Instant Payments

The Future of Finance Meetingwill bringClearing Banks, Challenger Banks, Technologists and Regulatorsto explore where progress is being made, where and why it is being held up, and if the destination is worth striving to reach.This is a confidential meeting where Chatham House rule applies to encourage open debate and discussion.Future of Finance has one overriding goal. It is to host meetings that bring together all parts of the financial services industry – banks, challenger banks, brokers, asset managers, insurers, financial market infrastructures, technology companies, data vendors,FinTechs, central banks, regulators and policymakers – to discuss and explore the current state of play, likely future outcomes, and how all parts of the eco-system can work and evolve together to create open, trustworthy and prosperous financial markets.

Future of Finance

How much does it cost to make a retail payment? When the European Union (EU) investigated this question back in 2012 it estimated that the answer for the 27 member-states was €130 billion, a figure close to 1 per cent of the total GDP of the EU.<A TARGET="_blank" TITLE="" REL="nofollow noopener noreferrer">[1]</A> According to the Nilson Report, merchants in the United Staes paid credit and debit card providers nearly US$90 billion in processing fees in 2016.<A TARGET="_blank" TITLE="" REL="nofollow noopener noreferrer">[2]</A> If transaction costs are the principal cost of doing business in a modern economy, there is clearly plenty of room for the payments industry to make banks, retailers and consumers better off. Effective solutions, including the elimination of cash, cheques and perhaps even debit and credit cards, are now available thanks to digital technology and regulatory measures designed to foster open banking. But if the old world of payments is dying, the new world payments is struggling to be born. Around the world, the symptoms of an industry undergoing change are evident in growing pressure for instantaneous payment, rising competition from non-bank Fintechs, the shifting investment priorities of established market infrastructures, the growing interest of central banks in digital currencies and the appetite of traditional banks for data-driven overlay services. As with every Future of Finance panel, our panellists will explore are how the old world and the new can work together to cut costs, drive innovation and increase growth and prosperity for everybody.
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<A TARGET="_blank" TITLE="" REL="nofollow noopener noreferrer">[1]</A> European Central Bank, The Social and Private Costs of Retail Payment Instruments: A European Perspective, Heiko Schmiedel, Gergana Kostova and Wibe Ruttenberg, Occasional Paper Series No 137, September 2012.
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<A TARGET="_blank" TITLE="" REL="nofollow noopener noreferrer">[2]</A> U.S. Merchants Paid $88.39 Billion in Card Fees in 2016, The Nilson Report Merchant Fees Report, 18 May 2017.
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Instant Payments

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