THE DATA-CENTRIC BANK: PAYMENTS
Richlydeserved New payment messaging systems are adding to the data goldmine that banks have been sitting on for years. Rabobank’s Suzan van Eeten and Tino Kam from Nordea discuss how they’re now digging deep with André Casterman from Intix, which provides the digital shovels The growing pace of open banking in Europe and beyond, customer expectations of instant everything, improved visibility of data that’s been siloed for years, and an explosion in digitisation forced by remote working, have pushed the world of payment processing dramatically forward. At the same time, richer messaging formats and better tracking of transaction information, including cross-border developments like SWIFT gpi, the Nordics’ P27 payments system and the global adoption of ISO 20022, have put the pressure on providers new and old to
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get a grip on the information they hold. Incumbents have the richest data stores of all which, coupled with their traditional, trusted provider role, means they could take the greatest potential prize when it comes to using data to reduce cost, improve their services, deepen customer relationships and, ultimately, build their bottom lines. That is, IF they can overcome significant legacy challenges in order to turn it to their advantage. Among the end user beneficiaries of all these are corporate customers and, specifically treasury departments. We asked Suzan van Eeten, area lead for payments at Rabobank, Tino Cam, Nordea’s
head of product management transaction banking, and André Casterman, chief marketing officer at technology company Intix, which helps banks to make the all-important connections between the undeniably rich but disparate data they hold, what they see as being the greatest opportunities and challenges. THE FINTECH MAGAZINE: What are your views on the current state of payments innovation? SUZAN VAN EETEN: I’m responsible for all SEPA payment methods within Rabobank, which is doing around 12 million transactions a day. www.fintechf.com
