Are banks ready for the wave of transformation?

At EBAday 2024, Daniel Hurst, EMEA Head of Products and Services for B2B Payments and Money Movement at FIS Global, gives his thoughts on how banks are prepared for the rollout of instant payments and in particular the January 2025 deadline for inbound payments. It was evident at EBAday that while some banks are taking compliance very seriously, other financial institutions are in talks with regulators to extend deadlines or are campaigning against it, citing PSD3 and claiming their organisation falls outside the rules’ jurisdiction. The industry also needs to consider whether banks are ready to migrate all processes to real-time, as this means that in addition to speeding up payments, core banking, reconciliation and fraud prevention will also need to keep pace. For banks that are not currently operating 24/7/365, this will be a radical change.