1. Adapt
2020 Payments Transformation Survey – Results from the sixth annual Fiserv-commissioned payments survey of financial institutions show that payment experience is taking center stage and redefining the direction of the industry. The survey indicates that financial institutions are focusing on payments modernization initiatives, including instant payments, the move to ISO 20022 and the adoption of open banking. At the same time, there's a strategic shift to determining how those changes can work together in an ecosystem and drive value for financial institutions and consumers. For highlights from the survey, read our blog, and to learn more, access the full survey report "Payments Transformation: Immediate, Intelligent and Inclusive.”
Remaining Relevant in a Rapidly Changing Payments Ecosystem – Read this blog to learn what's driving the daunting pace of payments evolution and what strategies financial institutions should consider in light of those shifts. Both consumers and businesses expect seamless and intuitive payment experiences. Financial institutions must decide if payments are a strategic pillar or supporting function and then work with their technology partner to best serve their customers’ needs, which will enable them to remain relevant and profitable.
Managing the Transition from LIBOR to SOFR – Long a widely used benchmark for short-term interest rates, LIBOR is expected to be discontinued at the end of 2021. SOFR, the rate that is recommended as a replacement for LIBOR in the U.S., offers several methodologies and configurations for accruing interest on loans. Read our new point-of-view paper, which includes suggestions for employing the SOFR accrual methodologies, features and configurations and a LIBOR-to-SOFR migration checklist for those financial institutions with loans in their portfolio that will be affected by the cessation of LIBOR.