Article excerpt from Datamanager by Piero Bucci, June 21st, 2017
Interview with Stefano Trinci, Payments & Trade Finance Manager of Enterprise
Payment System area is completely changing to offer, at competitive prices, services which keep up with new cooperativeness. Under pressure from regulatory issues as well as new functional and business models, the breaking force of new unconventional players impels both technological and cultural leap. SCT (SEPA credit transfer) Instant, its first version scheme issued by EPC (European Payment Council), on the one hand, and SWIFT GPI (Global Payment Innovation), on the other hand, are the newly launched initiatives, compatible with a common d-payment implementation strategy – as tells Stefano Trinci, Payments & Trade Finance Manager of Enterprise
Such innovations invest internal regulations and processes more than SEPA and PSD did. the Processes will then be reviewed for several players: customers (SWIFT GPI, instant payment), back-office, AML (anti-money laundering), treasury (SCT Instant), and therefore the approach to compliance will be crucial for financial institutions. «The project’s governance draws theoretical guidelines and let the market to select a specific standard» – continues Trinci. «The risk is fragmentation, especially at the beginning, when a specific standard will not yet impose upon the others». For example, let’s imagine a Payment Initiation Service Provider (PISP) which has to integrate so many different APIs as many are the institutes to be interfaced. In that case, the keyword will be: open API and interoperability, collaboration and sharing, and only a cooperative humus will lead the new payment instruments to widely spread.
«In few words – concludes Trinci – banks will have to open some services up to direct competitors and TPPs. But they won’t give ‘for free’ their precious information only if they have the ability to build, on mutual exchange, an alternative business: new ways for customers’ on-boarding, value-added services, KYC (know your customer) and cross-selling opportunities». The keyword is ‘instant’, and more than ever it is vital to be among the frontrunners and rely on pioneer suppliers.
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