Payments in the modern economy

Digital payments have become essential in recent times, but they remain complex, especially when sending money across borders. Developing technologies like open APIs and greater standardisation can progress payments to the next level. 

The Banker Viewpoint Series is sponsored by SWIFT but independently edited.

In discussion: 

• Finding common ground: The payment economy is becoming more complex, but with differences between industries. Regulation and the growth of ecommerce has encouraged the creation of a common ground. Ole Matthiessen, global head of cash management at Deutsche Bank, explains how the bank is supporting its customers. 

• Technology pushes progress: Payments are becoming more sophisticated, thanks to the emergence of technologies like artificial intelligence and open APIs. Tom Halpin, executive vice president at HSBC, discusses how the bank is working towards the future of payments. 

• What customers want now: Business and retail customers alike are expecting more than ever from payments, which is creating challenges and opportunities for banks. Manish Kohli, global head of payments and receivables at Citi, explains how the bank is providing solutions for its clients. 

• Standards and streamlined payments: Payments have evolved, but this has created challenges. Open APIs and standards have made the process more streamlined, explains Sara Castelhano, head of payments and digital product for EMEA, wholesale payments, at J.P. Morgan. 

• Centralisation for next level of payments: Sending payments can be a complex process with a number of difficult points. Harry Newman, head of payments strategy at Swift, explains how they are looking to overcome this with centralised processing. 

• Banks pushing forward: Even with so much innovation, payments are still evolving. Philip Panaino, global head of cash management at Standard Chartered, explains how context aware and invisible payments are the next step. 

In conversation with:

• Harry Newman, head of payments strategy, SWIFT 
• Philip Panaino, global head of cash management, Standard Chartered
• Manish Kohli, global head of payments and receivables, Citi
• Sara Castelhano, head of payments and digital product for EMEA, wholesale payments, J.P. Morgan 
• Ole Matthiessen, global head of cash management, Deutsche Bank 
• Thomas Halpin, managing director, global head of payments product management, HSBC