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Traditional domestic and international payments and messaging processing paradigms are evolving as never before. New methods of payment are now a reality as are new payment processing hours. The latest ISO 20022 payment and message formats are adding new and different data fields and values. Central Bank Digital Currencies (CBDCs) have the potential to change the cross border payments landscape. API’s and Open Banking are allowing new players with their creative and innovative solutions to enter the payment eco-system and challenge the conventional payment processing practices and customer interactions.
The global payments landscape will continue on a path of transformative change driven by new industry initiatives. Collectively these ongoing and new payment and messaging initiatives will continue impact financial institutions—from the largest global bank to the smallest credit union. These initiatives will impact multiple areas of the bank and all payments and messaging processing stakeholders. The pace of change will only increase with innovative technologies, product and services continuing to change the cross-border payments landscape and the payments processing practices and procedures.
My name is Barry Tooker and I am here to assist you in understanding the operational impacts and implications of all of these new initiatives. For over 45 years I have been involved in operations and systems transformation and modernization related projects for global banks and hardware and software firms as both a line manager and as a consultant. I have managed day-to-day operations for major money center and super regional banks. I have planned, organized, directed, and managed major banking initiatives—including leading payment systems transformation efforts and other critical software installation projects for financial services organizations around the world. I am a past member of the Bankers Association for Finance and Trade (BAFT) Board of Directors and I currently serve as a member of the BAFT Payments Committee. I am a former member of US Faster Payments Council where I served as the Chair and member of their Cross Border Payments Workgroup and as a member of their Operational Considerations Workgroup.
For all your transformation and modernization needs contact me at btooker@transactionbanker.com
Recently I was privileged to be a participant in three timely transaction banking releases talking about the practicalities of cross border payments in a faster payments world, lessons learned from ISO 20022 migrations and an Off the Rails podcast with Reed Luhtanen Executive Director of the US Faster Payments Council and Jonathan Holland Vice President, Account Management at Mastercard talking about cross border payments, CBDC’s and Formula 1.
Here are links to all of these releases.
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