Global Trends Affecting the Future of FinTech

A recent report details global trends in payments and their impact.

Date:Dec. 11, 2018

The world of FinTech is large but connected. When an innovation has an impact in one market, it is often felt in several others.

 

And that impact can spread, like a ripple in a lake, until it reaches every market.

 

SWIFT, a global financial support company, recently released a white paper report detailing many of the trends that are contributing to "a global transformation of payments," starting with European markets.

 

As it has with many other industries, technology is the biggest factor in this shift. According to SWIFT's report, the digitization of the consumer experience has changed consumer expectation. Fast and frictionless payments are now the standard, not the exception. Fortunately, companies like InComm have invested heavily in the rapid development of payment technology, allowing us and others to keep pace and offer products to fit these evolving needs.

 

SWIFT focuses on four global payment trends it has seen develop from this growth in technology:

  • Open banking, which will make it possible for FinTech companies to continue to offer new products and services.
     
  • Instant payments that will lead to cross-border payments and payment convergence.
     
  • The redesign of many payment market infrastructures.
     
  • The global adoption of ISO 20022, a new standard for data exchange.

 

This kind of growth and evolution is exciting for companies in the FinTech space. It opens up a lot of opportunities to have an even greater impact on the commerce experience around the world through new products and services. With 19 offices across the globe and products in more than 30 international markets, we are interested and invested in just how these trends will affect our global partners and their customers.