We created a special series of Sibos-related blogs around three topics: Instant Payments, Open Banking and Future Developments. The blogs where based on presentations and panel discussions that took place during Sibos 2018. We invite you to read these interesting insights.
By Tom Nijenhuis Exciting times are approaching for the ECB now that the pan-European infrastructure TARGET Instant Payment Settlement (TIPS) is going live next month. This platform enables banks to initiate immediate payments 24 hours a day, 365 days per year.Read more
By Tom Nijenhuis Looking back, Sibos was an outstanding event where collaboration between banks and fintechs was encouraged, the importance of data was regularly highlighted, the shift from B2C to corporate banking was frequently discussed, the customer experience was underlined as crucial and the necessary change of banks was repeatedly mentioned.Read more
By Tom Nijenhuis Most payment experts believe that Instant Payments (IP) will become the primary payment method in the future. This is one of the conclusions of the Really a real-time reality session on day 2 of Sibos. During this session, NPP Australia, EBA Clearing and the ECB shared their IP experiences.Read more
By Tom Nijenhuis It is impossible to know what banks will look like in ten years' time. The question whether the current banks will all still exist in a decennium is even justified. More than half of the visitors of the session The bank of Tomorrow on the second day of Sibos expect that only 40 to 60 percent of all banks will survive the technological and social developments. A quarter of them think that eighty percent of the banks will still exist in ten years' time.Read more
By Tom Nijenhuis The session The Future of Money, that took place in a packed room on day three of Sibos, was proof that fintechs have detailed and up-to-date visions of the future. They covered how data are the new oil, the role of bigtechs in the payments industry and, of course, the future of banking.Read more
By Tom Nijenhuis On the first day of Sibos 2018, the panel session ‘Open Banking - What role for banks?’ took place. I attended this packed and insightful session, which focused on three main questions: What drives Open Banking? What assets and liabilities do banks have? And what does it take to win in an open banking environment?Read more
By Tom Nijenhuis About 7.000 decision makers and topic experts that work in the financial services industry have travelled across the globe to visit Sibos. On the first day it became clear that nobody really knows exactly what that future of payments will look like. This was explained by ANZ Banking Group's CEO Shayne Elliott in a plenary session.Read more
By Tom Nijenhuis Charles Darwin predicted the fate of banks years ago, when he talked about the theory of biological evolution: “It is not the strongest species that survive, nor the most intelligent. It is the ones that are most adaptable to change.” That also applies to banks, was the message during our Open Theatre Session on the 2nd day of Sibos.Read more
By Michael Steinbach Europe is largely dependent on non-European systems, such as PayPal, for cross-border (card) payments. In the development of new payment services, this must change, says Yves Mersch, member of the Executive Board of the European Central Bank (ECB).Read more
By Paul Jennekens Liz Oakes, Associate Partner at McKinsey & Company, tells Worldline why it is good that banks, partly under pressure from the PSD2, are increasingly seeking cooperation with fintech companies. She also explains how companies are discovering the power of Instant Payments.Read more
By Tom Nijenhuis In all fifteen years that I have worked in the world of payments, I have never seen a more interesting period than the past few years. Just think about it: in the past, banks led major developments in the payment industry, which usually lasted for decades. ATMs, for example, have existed for more than half a century.Read more
By Paul Jennekens Mobile first has been the philosophy of BNP Paribas, one of the largest banks in the eurozone, for two years now. Not that strange, because the number of French customers that visit the bank only via their smartphone has risen explosively in the past four years. Marc Campi, Digital Marketing Director at BNP talks about their digital strategy for the coming year.Read more
By Paul Jennekens Niklas Killström, Head of daily banking, product management and development at the Finnish OP Financial Group, gives his personal vision on why the customer is challenged by a fragmented European payment landscape.Read more
By Paul Jennekens Liisa Kanniainen, Senior Strategic Advisor at Nordea, explains why Nordea took the lead in the Open Banking era, why PSD2-compliance is not the only reason for change and how she and Nordea see the banking future.Read more
