A Report by CYS Global Remit FinTech Development Team
In this article, we will continue to share some of the key insights generated from a survey conducted by Bottomline. The report is built on a peer-based, real-time comparison benchmarking survey to see how executives and their companies met customer expectations and progressed toward achieving their digital payments transformation strategy. Topics covered include real-time/instant payments, cross-border payments, ISO 20022 messaging, transitioning from on-premises to SaaS, compliance and regulation, cash positioning and fraud monitoring, and pre-validation (Confirmation of Payee).
Now, let’s look at the importance of compliance & regulation in the next 12 months.
Interestingly, despite predicting increased importance in compliance and regulation over the next 12 months, it ranked sixth in the list of priorities for banks and financial institutions (Insight Four: Priority on product roadmap over the next 12 months), with 29% acknowledging its significance.
This could be because many see compliance and regulation as already integrated into their priorities concerning real-time payments, cross-border payments, sanction screening, and ISO 20022. It's encouraging to note that compliance and regulation are now recognized as concerns for multiple stakeholders within an institution, breaking down silos. This aligns with CYS Global Remit's expectations and roadmap, emphasizing the need for robust real-time compliance capabilities to instil confidence among consumers.
Stay connected for more insights and updates from CYS Global Remit as we navigate the changing dynamics of compliance and regulation in the upcoming year!
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