PayThink

Over the last six months, the movement has shown it is ready to step up during challenging times, including doubling down on service and rolling out new digital products.

Alternative payment methods such as bank transfers, e-wallets, cash-based payments and other payment types are currently the vast majority of e-commerce transactions globally, says PPRO's James Booth.

For all the damage from the pandemic and economic downturn, this crisis has not impacted liquidity. Lawmakers would be foolish to permanently alter the Central Liquidity Facility.

Blockchain's cross-border power eliminates the intermediary and solves the problem of rendering the traditional processing system redundant, and processes the payment on a chain with no middleman intervention, says ForumPay's Joshua Tate.

The plan would encourage more risk-taking by big banks, which would put the industry and taxpayers in harm’s way, write former CFPB Director Richard Cordray and Camden Fine, onetime head of the Independent Community Bankers of America.

Integrated payments have rapidly become critical to maintaining, and in some cases improving, operational stability, says Paya's Jeff Hack.

Sellers need to start implementing the right technologies now, in order to support the retail landscape of tomorrow, says Sorted’s David Grimes.

While companies may already have technology in place that supports efficient payments and collections in their home region, treasurers and finance managers need to reflect the diverse and evolving payment and collection demands of customers and suppliers in each market, says Standard Chartered's Tarek Elyafi.

Businesses must take steps to manage Shadow Code data breach risk by applying timely security patches and upgrading vulnerable open source libraries and third-party plugins, says PermiterX's Ameet Naik.

Many of the changes on the horizon were inevitable, but the pandemic has accelerated the shift to digital payments and finance, forcing banks to reevaluate their models and pivot toward faster technology adoption.