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Bottomline: Business and Payments 2018 Predictions

Bottomline Technologies is one of the world’s largest business payments providers. Here are some of their predictions in the global business and payments space in 2018:

  • The debate of traditional currency vs Distributed Ledger Technology continues: Traditional currency continues to be digitalised with reduced use of cash/cheques, and it will become less expensive to transfer funds between traditional currencies. The use of non-government backed crypto-currencies remains questionable and their value becomes increasingly volatile leading to a lack of trust.
  • API adoption will foster greater innovation and competition: UK Open Banking will be a catalyst for innovation in payments globally. In turn this will create a flurry of new entrants into the Financial Services sector.
  • Despite Brexit challenges, a win: win outcome prevails: All the hype and pessimism will lessen by the end of the year as reality hits that EU needs UK as much as vice-versa. Business will push the politicians into more positive, mutual interest conversations so a win: win deal can be created and all the posturing moves into real action.
  • A Major UK bank will be victim of a sensational cyber fraud in 2018: The pre-internet legacy technology of the banks will expose vulnerabilities in process or product that gets hacked. Established UK Banks are under pressure to maintain legacy IT systems, whilst providing frictionless experiences to its retail users. It is likely to be a multi-million hit with the majority recovered but reputational damage done.
  • VISA and/or Amex will make a major acquisition in the ACH: Mastercard have already made the move beyond card into real-time ACH rails. The other global schemes need to invest in the non-card space to underwrite their future growth plans.
  • Artificial Intelligence will enter a new phase of accelerated evolution: AI will help to identify unexpected “patterns” that would help to better predict customer behaviour and/or fraud behaviours while also identifying other potential gaps.
  • The majority of corporates won’t implement security controls to meet regulatory time frames (e.g. EU GDPR/SWIFT CSP): Corporates face a new wave of deadlines that they’re not used to. Is it worth the risk or the cost to update? That is the question many ask themselves.


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