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Day1 - Payments landscape

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Day1 - Payments landscape

  1. 1. The payments landscape: the trends that are reshaping domestic and cross-border payments SWIFT Benelux forum 22 April 2015 Elie Lasker, Senior Market Manager Lior Cohen, Product Manager Banking Markets
  2. 2. Where do we come from, where do we go to? Source: Correspondent banking 3.0 white paper, available from swift.com New entrants Benelux businss forum – 22 April 2015 – Confidentiality: PUBLIC 2 1970s Automation SWIFT 1990s Efficiency GTB 2010s Simplicity Consumer 1.0 Correspondent banking 2.0 Transaction banking 3.0 Experience banking 4.0 ? 2020s
  3. 3. 5 mega trends impacting correspondent banking New entrants Benelux businss forum – 22 April 2015 – Confidentiality: PUBLIC 3 Real time Open access Compliance Off the wire Growth
  4. 4. Correspondent banking disintermediated at origination New entrants Benelux businss forum – 22 April 2015 – Confidentiality: PUBLIC 4 Local bank Local bank PSP PSP ACH ACH GTB GTB End customer (retail, SME, corp) End customer (retail, SME, corp) Correspondent Banking CorrespondentBankingdisintermediation Transfer Agent Transfer Agent *Icons are representative example of each model
  5. 5. Bank-grade payments system requirements New entrants Benelux businss forum – 22 April 2015 – Confidentiality: PUBLIC 5 Addressing real challenges compliant Impact on bank’s economics Scalable
  6. 6. Real-Time Retail Payment Systems Benelux Business forum La Hulpe , 22 April 2015
  7. 7. Agenda • Market trends and landscape • Australia New Payments Platform • Approach going forward 7
  8. 8. Market trends and landscape Key features of real-time (instant/immediate) payments 24x7x365: payments can be sent and received all times of the day, every day of the year 24 x 7 x 365 Instant Finality Certainty Instant*: good funds must be available on the beneficiary’s account in, typically, less than a minute Finality: once payments are processed, they can’t be recalled Certainty: payments sent to a beneficiary bank are individually explicitly confirmed (to both payer and payee) or rejected *The term “Instant Payments” is increasingly used to refer to retail real-time payments 8
  9. 9. Market trends and landscape Retail payment system landscape – client side 9 Multi Currency Payment SchemeSingle Currency Payment Scheme • Credit D / D+11 • Debit Later2 • Credit D / D+11 • Debit D / D+11 • Credit Instant • Debit Instant • Credit Instant • Debit Before3 Credit Accounts Deposit Accounts Money Transfer Operators (no account) Store-Value Accounts (wallets) • Credit D / D+11 • Debit Before3 Note 1: “D / D+1” means same day / next day / next few days Note 2: “Later” means ~30 days after transaction Note 3: “Before” means account / service needs to be prefunded
  10. 10. Market trends and landscape Key drivers and challenges 10 Customers Banks MIs Regulators RT-RPS Adoption Customer expectations for faster payments (consumers, business / merchants) • Customer protection • Financial inclusion & cashless • Next generation platform/ Foster innovation • Macro-economic events • Large investments/costs • Limited revenue potential • Disruption on operating model • Impact on compliance and fraud detection processes • Threat from new entrants Threat from new entrants
  11. 11. Market trends and landscape Take-up rates vary depending on mandate and pricing 11 Rapid Adoption Path Rapid adoption driven by Central Bank / Regulatory mandate and low pricing Slow Adoption Path • Low participation of banks is a blocking factor in Poland, South Africa, India and Brazil • In India, overly complex use experience was a barrier Typical Adoption Path Adoption(%ofCT/DDvolumevstotal) Time in Existence (Years)
  12. 12. RT-RPS market landscape Live in 18 markets, with 13 more in planning / development 12 Europe Denmark Czech Republic Iceland Poland Sweden Switzerland UK Bahrain Finland Netherlands Turkey Eurozone Asia Pacific China India Japan Singapore South Korea Taiwan Australia Hong Kong Indonesia New Zealand Thailand North America Mexico Canada United States Central & Latin America Brazil Chile Colombia Africa Nigeria South Africa 18 countries ‘live’ 12 countries ‘exploring’ / ‘planning’ / ‘building’ 17 additional Eurozone countries ‘exploring’ Planning Eurozone Live
  13. 13.  P2P B2B P2M B2P       4% 51% 18% 7% 20% Segment Type Share* Payment confirmation Funds availability*** RTP needs e-payment Point of Sale (Physical) Bill Payment** Large value payment e/m-commerce Bulk Payment Invoice Payment Large value payment Primary candidate Secondary candidate RT Candidate *share of total non-cash payments worldwide **including direct debits *** Immediate vs. (Near) Real-Time Growth trend 13 Secondary candidate Market trends and landscape Real-Time Payments Use Cases GSC 2015 - Real-Time Payments
  14. 14. Market trends and landscape There are different approaches to clearing and settlement 14 Hub Approach Central Bank Hub Clearing A B Bank A Accounts RTGS - Settlement A’ B’ Shadow Accounts Bank B RTGS Approach Bank A or Central Bank A B Accounts RTGS Settlement Bank B Distributed Clearing Approach Bank A Clearing or Bank B A B Accounts RT App - Settlement A B Accounts RTGS – Liquidity Mgt Central Bank Real-Time 24/7/365 EOD/Intra Day during Business Hours
  15. 15. Agenda • Market trends and landscape • Australia New Payments Platform • Approach going forward 15
  16. 16. Australia New Payments Platform Status • Project was kicked-off in December 2014 • Currently mid-way through design phase, deep-deep dive industry workshops are being conducted • Scheduled go-live is August 2017 • Project is currently on track 16
  17. 17. Domestic real-time payment system (clearing & settlement ) • Low-latency in-country messaging service • High throughput and capacity • Real time settlement payment-by-payment • 24x7 ‘real-time’ operations (no down-time window) • Financial industry standards (ISO 20022) • Leverage SWIFT infrastructure components Enable easy integration with overlay services, eg • Mobile P2P Apps • Government tax platforms Distributed architecture model (RFP was based on a central hub) 17 Australia New Payments Platform Key characteristics
  18. 18. Australia New Payments Platform How does it work? Central Bank Orderer’s Participant Bank Branch Mobile Phone Internet Services Applications SWIFT Payment Gateway Beneficiary’s Participant Bank Branch Mobile Phone Internet Services Applications SWIFT Payment GatewayClearing / Confirmation Settlement Payment Details Payment Details Confirmation Domestic Messaging Channel Settlement Settlement Confirmation Settlement Confirmation 1 2 3 4 4 SWIFT Payment Gateway Overlay services Fast Settlement Service RTGS Bank archive Bank archive Payee / Beneficiary Customer Payer / Ordering Customer 18 Addressing Database
  19. 19. 19 Approach going forward Identify markets selectively on a case by case basis Position SWIFT in RTP Thought Leadership Explore the winning models, build and adapt the solution Solution Market engagement
  20. 20. Questions 20
  21. 21. New entrants Benelux businss forum – 22 April 2015 – Confidentiality: PUBLIC 21 Thank you

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