Payments are one of the core activities and sources of profit for financial institutions. Once characterised as a stable and locally based sector within Financial Services, the payments industry has transformed into a dynamic and rapidly changing international environment.
Taking payment cards as an example, rapid improvements in national telecommunications infrastructures have considerably reduced the costs of existing cards acceptance technology. Furthermore, the evolution of mobile technology has resulted in an enormous boost of innovations in mobile and contactless payments.
Financial institutions nowadays are confronted with increasing regulatory requirements, higher client demands and increasing competition. These are all forces causing clients to reconsider their strategy, improve their efficiency and standardise their way of working.
The introduction of SEPA (Single Euro Payments Area) and PSD (Payment Services Directive) force suppliers of payment and transaction banking to change their infrastructures and product offerings. The foundations of these infrastructures were often developed decades ago and have since then only been upgraded incidentally. However, there is a maximum amount of upgrades and maintenance any infrastructure can withstand. This has lead, and will lead, to a redevelopment of existing payment and transaction infrastructures within a large number of financial institutions.
Double Effect is specialised in change management in the heart of financial institutions with extensive experience in payments and transaction banking. We have in-depth knowledge of the latest trends regarding products, service offerings and changes in regulatory requirements. This, combined with our experience in other areas of both national and international banks, allows us to understand, oversee and control the entire payments value chain.
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