For the millennial generation, paying for a latte using a contactless card, transferring money to a family member or friend online or buying a pair of trainers with “one click” has become the norm. This generation has not only shaped and driven the payments revolution, but is also playing an active role in developing a lot of the payment technologies emerging today.
The landscape of cross-currency (FX) payments is taking on a whole new look – creating challenges for corporate financial managers and the need for new banking solutions.
Crosstown Civic Credit Union, a 31,000-member institution in Winnipeg, Canada, is modernising its digital banking delivery channels with Central 1 Credit Union. Crosstown Civic CU is implementing Central 1’s MemberDirect platform, provided on a hosted basis.
There is little doubt that there is some very innovative work being carried out in the payments world. Digital technologies, including distributed ledger and artificial intelligence, are beginning to be applied to retail and corporate payments. But in the age of digital finance, a dinosaur of payments – cheques – persist.
Intelligent Processing Solutions (iPSL), a UK-based cheque clearing firm owned by Unisys, plans to close down seven of its nine locations in 2018. This puts 600 jobs at risk, according to trade union Unite.
