Faster payments and core systems: DigFin VOX Ep 14

Banks have been busy rolling out instant payment products. Customers simply expect payments to be done in real time, seamlessly. This is putting a strain on banks’ legacy core systems – indeed, driving them to the point where financial institutions can no longer delay major replacements.

Roland Brandli runs digital payment controls at SmartStream Technologies. Based in Dubai, he helps financial institutions worldwide integrate controls (such as APIs), and is now helping COOs and CTOs transition outdated tech to stacks designed to support real-time processing.

• Timecodes:
• 0:00 – Roland Brandli, SmartStream
• 1:03 – Unexpected impact of banks handling instant payments
• 2:15 – The problem with international standards
• 3:56 – Why systems aren’t interoperable, yet
• 4:51 – Hidden costs, competitive issues for legacy I.T.
• 6:32 – Incumbent banks versus fintechs, neobanks with built-for-purpose tech stacks
• 8:34 – Choosing partners, understanding processes
• 9:45 – This is the turning point for legacy tech
• 13:50 – AI, blockchain, buzzwords versus real use cases
• 16:50 – From traditional silos to just-in-time processes
• 20:11 – Vendors also changing their tech stacks
• 22:10 – Dealing with the complexity of integrating control systems, eg APIs
• 24:03 – Lessons for banks from Facebook’s big shutdown