The future of payments | American Banker
Transcription:
Transcripts are generated using a combination of speech recognition software and human transcribers, and may contain errors. Please check the corresponding audio for the authoritative record.
Joey Pizzolato (00:12):
The payments industry is changing at a fast clip. There’s AI, blockchain, just to name a few. Where do you think the industry is headed with these advancements?
Max Neukirchen (00:23):
I actually think one of the fascinating things about payments is the pace of change and the amount of innovation that is happening every day to make the world of payments go better. I do think that those new technologies, in particular AI and in particular distributed ledger technologies, will really reshape how payments are being done over the next few years. In what ways? Payments will become smarter. Payments will become more imminent or more instant, but payments will also hopefully become safer. And what does each of those mean? I think the technologies will help focus on taking some of the very manual aspects of payments out and allowing the payments professional to focus on the true value added tasks. So that is making payments smarter and less visible. There is the notion of more instant. There’s still a lot of pockets where money movement is not yet truly twenty four seven, 365, especially around cross-border.
(01:30):
So those technologies can help push the envelope there too. And safety and trust remains one of the absolute bedrocks in terms of how a payment system works. And those new technologies can also help make things safer.
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