With increased scrutiny of cyberattacks, global supply chain instability, and slow recovery, agencies are seeking strategies to improve efficiency and security.
But what direct steps are some of the major international players taking to improve their standing on the world stage?
Commerzbank’s strategic approach to cross-border payments
Commerzbank, a banking giant, is focused on revolutionizing payment platforms using ML technology.
The project aims to enhance the processing of cross-border payments through the SWIFT network and expedite high-value and urgent transactions through the TARGET 2 and EURO 1 payment systems.
At the heart of this transformation is PPI's TRAVIC-Payment Hub, a platform familiar with the ISO 20022 format.
By the end of 2025, Commerzbank aims to process all payment messages in Germany, including high-value payments and correspondent bank payments, in this universal financial language.
Simone Lofgen, Global Head of Payments Platforms, said this ISO-native IT platform is essential for reliable international payments obligations, significantly enhancing payment execution services and driving innovation in cross-border payments. claims to usher in a new chapter.
Visa’s AI-powered fraud prevention solution
Visa announced three AI-powered solutions within its Visa Protect suite designed to prevent fraud in the digital payments space.
These innovations are a testament to Visa's commitment to security, backed by an incredible $10 billion investment in technology over five years.
Visa's superior capabilities in AI helped stop US$40 billion in fraud, nearly doubling its impact year-over-year.
The suite includes Visa Deep Authorization (VDA), a deep learning model that excels in managing card-not-present (CNP) payments, Visa Advanced Authorization (VAA), and Visa Risk Manager (VRM) for non-Visa card payments. contained.
Additionally, Visa has introduced real-time account-to-account payment protection, a first for instant payments.
Scheduled to launch in the first half of 2024, these solutions promise to reshape the fraud prevention landscape by leveraging Visa's AI expertise to protect transactions around the world.
Modern Treasury Professional Services for Payment Infrastructure
Modern Treasury is at the forefront of payments infrastructure transformation, providing professional services designed to help businesses scale and innovate.
This suite of services is tailored to guide customers in implementing the Modern Treasury platform, ensuring seamless integration into existing systems.
This service includes premium support for your customized needs, ongoing infrastructure support, and bespoke integrations with banks, card processors, ERP, and internal systems.
Additionally, we provide strategic advice on payments and ledger management to help you make long-term decisions to extract value from your payments and reconciliation systems.
Co-founder and CEO Dimitri Dadiomov emphasizes the need for a modern financial infrastructure that allows real-time transfer, tracking and reconciliation of funds.
Modern Treasury's platform is uniquely built to address the complexities of high-volume payments, establishing itself as the only solution designed to address the challenges of moving funds at scale.
Deutsche Bank issues Singapore dollar bonds
Deutsche Bank has successfully diversified its funding strategy by issuing S$400 million in senior non-preferred bonds.
This is the agency's second foray into the Singapore dollar market, following its initial issuance and subsequent investor roadshow.
Proceeds will be used for general corporate purposes, taking advantage of favorable market conditions that have generated strong demand from investors in Asia Pacific and the rest of the world.
Jonathan Blake, Head of Issuance and Securitization, affirms that the move is evidence of Deutsche Bank's strategy to expand its funding across diverse currencies and markets and strengthen its position in the Singapore dollar market. .
Technological innovations affecting payment systems
The payments industry is being transformed by AI, IoT, and blockchain.
AI improves fraud detection and enhances customer service. IoT devices, on the other hand, enable autonomous transactions and embed payment functionality in everyday goods.
Blockchain’s distributed ledger promises secure and transparent record-keeping and speeds cross-border payments.
Collectively, these technologies will drive the transition to a cashless society and support frictionless transactions and financial inclusion.
As these innovations gain momentum, they promise to reshape the payments landscape by delivering efficiency, security, and scalability.
This convergence of technologies will usher in a new era of digital payments where convenience and reliability are paramount.
