INTELLIGENCE GATHERING - SIBOS 2017 - THE ESSENTIAL BRIEFING - Electronic ...
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
w w w.e le c tronicpaymentsinternational .com Issue 365 / NovemBER 2017
INTELLIGENCE
GATHERING
SIBOS 2017 – THE ESSENTIAL BRIEFING
COUNTRY SURVEYS FEATURE INSIGHT
The payments Non-cash transactions Using regulation to bolster
environments in Poland, are set to grow by 10.9% both physical and cyber
Peru and the UAE globally during 2015-2020 network security
EPI November 365.indd 1 06/11/2017 09:13:56
contents
this month
COVER STORY NEWS
05 / EDITOR’S LETTER
SIBOS 2017 06 / DIGEST
• ANZ makes more than three million
Visa debit cards accessible
• Hellenic to transform payments
platform with Fiserv’s Dovetail
• Alipay, JPMorgan Chase team up
• Geoswift, Bank of Shanghai
collaborate
• PayPal transfers funds via Facebook
Messenger
• Abu Dhabi, French regulators
bolster fintech ties
• NETS selects whiteCryption
• Wirecard introduces US capabilities
• Mastercard to provide access to B2B
blockchain payment tools
10
• Venmo payments app goes live in US
• ANZ eftpos cards open to Apple Pay
• BBVA introduces Tuyyo
• Lloyds selects SAP platform
Editor: Douglas Blakey Group Editorial Director: Director of Events: Ray Giddings
+44 (0)20 7406 6523 Ana Gyorkos +44 (0)20 3096 2585
douglas.blakey@verdict.co.uk +44 (0)20 7406 6707 ray.giddings@compelo.com
ana.gyorkos@globaldata.com Head of Subscriptions:
Senior Reporter: Alex Aubrey
Patrick Brusnahan Sub-editor: Nick Midgley +44 (0)20 3096 2603
+44 (0)20 7406 6526 +44 (0)161 359 5829 alex.aubrey@verdict.co.uk
patrick.brusnahan@verdict.co.uk nick.midgley@uk.timetric.com
Sales Executive: Jamie Baker
Junior Reporter: Briony Richter Publishing Assistant: +44 203 096 2622
Joe Pickard
+44 (0)20 7406 6701 jamie.baker@verdict.co.uk
+44 (0)20 7406 6592
briony.richter@verdict.co.uk
joe.pickard@verdict.co.uk
06
Customer Services: +44 (0)20 3096 2603 or +44 (0)20 3096 2636, briefings@verdict.co.uk
Financial News Publishing, 2012. Registered in the UK No 6931627. ISSN 0956-5558
Unauthorised photocopying is illegal. The contents of this publication, either in whole or part, may not be
reproduced, stored in a data retrieval system or transmitted by any form or means, electronic, mechanical,
photocopying, recording or otherwise, without the prior permission of the publishers.
For more information on Verdict, visit our website at www.verdict.co.uk.
As a subscriber you are automatically entitled to online access to Electronic Payments International.
For more information, please telephone +44 (0)20 7406 6536 or email briefings@verdict.co.uk.
London Office: 71-73 Carter Lane, London, EC4V 5EQ
Asia Office: 1 Finlayson Green, #09-01, Singapore 049246
Tel: +65 6383 4688, Fax: +65 6383 5433 Email: asiapacific@sg.timetric.com
follow EPI on twitter
@Payments_News
2 | November 2017 | Electronic Payments International
EPI November 365.indd 2 06/11/2017 09:14:00
contents
november 2017
SIBOS 2017 SPECIAL
10 / HIGHLIGHTS
Sibos, this year hosted in Toronto, Canada,
brings together some of the biggest global
companies in banking and technology. One
particular focus this year was the continuing
evolution of the payments ecosystem. Douglas
Blakey looks at some of the event’s highlights
14 / ANZ
Technology is transforming Australian
payments and banking, with growing demand
for real-time, personal and secure experiences,
and tightened regulation adding to the pressure
to modernise. Briony Richter writes
15 / BANK OF AMERICA
Expectations for speed, access, security and
transparency are growing as consumers engage
with technology, pushing banks to increase
efficiency. Bank of America aims to move
swiftly to achieve this, writes Briony Richter
19
21 / TEMENOS
The importance of being able to offer real-time
payments, digital, AI and open banking has
never been greater. Temenos’s Daryl Proctor,
tells EPI where banks that service today’s
s to talk about cracking China, disrupting s to talk about cracking China, disrupting
corporate treasury need to invest
COUNTRY SNAPSHOTS
SWIFT, and leveraging WeCha INDUSTRY INSIGHT
SWIFT, and leveraging WeCha
FEATURE 18 / POLAND 22 / DIEBOLD NIXDORF
Poland is one of Europe’s most advanced and Increases in ATM crime might paint a
16 / THE WAR ON CASH innovative markets, offering broad access to bleak picture, but there are measures that
Non-cash transactions are set to grow by the latest electronic payments. Nevertheless, institutions can take to secure networks and
10.9% globally between 2015 and 2020. cash is still very popular, with 64.1% of the ensure compliance with policy and regulation,
According to the 2017 World Payment Report total payment transaction volume in 2016 writes Diebold-Nixdorf ’s Paul Ferris
by Capgemini and BNP Paribas, cashless
payment methods show no sign of slowing
down, writes Briony Richter
19 / PERU
Payment cards are gradually gaining
prominence in Peru, primarily driven by the
government’s financial inclusion programme,
support from commercial banks, and a
growing middle-class population
20 / THE UAE
Cash remained the predominant payment
instrument, accounting for 87.3% of the
country’s transaction volume in 2016,
16 primarily because UAE consumers see cash as
a quicker and safer payment option
22
www.electronicpaymentsinternational.com | 3
EPI November 365.indd 3 06/11/2017 09:14:03
Simple, secure and effortless digital
solutions for financial services organisations
To find out more please visit:
www.intelligentenvironments.com
@IntelEnviro
Intelligent Environments is an international provider of innovative financial services technology. Our mission is to
enable our clients to deliver a simple, secure and effortless digital customer experience.
We do this through Interact®, our digital financial services platform, which enables secure customer acquisition,
onboarding, engagement, transactions and servicing across any digital channel and device. Today these are
predominantly focused on smartphones, PCs and tablets. However Interact® will support other devices, if and when
We provide a more viable option to internally developed technology, enabling our clients with a fast route to market
whilst providing the expertise to manage the complexity of multiple channels, devices and operating systems.
Interact® is a continuously evolving digital customer engagement platform that ensures our clients keep pace with
the fast moving digital landscape.
We are immensely proud of our achievements, in relation to our innovation, our thought leadership, our
industrywide recognition, our demonstrable product differentiation, the diversity of our client base, and the calibre of
our partners.
For many years we have been the digital heart of a diverse range of financial services providers including Generali
Worldwide, HRG, Ikano Retail Finance, Lloyds Banking Group, MotoNovo Finance, Think Money Group and Toyota
Financial Services.
EPI November 365.indd 4 06/11/2017 09:14:03
editor’s letter
Another Sibos, another
record-breaking event
Douglas Blakey, Editor
W
ell played SWIFT, and another record- As for blockchain, security and compliance were the key
breaking Sibos with more than 8,000 themes with another big hitter, Blythe Masters, arguing
attendees – notwithstanding the best predictably that blockchain offered the potential to minimise
efforts of Ripple via its Swell: The Future is Here bash to the risk of fraud.
capture the headlines. Meantime – before by all accounts a gathering of a few
Sibos was topped and tailed with two big hitters: Dave hundred – Bernanke told the Ripple event that he believes
McKay of Royal Bank of Canada and Microsoft CEO Satya payments can be slow and expensive and that there was room
Nadella. Ripple countered with Ben Bernanke. Given the for improvement. But no doubt he was good value and well
choice of hearing McKay, or Bernanke pocketing a no-doubt worth his large cheque.
generous cheque from Ripple, EPI chose to attend Sibos.
Highlights included the eight banks that formed the we.trade Remote deposit finally hits the UK
platform, including new member Santander discussing its Better late than never. As EPI November goes to press, the UK
roadmap for full deployment of the platform including the is finally set to introduce a phased rollout of remote cheque
addition of new member banks. deposit. And about time too.
Tim Berners-Lee shamelessly plugged the World Wide The technology works. It is not a novelty. First introduced by
Web Consortium’s efforts to streamline online checkout via USAA in the US in 2009, remote cheque imaging works well
standardised APIs. This will enable users to register payment in a number of markets including the US and Canada. I recall
instruments and select the right payment type via the browser, chairing a roundtable on the subject with NCR and Barclays
making payments, especially from mobiles, easier to manage. years ago – perhaps as long ago as 2012.
IBM announced that its blockchain solution to clear and An immediate benefit will be a reduction in cheque-
settle cross-border payments was gathering speed, adding that clearance times. Instead of the four-to-six-days clearance of
pilots were underway with the first transactions now flowing. old, processing times will be cut to one working day.
An impressive list of banks, including BBVA, NAB, Toronto At best, to be realistic, this belated innovation may do no
Dominion, Sumitomo Mitsui, Mizuho and RCBC Philippines, more than give a brief kiss of life to the cheque for another
has already signed up. few years. There will, however, be benefits to the admittedly,
The potential offered by greater collaboration between diminishing number of customers still writing cheques. There
fintech start-ups and established banks was arguably the will be benefits also for banks that remain enthusiastic about
key takeaway of Sibos. For practical examples of such shrinking the size of their branch networks. Branch footfall will
collaboration, Swift could not have chosen better than McKay inevitably fall as customers adopt remote cheque deposit. For
to give the opening keynote. He referenced RBC’s work with banks keen to continue branch rightsizing, there will be added
Wave to integrate invoicing, accounting and business financial impetus to continue with their branch-closure programmes.
insights technology into RBC’s online banking platform. Investment in the old-fashioned cheque may also serve to
In addition, he flagged up RBC’s work with Personetics to boost mobile banking penetration rates. Once the cheque-
deliver services that provide AI-powered financial guidance using segment of the market sees how easy it is to use a
and an automated savings programme via RBC’s mobile app. mobile banking app, expect a further rise in m-banking. <
Get in touch with the editor at: douglas.blakey@verdict.co.uk
www.electronicpaymentsinternational.com | 5
EPI November 365.indd 5 06/11/2017 09:14:04
News | Digest
news digest
ANZ makes more than 3 million Alipay, JPMorgan
Chase team up in
Visa debit cards accessible north america
Alipay, the mobile payment platform
operated by Ant Financial, has joined with
JPMorgan Chase to allow Chinese tourists
in North America to pay with Alipay mobile
wallet at Chase merchant clients.
The Alipay app’s geolocation-based
Discover function and push notifications
will allow users to locate nearby
merchants, receive promotions and make
purchase decisions. It will also enable local
merchants to target and connect with
Chinese consumers.
Chase Merchant Services’ head of
product and strategy, Pablo Simone, said:
“We are always looking for ways to deliver
more value to our merchants and bring
ANZ has launched specially designed Visa payments where accepted by merchants. them closer to their customers.
debit cards to make everyday banking ANZ’s senior manager of everyday “A relationship with Alipay would create
easier for customers with disabilities. banking, Steve Price, said: “We know that opportunities that enable Chinese tourists
The 3.4 million Visa debit cards will one in five Australians lives with a disability to transact in a way they are familiar with.”
feature tactile indicators, larger fonts, of some sort, so it is really important we Alipay North America president Souheil
and high-visibility leading edges to help develop products all our customers can use Badran added: “We are thrilled to work
customers identify cards, and which way to conveniently. with JPMorgan Chase as we seek to
insert them into terminals. “We have a commitment to inclusive continue growing the number of retailers
The new cards will work with all ANZ design and accessibility standards in all who accept Alipay across North America.
mobile payment options, including Apple aspects of our product development, so “Partnering with JPMorgan Chase will
Pay, Android pay, Samsung Pay and Fitbit the extension of these features to a further help more US merchants extend secure
Pay. The cards also feature Visa PayWave, 3.4 million cards is a significant part of payment services to Chinese tourists,”
enabling customers to make contactless delivering on that.” < Badran said. <
Hellenic to transform payments platform with Fiserv’s Dovetail
Cyprus-headquartered Hellenic Bank has payments platform that could not only “The Dovetail payment solution will
selected Fiserv to help further the bank’s address our immediate needs, including provide Hellenic Bank with the agility
digital transformation through a new the optimisation of our payments processes and flexibility required to enhance
payments platform. and resources, but also our future payment customer offerings, enabling it to add new
Hellenic will implement Fiserv’s Dovetail initiatives,” said Phivos Leontiou, head of functionalities as the market evolves, while
payment solution, which Fiserv acquired group operations at Hellenic. ensuring the operational resilience essential for
in August, as part of its overall digitisation “Fiserv is the right choice given its best- payments.”
strategy. It will enable Hellenic to offer in-class solutions, track record of delivery Hellenic operates a network of around
new products and services more quickly excellence and long-term partnership 60 branches in Cyprus. It is currently in
to an expanding client base and deliver on approach.” turnaround mode, or as it terms it: “Fix
the bank’s vision of being seen as a trusted Martin Coen, senior vice-president, billing and Build”. The “Fix” aspect predominantly
innovative partner that provides excellent and payments group at Fiserv, added: “Banks relates to the resolution of non-performing
service and understandable products. across Europe are in a race to modernise to exposures, while the “Build” aspect relates to
“To build on our position as a modern keep pace with changing market needs and focused growth through the expansion of the
and innovative bank, we needed a proven customer demands. bank’s franchise. <
6 | November 2017 | Electronic Payments International
EPI November 365.indd 6 06/11/2017 09:14:06
News | digest
Geoswift, Bank of Shanghai collaborate PayPal transfers
to launch remittance services funds via Facebook
Geoswift, a provider of two-way cross-border and efficient remittance services for our clients
payments with China, has entered into a
strategic partnership with Bank of Shanghai to
and partners globally.
“Given our expertise in understanding the
Messenger
launch new remittance services. requirements of China’s authorities, we are
The partnership allows businesses and strategically positioned to guide businesses
individuals to securely transfer funds into and consumers through the complex
China through a secure and efficient medium regulatory system in China.
recognised by Chinese regulators. “Our aim has always been to simplify
The service allows money transfers in seven transactions amidst the multilayered and
currencies, US, Hong Kong, Canadian and constantly changing regulatory environment
Australian dollars, as well as yen, euros and in China. The fact that Geoswift operates at a
sterling, to renminbi for recipients in China. global scale, with its roots deeply embedded in PayPal has entered into a partnership with
It uses a fixed daily rate to eliminate foreign China, makes our knowledge and expertise of Facebook to allow its US customers to
exchange fluctuations. the Chinese market our core capability.” send money through Facebook Messenger.
Geoswift founder and CEO Raymond Qu According to World Bank statistics, China The partnership allows users to send and
said: “We are proud to be partnering with received personal remittances worth $32.2bn request money through PayPal’s peer-to-
Bank of Shanghai in delivering swift, secure in 2016. < peer payment system in Messenger.
The payments giant currently has over
2.5 million accounts, which are linked
Abu Dhabi, French regulators to Facebook. Money transfers can be
initiated when users compose a message
bolster fintech ties
in Messenger, either with one person or a
group of correspondents.
“Whether it’s splitting a bill for a cab
The French Autorité des Marchés authorisation, and refer cross-border ride or a night out, paying for your share of
Financiers (AMF) and the Financial Services activities beneficial to the growth of the the rent, or making sure you get paid back
Regulatory Authority (FSRA) of Abu Dhabi fintech sector. for mom’s birthday present, PayPal makes
Global Market (ADGM) have completed an ADGM FSRA CEO Richard Teng exchanging money between friends and
agreement that aims to promote innovation commented: “This is the first fintech family simple,” the company wrote in its
in the two jurisdictions’ financial services collaboration and bridge with the French blog post.
sectors. securities market regulator. PayPal has also introduced a PayPal
The regulators will help fintech start-ups “This co-operation further deepens the customer service bot for Messenger, which
enter each other’s markets by referring mutually beneficial partnership between allows customers to receive payments and
them to ADGM’s FinTech Regulatory Abu Dhabi and France; it corroborates the account support directly in the app.
Laboratory and AMF’s fintech, innovation value and significance of ADGM’s ongoing It enables users to carry out customer
and competitiveness team. fintech efforts and achievements in Abu service interactions such as resetting
The pair will also exchange information Dhabi and the Middle East, Africa and passwords, handling account inquiries, and
on innovation, offer support during South Asia region.” < helping with refunds or payment issues. <
NETS selects whiteCryption to protect mobile apps
Network For Electronic Transfers “At the same time, we need to ensure “We built whiteCryption application
Singapore (NETS) has selected Intertrust’s that our app adheres to the highest shielding technology to raise the security
whiteCryption application shielding security standards to protect our bar by protecting the executable code
technology to protect mobile payment customers’ financial information. After in a mobile app – we are delighted to
applications. a long evaluation process, we chose partner with NETS to secure their apps
The technology will protect the sensitive whiteCryption as it was the best in class.” and enhance the value they deliver,” Horne
components of member banks’ Android and Intertrust Secure Systems general continued.
iOS payment apps from malicious attacks. manager Bill Horne said: “Payment apps are NETS accepts both card and digital
NETS CIO Vincent Low said: “As a frontline venue for hackers. payments from DBS Bank, Maybank,
consumers’ lives revolve around their smart “Without proper security technology HSBC, OCBC Bank, Standard Chartered
devices, the phone has now become a applied in the app itself, consumers will Bank and UOB.
device for payments. That has hastened the not trust their software and will forego It also accepts UnionPay and BCA cards,
development of payment apps such as our the tremendous convenience that mobile 35,000 unified point-of-sale terminals and
NETS Pay app. financial apps provide. 30,000 QR acceptance points. <
www.electronicpaymentsinternational.com | 7
EPI November 365.indd 7 06/11/2017 09:14:07
News | Digest
Wirecard introduces mobile Venmo payments app
wallet capabilities to the US goes live in US
Germany-based digital payments and Singtel, mobile wallet providers in France
commerce solutions provider Wirecard has and Singapore respectively, and its own
launched new mobile wallet capabilities to mobile payment solution, boon.
integrate with Apple Pay, Android Pay and Wirecard’s North America MD, Deirdre
Samsung Pay in the US. Ives, said: “The future of the mobile wallet
The mobile wallet is the industry’s first is one in which a payment is seamlessly
fully digitalised mobile payment solution, integrated into the customer’s daily life.
which is based on automatic app-to-wallet “Wirecard’s integration with Apple Pay,
integration that uses a virtual Mastercard Android Pay, and Samsung Pay provides
issued by Wirecard Card Solutions. a more holistic payment experience to a
“Increasing mobile wallet functionality greater segment of the population, and
offers an innovative payment experience further moves the industry toward a future
for digital-minded consumers, and aligns that is borderless, safe from intrusion, and
with Wirecard’s global strategy of providing inclusive to all.”
innovative commerce experiences at every According to a Business Insider Intelligence
customer touch point,” the company said in report, customer adoption of mobile
a press statement. payments in the US will grow, with 56% of
Wirecard has previously executed similar US consumers forecast to transact $503bn
initiatives internationally with Orange and in mobile payments by 2020. < Venmo, the PayPal-owned mobile
payments app, will now allow customers
Mastercard to provide access to
to shop and pay on mobile phones at more
than two million US retailers.
Customers can shop at PayPal-accepting
B2B blockchain payment tools stores such as Lululemon, Forever 21 and
Foot Locker with the balance in the app
transactions. It also powers non-payment or a linked credit card, debit card or bank
solutions such as proof of provenance to account.
authenticate products across the supply Users will receive a notification through
chain. the app to activate the option, and will also
The blockchain technology supports all receive notifications of purchases in the
types of cross-border B2B payment flow, app. The app will also allow users to split
including account-based, blockchain-based online purchases with friends.
and card-based payments. The business Customers will also be able to transfer
has tested the technology, and intends to funds instantly to bank accounts via debit
test it further in the B2B space to address cards, providing access to funds for just
challenges of speed, transparency and $0.25 per transfer.
costs in cross-border payments. The firm also plans to expand Venmo
“The four key differentiators of the on the Braintree platform with support for
Mastercard blockchain are privacy, mobile web payments, in addition to those
flexibility, scalability, and the reach of made in-app.
the company’s settlement network,” the PayPal COO Bill Ready said: “Offering a
company said in its press note. way to pay at millions of retailers is a major
Mastercard Labs executive vice- step in the evolution of Venmo.
president Ken Moore commented: “Our vision for Venmo is to not only
“By combining Mastercard blockchain be the go-to app for payments between
technology with our settlement network friends, but also a ubiquitous digital wallet
Mastercard is set to provide access to and associated network rules, we have that helps consumers spend wherever and
business-to-business (B2B) payments over created a solution that is safe, secure, however they want to pay, regardless of
a blockchain technology-based network to auditable and easy to scale. device.
create new digital commerce experiences “When it comes to payments, we want “Through 2017 and beyond, we
for partner banks and merchants. to provide choice and flexibility to our will continue to evolve the payments
The newly introduced payment solution, partners where they are able to seamlessly experience that has helped make Venmo
Mastercard Blockchain API, will enable use both our existing and new payment a cultural staple, while also applying that
secure non-card payment transactions, rails based on the needs and requirements same magic to split, share and pay in new
including B2B payments and trade finance of their customers.” < ways.” <
8 | November 2017 | Electronic Payments International
EPI November 365.indd 8 06/11/2017 09:14:13
News | Digest
ANZ eftpos cards now open to Apple Pay
ANZ Access card customers are now eligible another great option for making convenient
to use Apple Pay. and secure purchases using their mobile
ANZ is the first Australian financial device.
institution to make in-store eftpos – Australia’s “We know from experience that Australian
own debit payments network – mobile consumers increasingly want to use mobile
payments available to almost 1.6 million ANZ payment services, and so we are happy to be
eftpos Access cardholders. working with eftpos in enabling Apple Pay
In stores, Apple Pay works with the iPhone as an option for our 1.6 million ANZ eftpos
SE, iPhone 6 and later models, as well as the Access cardholders.”
Apple Watch. In addition, the move will mean lower fees
Commenting on the new capability, charged to retailers. In Australia, if a debit
ANZ’s MD for products, Bob Belan said: card is used via Apple Pay, there is a fee of
“ANZ has been at the forefront of mobile approximately 0.55% to the merchant. With
payment services for some time now. Today’s eftpos, however, the fee drops significantly to
announcement offers our customers yet just 0.15%. <
BBVA introduces mobile money Lloyds selects
transfer service Tuyyo SAP platform
Lloyds Banking Group has chosen the SAP
Recipients can retrieve the funds at cash management and payments platform
Bancomer ATMs in Mexico without a to provide payment services for its clients.
bank card or account, or at cash-pickup Backed by SAP HANA, the real-time
locations. Funds can also be sent to platform includes omni-channel banking
accounts at BBVA partner banks of BBVA. features. It has been designed to meet
The service will allow senders to include the needs of commercial banks, non-bank
a message with the remittance notification, financial institutions and corporate clients.
a feature that BBVA plans to expand in the SAP HANA offers real-time views of
future to include voice and video messages. cash positions, a unique API platform
The first transfer made through the app and continuous connectivity across the
will charge only foreign exchange costs, platform. The platform enables Lloyds
following which the service will charge a to provide cost-saving techniques and
flat fee of $5.49 along with the relevant smooth self-service to clients.
foreign exchange rate applied. Lloyds will use SAP offerings such as
Consumers using the service for the SAP Deposits Management and SAP
first time in Mexico will also have to visit Payment Engine applications, and the SAP
a BBVA Bancomer branch for identity Omnichannel Banking solution.
verification, following which they have to SAP financial services industries global
only enter a code into any Bancomer ATM head Rob Hetherington said: “The need
for cash withdrawal. for corporate banks to provide their clients
Tuyyo also plans to add support for with a seamless user experience as well as
insurance or microfinancing solutions in a high level of self-service becomes more
the future, with the sender making bill and more imminent.
payments through the app. “Banks must provide not only first-class
The service will initially facilitate product functionality but also ease of
remittances from the US to Mexico, which consumption through open application
Spanish banking group Banco Bilbao records over $27bn in money flows each programming interfaces as well as being
Vizcaya Argentaria (BBVA) has launched year. Plans are also in place for a broader flexible to meet customer expectations.
a new online app-based service, Tuyyo, rollout of the service across Latin America. “By supplying real-time cash
to support remittances to from the US to BBVA’s customer and client solutions management, payments and analytics
Latin America and the Caribbean. global head, Derek White, commented: capabilities coupled with an API-based
Tuyyo will facilitate near-instant fund “People feel a strong sense of duty to architecture, SAP is committed to helping
transfers and reduce costs involved by help out their families. This is one way to corporate banks, like Lloyds, harness
phasing out the involvement of money say ‘we still love you even if we can’t be innovation to deliver unparalleled
transfer agents. together right now’.” < experiences,” Hetherington added. <
www.electronicpaymentsinternational.com | 9
EPI November 365.indd 9 06/11/2017 09:14:17
sibos 2017 | highlights
sibos 2017:
the views, news
And Talking points
Sibos, this year hosted in Toronto, Canada, brings together some of the biggest global
companies in banking and technology. One particular focus this year was the continuing
evolution of the payments ecosystem. Douglas Blakey looks at some of the event’s highlights
SWIFT to streamline standard • Easily maintain standards as they evolve, uniquely positioned to deliver this innovative
migration process with new reducing manual input required new offering.”
message translation offering In addition, SWIFT Translator is a
SWIFT is launching a message-translation network-agnostic and flexible solution, SWIFT launches cloud-
offering that will allow users to define and allowing users to implement it where most based solution to enhance
validate messages from any format to ISO appropriate, including within back office and
20022, streamlining the process of migrating middleware applications.
correspondent banking
to a new standard. The offering is complemented by existing SWIFT’s cloud solution will, the network
As many market infrastructures move to SWIFT products, with MyStandards operator says, make correspondent banking
ISO 20022, financial institutions using older customers able to link directly with SWIFT more efficient, secure and cost effective while
or proprietary message formats must ensure Translator. increasing the security of correspondent
their messages remain compatible. Many For example, MyStandards users can define banking activities.
legacy systems will need to be upgraded in translation rules to a format previously defined Small and medium-sized banks face a
order to process the new standards. This in MyStandards as well as validate messages combined pressure of minimising operating
can be a costly and labour-intensive process, against pre-defined formats. costs while keeping SWIFT infrastructure up
placing further time pressures on institutions Fabien Depasse, head of standards products to date in terms of technology and security.
and increasing operational risk. at SWIFT, comments: “Migration to a new Additionally, evolving regulatory requirements
SWIFT Translator provides users with harmonised standard is a lengthy process, and and cybersecurity challenges make it crucial
a new offering to tackle these challenges, we understand the challenges faced by large for banks to have an in-depth knowledge of
making it easier, faster and more efficient for and small institutions alike in moving to ISO their correspondents.
institutions to define, validate and translate 20022. To facilitate efficient, secure and cost-
messages. With the first phase of the offering “Institutions must be able to reduce the effective correspondent banking, banks must
available in early 2018, institutions will be risks associated with the migration process be able to track payments, ensure trouble-
able to: and translate messages in a cost-effective and free payments processing, defend against
• Customise and define formats and efficient manner,” Depasse continues. cyberthreats and financial crime, and access
translation rules; “SWIFT Translator addresses this market the data required for comprehensive analytics.
• Translate messages to a new format and need whilst reducing development costs by up The Correspondent Banking Suite gives
validate messages against defined formats, to 50% compared to manual implementation. banks direct, cost-effective access to the
ensuring pre-defined rules are followed With over 40 years of experience and expertise SWIFT network via Alliance Lite 2, a
correctly, and in developing industry standards, SWIFT is standardised, robust and secure cloud-based
10 | November 2017 | Electronic Payments International
EPI November 365.indd 10 06/11/2017 09:14:18sibos 2017 | highlights
interface managed and operated by SWIFT. interfaces (APIs). Banks are using these APIs dollar, followed by renminbi at 15%, with the
Alliance Lite2 combines the benefits of to embed the gpi Tracker information into US dollar accounting for only 1%.
SWIFT with the added value typical of cloud their payments flow applications and front- Though renminbi usage for payments
solutions – a lighter footprint and faster time end platforms, allowing customers to track gpi is low, SWIFT’s data shows that renminbi
to market. payments in real time. traffic between Canada and China and Hong
This is packaged together with SWIFT’s “The Tracker is the cornerstone of SWIFT Kong has grown by 67% since the opening
best-in-class products and services for gpi,” says Wim Raymaekers, head of banking of the renminbi offshore clearing centre in
correspondent banking, including: markets and SWIFT gpi at SWIFT. November 2014.
• KYC Registry is a shared platform for “The most common pain points from Key takeaways from SWIFT include:
managing and exchanging standardised corporates today are the lack of visibility • The US dollar ranks number one as a
Know Your Customer (KYC) data; on their payments’ status, and not knowing world payment currency with a 39.79%
• Sanctions Screening screens incoming when the beneficiary was credited. In fact, share by value; and
and outgoing messages against the latest 64% of corporate treasurers recently surveyed • 7% of renminbi payments by value,
sanctions lists; are asking for real-time payments tracking. initiated in the US and Canada and ending
• Name Screening is an online lookup tool SWIFT gpi allows banks to address these in China and Hong Kong are cleared in
that enables screening of single names needs and provide distinctive value to their Hong Kong.
against sanctions, PEP and private lists; customers.” Data from the report also suggests there is
• Daily Validation Report validates SWIFT SWIFT is also working on the next phase no significant correlation between the size of a
transaction activity and understands of gpi, which will include additional digital country’s economy and the use of its currency
payment risks; services to further transform the cross-border for international payments and clearing.
• Bankers World Online and BI payment experience, such as the ability to stop For example, the US accounts for around
Network Management provide detailed and recall a payment, transfer of rich payment 25% of global GDP, while the US dollar has
correspondent banking traffic and data, and a payment assistant to provide more an activity share of 39.79%. While China
payments reference data; intelligence at the payment’s origination. accounts for 15% of global GDP, renminbi
• SWIFTSmart is a cloud-based elearning In parallel, SWIFT is exploring the is used for less than 2% of international
platform, and potential use of blockchain technology in payments.
• Subscription to gpi Tracker provides the cross-border payments process. Over Based on recent data, the gap between the
transparent, end-to-end payments tracking, 30 gpi banks have been running a proof- global usage of the US dollar and renminbi
and will be available in the Correspondent of-concept (PoC) to test whether a SWIFT- is unlikely to be sustainable, particularly as
Banking Suite in 2018. developed application using distributed ledger the Chinese economy continues to grow
technology can be used to reconcile Nostro and develop broader capabilities for the
SWIFT gpi soars past two accounts in real time and help to optimise internationalisation of renminbi.
million payments in September global liquidity. Michael Moon, head of Asia-Pacific
Preliminary results will be shared at Sibos in payments markets at SWIFT, adds, “Although
More than 120 leading transaction banks have Toronto, while the PoC is set to complete in the world remains highly dollarised, the
signed up to use SWIFT gpi, representing November 2017. growing prominence of the Chinese economy
more than 75% of all SWIFT cross-border In addition, as part of its continuous supports a case for greater renminbi usage
payments. Twenty-four banks are already live innovation process, SWIFT and its banks are internationally.
and actively using SWIFT gpi, exchanging working with fintech companies to develop “Liberalisation of capital markets in China,
several thousands of messages daily across 100 additional overlay services that leverage the and initiatives such as the Belt and Road,
country corridors. According to SWIFT, over gpi platform using its APIs, which banks can over time, will contribute to further renminbi
40 banks are expected to be live with gpi by build on to provide more value to customers. globalisation.”
the end of 2017. Demos of early proof-of-value concepts will be
“The speed by which SWIFT gpi has shown at Sibos. SWIFT harmonises bank
become the new standard in cross-border connectivity to VP Securities
payments is impressive,” says Christian Canadian companies remain via ISO 20022
Sarafidis, chief marketing officer at SWIFT. loyal to the Canadian dollar
“This is a direct result of the real value co- SWIFT has enhanced its connection to
creation and collaborative innovation gpi can Canadian firms have been slow to adopt Denmark’s central securities depository (CSD)
bring to banks and their corporate customers. renminbi for cross-border payments, VP Securities using ISO 20022 standards,
gpi payments are credited within 24 hours according to SWIFT’s latest renminbi tracker. reducing costs for banks by enabling them to
from initiation and most within a few hours Since November 2014, when the renminbi leverage the same network and standards they
and even minutes. offshore clearing centre opened in Toronto, use to connect with other securities market
“Corporates can track their payments in traffic between Canada and China and Hong infrastructures across the world.
real time and get confirmation of that credit Kong has increased, despite the fact that the Banks have traditionally used fixed,
directly from their banks.” Canadian dollar is preferred. proprietary lines to connect with CSDs, each
SWIFT gpi comes with an innovative Moreover, 70% of cross-border payments, with its own disparate connectivity protocol,
payments Tracker, a cloud-based application by value, sent between Canada and China resulting in significant inconsistencies and
accessible via application programming and Hong Kong are made using the Canadian complexity.
www.electronicpaymentsinternational.com | 11
EPI November 365.indd 11 06/11/2017 09:14:18sibos 2017 | highlights
As cross-border trading activity has
increased, banks have become active in a
growing number of markets and have sought
the technology to enable them to rationalise
the way they communicate with securities
market infrastructures in each country.
By implementing ISO 20022 standards,
SWIFT now offers banks fully standardised
communication with VP Securities and all
other domestic and cross-border securities
market infrastructures on the SWIFT
network. This significantly cuts costs for
banks trading in Denmark, removing the
need to develop and maintain a separate,
standalone connection to VP Securities. In
addition, SWIFT will provide reverse billing,
which lowers the cost of reconciling invoices
and provides greater transparency for VP
Securities’ clients. The service is expected to
launch in 2018.
CSDs in Europe face growing competition Annika Lindgren, senior account director at split into three key layers. The infrastructure
as their core services become increasingly SWIFT, comments: “Lack of standardisation layer encompasses generic services and
commoditised and initiatives such as Target2- is a serious challenge for banks when functions, the application layer represents the
Securities (T2S) and Central Securities communicating with CSDs. information technology landscape with all its
Depository Regulation (CSDR) come into “SWIFT plays a key role in the applications and connections, and the business
play. By harmonising market practices, CSDs development of the ISO 20022 standard, layer grasps the bank’s business direction and
can maximise their own operational efficiency and our work with VP Securities is testament business capabilities.
and minimise risk and costs in an increasingly to our commitment to create robust, Expanding the framework in this way
challenging business and regulatory interoperable multi-party business solutions will enable consistent interpretation in
environment. that foster efficient re-use of knowledge, skills implementation for banks, enabling them
Nadine Limbourg, senior market manager and technology.” to be completely vendor-agnostic, while
at SWIFT, comments: “As cross-border also supporting API development and cloud
trading activity becomes more sophisticated, BIAN releases API-ready enabling.
banks don’t want to have to build and service to boost banking cloud Hans Tesselaar, executive director at BIAN,
maintain multiple connections to different explains: “The industry often focuses on how
market infrastructures.
development developing and opening APIs will empower
“The enhancements we have made with BIAN, the member organisation enabling collaboration between banks and fintech or
VP Securities enables banks to adhere to collaboration between banks, tech entities and broader tech enterprises. While this is one
global ISO 20022 standards and cut costs academics, is launching the latest release of its benefit, on top of this banks will be able
by streamlining connectivity, harmonising service landscape. to move to the cloud and finally embrace
domestic and international activities and Termed SL 6.0, the collaboratively defined cloud-based solutions that will enable them
maximising the benefits of investment in banking technology framework is designed to to operate a leaner tech model. Identifying
existing SWIFT infrastructure.” provide globally standardised and simplified the standard model for API development, as
Birger Schmidt, chief commercial officer, banking architecture structure, using a service- we have done, is crucial to taking this wave of
VP Securities, adds: “Our aim is to offer based architecture. innovation forward.
communication and connectivity tools at a With this purpose, traditionally BIAN “Without this fundamental planning, banks
very competitive price to the market place, members including Microsoft and PNC risk developing APIs that fail to fulfil their full
and we see this new agreement as win-win for Financial, UBS and Bangkok Bank have potential.”
both VP and our clients. focused on defining the individual business With the framework in place, the next step
“Our customers deserve to have a choice capabilities that make up a bank – grouped for BIAN is to define the individual APIs
when selecting communication platforms. into service domains – and subsequently for banks, with the aim of completing over a
Our goal is to offer the different platforms at identifying the information dependencies – hundred of definitions over the next year.
a very competitive price, which this agreement known as service operations – between these In line with this, BIAN members have
certainly ensures. business building blocks. elected a new board member, Santhosh
“This is yet another important step in our Alongside continuing to build this out, Pillai, chief architect and data management
ISO roadmap and will ensure a better business specific attention has been given to building at Dutch bank ABN Amro. With over 20
case for our customers to harmonising their additional architectural layers and providing years’ experience in banking technology
business processes with the internationally extensive detail to the model in SL 6.0. transformation, he will play a key role in
standardised ISO format.” According to BIAN’s research, a bank is supporting the initiative.
12 | November 2017 | Electronic Payments International
EPI November 365.indd 12 06/11/2017 09:14:19sibos 2017 | highlights
He commented on joining: “ABN Amro
has been a BIAN member for over five years,
as we believe that it’s crucial for banks and
technology providers from across the globe to
unite to form a standardised IT infrastructure.
“By collaborating on the core background
technology, the industry can compete healthily
in the areas that matter – namely providing a
competitive service to customers.
“I’m excited to become a member of the
BIAN board as it embarks on the next stage
of its journey, supporting API development to
future-proof banks.”
BofA Merrill launches CashPro
Assistant
Bank of America Merrill Lynch has launched
CashPro Assistant which uses artificial
intelligence and predictive analytic capabilities
to help commercial and corporate clients
easily access and analyse banking information.
According to the bank, CashPro Assistant
delivers a differentiated experience for all
CashPro clients. Central to the experience is
CashPro Assistant Analytics and Forecasting, fragmented tools, leaving them with less time • Fewer local-currency bank accounts and
enabling clients to use BofA Merrill APIs to focus on capital allocation and oversight. related expenses;
to integrate directly with Microsoft Excel “We view this as an opportunity to help • Reduced foreign exchange exposure and
to populate account data on demand them gain efficiencies, enhance governance trade activity, and
from CashPro Online into configurable and control, and drive strategic growth.” • Less time spent handling invoices and
spreadsheets. reconciliation tasks.
The introduction of analytics and BofA Merrill expands payments “The Multicurrency Netting solution
forecasting is one of multiple steps BofA offering with Multicurrency introduced is in response to direct input
Merrill is taking to expand the delivery of from our corporate and commercial clients
products using API technology. Additional
Netting who want greater visibility and control over
tools in CashPro Assistant include transaction Bank of America Merrill Lynch is launching their inter-company and vendor payments,”
research, automated alerts, educational Multicurrency Netting, giving client explains Liz Minick, head of global cross-
content, live chat and help by phone. companies greater visibility and control over currency product and strategic client
“Companies are looking to their banks to inter-company and vendor payments. capabilities in global transaction services at
not just execute financial transactions, but to The new solution centralises inter-company BofA Merrill.
provide information they can use in a hands- payments, enabling large companies that “We are pleased to add this powerful cross-
on fashion to inform their decision-making,” operate across multiple borders to reduce both currency solution to our suite of FX payment
says Hubert JP Jolly, head of financing and the number of payments and the total value tools,” Minick adds.
channels for global transaction services at of payments made between companies that The Multicurrency Netting solution also
BofA Merrill. regularly invoice one another. includes a number of features that were
“We’re launching CashPro Assistant in Large corporations typically make hundreds specifically requested by BofA clients. These
recognition that the services we’ve created can of inter-company payments worth millions include:
be valuable to all our clients without the need of dollars every month. In addition, they • Workflow and communication tools for
to pick and choose among them. Our aim is must handle invoices in numerous currencies invoice management;
to make it as easy as possible for clients to do issued by their own affiliates or with vendors • Competitive and transparent FX trading
business.” that support more than one entity within the rates from BofA Merrill, and
Jolly adds that the bank is focused on company. • Comprehensive metrics and reporting,
finding additional ways to more closely Many times, specialised programmes are with direct updates to company
integrate with its clients, moving beyond needed to help calculate what each entity owes accounting platforms.
assistance to advisory capabilities. “Our clients the other. By moving to a centralised netting To help ensure a successful implementation
manage an increasingly complex ecosystem,” solution, multinational companies can realise process, BofA Merrill will help clients
Jolly notes. many benefits, including: customise the solution to match their
“Treasurers are challenged with maintaining • Fewer wire transfers, resulting in lower company profile, and guide them through all
oversight and managing daily operations using bank and lifting fees; setup requirements. <
www.electronicpaymentsinternational.com | 13
EPI November 365.indd 13 06/11/2017 09:14:21sibos 2017 | anz
debate for banks and the tech community as
real-time payments and
to whether it has potential in other areas, but
how much potential do banks see in it?
Collard answers: “We have really stepped
their effects
back from saying blockchain is going to be the
new best innovation and the next best thing,
and started talking about what that means to
our customers.
on australia
“We have been involved progressively in
establishing proofs of concept based on what
we believe were the right kind of use cases for
our customers.”
“We were the initial founders of the use
Technology is transforming the Australian payments and case that SWIFT is now looking at, because
banking sectors, with growing demand for real-time, we recognised that between ourselves and
our corresponding counterparties there are
personal and secure experiences, and tightened regulation issues in relation to reconciling our settlement
adding to the pressure to modernise. Briony Richter writes environments,” Collard adds.
“We wanted to prove that you could use a
I
ntroducing effective, fast and efficient In October 2017, IBM announced that technology that would enable you not to have
payment capabilities is a priority for it was leading a project that would be using to do that reconciliation. Due to the sheer
Australia. Advances in 2017 have been blockchain to improve cross-border payment scale, we could not take it to the next level
monumental, and will continue to be. processing. and so we gave the concept to SWIFT. We felt
SWIFT has launched its gpi service, and Berry describes the major trends in that it was an organisation that could take it
Australia will be going live with its New the retail, SME and corporate sectors, further, and it has established a multilateral
Payments Platform in early 2018, but how is emphasising how the customer drives change environment.
the country’s payment landscape developing, in these trends but also that there is a need to “We are also looking at proofs of concept
especially with real-time payments due to go provide convenience, speed and a more value- in the area of bank guarantees and other
online, and the dawn of Open Banking? driven cross-border payment outcome. trade approaches, understanding the
Speaking to EPI, Anne Collard, head of “Customer knowledge around cross-border underlying focus around how distributed
payment capabilities and industry, wholesale payments has increased substantially in the ledger technology could be used in a way that
and payment transformation at ANZ, states: last five to ten years,” Berry says. benefits the customers.”
“It comes from initiatives that were taken “Also, the change is being driven by a big Berry concludes: “Technology is really just
quite a few years ago with the RBA and the increase in competition from the non-bank one element of the whole manufacturing
Payment Systems Board which established the sector. Customers have a much broader choice process. I think the future is not so much
Australian Payments Council. and it is that competition that is driving the technology because banks are reasonably
“The Australian Payments Council is a need for banks to respond.” good at technology; we invested in core
strategic body made up of a number of the key infrastructures like SWIFT.
banks and key partners in industry – retailers CROSS-BORDER INCLUSION “I think it is how we use it. It is not just
and technology companies which are looking the technology but it is the pricing, it is
at what the landscape in Australia is going to With real-time payments being implemented the service overlay, it is the insides around
be like in the next five to ten years. soon in Australia for domestic transactions, the flow, whether it is for corporate or
“We are currently testing the New Payments Berry predicts that it is very likely that they institutional clients. Banks bring richness to
Platform which goes live early next year; this is will be integrated into international cross- a relationship and we use the technology to
a completely new infrastructure for Australia. border payments. interact with our clients.
“It is not actually leveraging the rails of the “As the market infrastructures evolve and “Banks have a real role to play but we have
old, low-value system value that we have; it is move to real time, then it is only inevitable to integrate our services together. It is not just
a completely new environment, and that gives that cross-border becomes a part of it. about selling a payment; it is about creating
us an opportunity to look at future-proofing “The market infrastructures are for local the flexibility around customer needs. I do not
the environment for the next five to ten years. entities, but if they are cross-border active and see it as a threat, but as an opportunity.”
“We can then add different value services are receiving payments across borders they In terms of cash management, payment
as overlays on top of that infrastructure will want to see the same access to liquidity transparency and reconciliation, the new
and create new services for the benefit of for a cross-border payment as they do for a systems being implemented have immense
our customers be they consumer level or domestic payment,” Berry adds. benefits. Domestic real-time payment systems
companies,” Collard explains. “We see a future in connecting our local have already become the new norm.
Brian Berry, head of cross-border payments market infrastructure with a cross-border flow, Innovation is crucial to the continuing
and clearing at ANZ, notes developments in certainly coming into Australia.” success of any industry, and through
cross-border payments that are active across a Originally created for digital currency collaboration, ANZ can ensure that customers
number of different technologies. Bitcoin, blockchain has been at the centre of will be the priority with payments. <
14 | November 2017 | Electronic Payments International
EPI November 365.indd 14 06/11/2017 09:14:21sibos 2017 | bank of america
opportunities, being enhanced in many
bank of america:
different industries.”
The swift uptake of mobile payments allows
speedy transfers across different accounts.
feeling the
Venkat emphasises that banks need to be
productive in enabling mobile payments, IoT
and APIs. Blockchain and distributed ledger
technology could also see increased use in
need for speed
areas such as high-value treasury settlements.
High demands from a younger and
technically aware generation have also
driven change in how transactions are made.
Millennials tend to have a number of online
Expectations for speed, access, security and transparency accounts, so transactions will be driven not
are growing as consumers engage with technology, pushing necessarily by how the sender wants to send
a payment, but how the recipient wants to
banks to provide efficient services. Bank of America aims receive it. Banks must, therefore, offer choices
to move swiftly to achieve this, writes Briony Richter to survive in this environment.
With a growing trend for political
T
he global banking industry needs payments is holding multiple currencies. deglobalisation in some countries, and the
to create a new value model to “Now with the emergence of real-time emergence of populist parties fragmenting
maintain customer loyalty and payment infrastructure with technology their home markets, Venkat expresses
satisfaction, with strong preference like APIs, blockchain and distributed ledger his opinion on the implications for cash
for digital services now penetrating all technology, the entire payment system is management, payment and supply chain
customer segments. moving from paper to electronic. finance: “It is not that corporations are not
What changes is BofA witnessing in the “There is certainly a demand by most capable of handling this change; change is
customer base in terms of payment needs, multinational corporations which have constant. The implication for a treasury is
payment usage and preferences? operations in multiple countries to have a in a productive world. More countries are
Venkat ES, MD and head of Asia treasury global international payment hub. becoming restrictive markets where you
products and global transaction services tells “What that essentially means is having cannot move money out or in.
EPI how the whole business model around settlement in one currency and then “The challenge for corporations would be
customers is changing: “Today, corporates distributed in multiple currencies. The to manage their liquidity and optimise on
want to directly send the payment to the collections can be in multiple currencies but that liquidity, having the flexible positions
consumer and directly get the payment the settlement must be in one currency. So to be able to take on additional risks. On the
back from the consumer. That is giving an that model is not necessarily new but it is in positive side of this change, they are able to go
opportunity to move from a large-value the evolving landscape from regional payment deep into each and every market.
transfer to small-value payments, and that is hubs to global payment hubs.” “To that extent, the cost of operating would
where you see the increased usage.” go up, and as a result prices would also go up.
“The model is changing with the emergence TRANSPARENCY For me, it is about grappling with the change
of online commerce merchants. It is expected in relation to managing the liquidity and
that by 2020, 33% of sales even traditional In terms of cross-border payments, the the risk together in a country-by-country or
companies will go online,” Venkat notes. technology has not yet fully evolved to keep currency-by-currency scenario.”
“The payment structure is evolving rapidly. up with the fast pace of globalisation. It Venkat adds that treasurers need to look
The preference is to avoid cross-border high- must also overcome the hurdle of lack of at how they can use emerging concepts to
value transfers into low-value payments. We transparency. Customers expect transparency improve key indicators from the previous year.
need to get the information real-time, along in all payments they make, as well as a fast Discussing the emergence of payment
with the payment, so the sales model can and efficient approach to their needs. This ecosystems in which payments become
improve.” way banks will be able to retain customers as imbedded into activities, Venkat notes: “With
Advances in payment technology have been competition in the industry grows stronger. cash management you basically follow the
rapid. The emergence of APIs enabled data As well as distributed ledger technology flow. Therefore it will be any industry that
connectivity, allowing it to be transferred there is the Internet of Things (IoT), social has a consumer touch, where the payment is
and shared between different organisations. commerce, conversational commerce and imbedded as part of the activity.”
Now there is the emergence of international robotics. Venkat describes his view of the BofA and other banks will benefit greatly
payment hubs. Venkat explains the prospects next step in payment innovation: “IoT is very from real-time payments. Perhaps not in
for payment hubs and innovative technology: exciting. It uses the physical infrastructure the short term but, in the long run, it will
“Payment hubs are not a new concept and gathers data on how those physical enable the bank to protect its customer
they exist at a regional level. What is changing infrastructure technologies are being used, base and grow further. By offering real-time
now is most corporations want to know the and then breaks that into a commercial angle. payments, banks could also save substantially
cost of payments. A key element in the cost of There could be an explosion of payment in operating costs. <
www.electronicpaymentsinternational.com | 15
EPI November 365.indd 15 06/11/2017 09:14:21You can also read
