Global online payments registered robust growth during the pandemic due to the shift to digital commerce. Economic recovery in both B2C and B2B sectors is likely to sustain the momentum in payment services. Regulatory approvals for open banking systems and specialized payment services will also enhance adoption of global payment services.Strategic imperatives for the banking industry are to: build channel and product-agnostic unified money movement capabilities; perform intelligent payment routing; enhance the digital payments experience; and modernize technology and infrastructure.Key pain points in the payments business include redundant solutions for money movement and payment options, and a lack of open APIs resulting in higher costs of integration.To read this article in full, please click her
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