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Payments transformation discussed at BAFT event

BAFT Europe Bank to Bank Highlights

 

The Bankers Association for Finance and Trade (BAFT) hosted the Europe Bank to Bank Forum in Madrid, Spain earlier this month.

The evolution of the bank-to-bank practices were debated with representatives from banks, SWIFT, Visa Europe and Ripple.

The panelists found common ground on the topic of interoperability. Banks and fintechs agree that internet connectivity between bank’s core systems is necessary to revolutionizing the way money is sent around the world.

A Ripple representative said: “Correspondent banking isn’t going to disappear, but the model will evolve — and needs to — in order to keep up with the demands of banks customers. Banks recognize that in order to meet their customers future demands they need to be working with smart fintechs like Ripple, who are trying to build the next iteration of payments.”

Discover the full report here.