banking and collaborating with fintech companies to facilitate seamless payments and access new services.
Deep dives
The Evolving Payments Landscape
In this episode of Banking Transform, John Budd and Dr. Jorge Menet discuss the challenges and opportunities surrounding payments modernization. They highlight the trend towards facilitating instant payments, which originated in Europe and Latin America, and the need for the United States to catch up. The guests emphasize the importance of financial institutions upgrading their capabilities and core processing systems to offer real-time payments and 24/7 services. They also address the significance of automation and cloud technology in enabling future-ready payments and the role of open banking in facilitating innovation and collaboration.
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