PAYMENT SOLUTIONS
“ It will need to be quick to avoid issues in FX fluctuations and to stop suppliers worrying about long settlement times – this space is definitely changing and will allow us to expand where we trade quickly ,” she says .
Other experts say there will be changes that transform it entirely - and that even automation itself will be outmoded by better technologies .
Jason Ollivier , Head of Disruption for
Contis , says , “ Paytech will be unrecognisable , and the need for automation will be as antiquated as cheques are today . Processes will be so innately efficient that the idea of automation will be redundant .”
Ollivier believes that blockchain and open finance movements will be mainstream and act as channels through which data analytics optimise the act and safety of transacting .
He says , “ Something as painful as getting a mortgage will require me only to input the amount I want to borrow and the property ( including the price ) I am looking to buy . My identity will automatically be anonymised , relevant information about me will be automatically pulled ( salary , years in job , relevant bank account details ) and automatically posted for the mortgage providers to review and bid for my business , in similar way to internet advertisers bidding to put their content before an internet user based on the their browsing history .”
Ollivier adds , “ What comes back to me as a customer is a summary of offers in a form that allows me to either press ' accept ' or ' decline '. For me as the user , the process will be streamlined to such a degree that it becomes as simple as , ``this is what I want , and I accept .”