Amid increasing scrutiny on cyber attacks, global supply chain volatility and slow recovery, institutions are looking for strategies to improve their efficiency and security.
But what direct steps are some of the key international players taking to boost their position on the global stage?
Commerzbank’s Strategic Initiative for Cross-Border Payments
Commerzbank, a titan in the banking sector, has focused on using ML technology to revolutionize its payment platform.
The project aims to enhance the processing of cross-border payments through the SWIFT network and expedite high-value, urgent transactions via TARGET 2 and EURO 1 payment systems.
At the heart of this transformation lies the TRAVIC-Payment Hub by PPI, a platform adept in the ISO 20022 formats.
By the end of 2025, Commerzbank aspires to process all payment messages in Germany in this universal financial language, encompassing high-value payments and correspondent bank payments.
Simone Loefgen, Global Head of Payment Platforms, asserts that this ISO-native IT platform is indispensable for reliable international payment mandates and will significantly enhance services for executing payments, heralding a new chapter of innovation in cross-border payments.
Visa’s AI-Powered Fraud Prevention Solutions
Visa has unveiled a trio of AI-powered solutions within its Visa Protect suite, designed to guard against fraud in the digital payments arena.
These innovations are a testament to Visa’s commitment to security, backed by a staggering US$10bn investment in technology over five years.
Visa’s prowess in AI has been instrumental in thwarting US$40bn in fraudulent activity, showcasing a near doubling of efficacy from the previous year.
The suite includes Visa Deep Authorization (VDA), a deep learning model adept at managing card-not-present (CNP) payments, Visa Advanced Authorization (VAA), and Visa Risk Manager (VRM) for non-Visa card payments.
Additionally, Visa introduces a real-time, account-to-account payment protection service, a first for immediate payments.
These solutions, set to launch in the first half of 2024, promise to reshape the landscape of fraud prevention, leveraging Visa’s AI expertise to safeguard transactions across the globe.
Modern Treasury’s Professional Services for Payment Infrastructure
Modern Treasury is at the forefront of payment infrastructure transformation, offering Professional Services designed to empower enterprises to scale and innovate.
This suite of services is tailored to guide customers in implementing the Modern Treasury platform, ensuring a seamless integration into their existing systems.
The offering encompasses premium support for customized needs, ongoing infrastructure support, and bespoke integrations with banks, card processors, ERPs, and internal systems
Additionally, it provides strategic advisory on payment and ledgering, aiding long-term decisions that unlock value from payments and reconciliation systems.
Dimitri Dadiomov, co-founder and CEO, highlights the necessity for modern financial infrastructure capable of real-time money movement, tracking, and reconciliation.
Modern Treasury’s platform is uniquely crafted to address the complexities of high-volume payments, positioning itself as the only solution designed to tackle the challenges of money movement at scale.
Deutsche Bank’s Singapore Dollar Bond Issuance
Deutsche Bank has successfully diversified its funding strategy with the issuance of SGD400m in senior non-preferred notes.
This marks the institution’s second foray into the Singapore Dollar market, following an inaugural issuance and subsequent investor roadshow.
The proceeds are earmarked for general corporate purposes, leveraging a favourable market environment that attracted robust demand from investors across Asia Pacific and beyond.
Jonathan Blake, Head of Issuance and Securitisation, articulates this move as a testament to Deutsche Bank’s strategy to broaden its funding across diverse currencies and markets, reinforcing its standing in the Singapore Dollar market.
Technological Innovations Impacting Payment Systems
The payment industry is undergoing a seismic shift, propelled by AI, IoT, and blockchain.
AI refines fraud detection and enhances customer service, while IoT devices enable autonomous transactions, embedding payment capabilities into everyday objects.
Blockchain’s decentralized ledgers promise secure, transparent record-keeping, expediting cross-border payments.
These technologies collectively drive the transition towards cashless societies, underpinning frictionless transactions and financial inclusion.
As these innovations gain traction, they promise to reshape the payment landscape, offering efficiency, security, and scalability.
The convergence of such technologies brings a new era of digital payments, where convenience and trust are paramount.
