The Future of Payments is Invisible

Top Trends By CIO September 20, 2021

CIO magazine runs a new story that features comments by Amit Sharma, former Chief Information Officer of Western Union.

In the feature, the magazine looks to the future trend of payments being seamlessly integrated into everyday life, and the future is increasingly now, they say.

“Digital-only financial services that have been popular with millennials are being increasingly adopted by all segments of society,” Sharma says.

The technology is already here, and security is ready to handle the challenge, the magazine says.

“Western Union is embracing and adopting cloud platform capabilities to cater to key strategic business demands, such as greater business agility, intelligence, automated data capabilities, and better customer/user experiences,” notes Sharma.

“We never have to worry about purchasing, deploying, and managing infrastructure-related services, so our people can focus all their time on innovation, developing new products and services for our customers,” he adds.

Sharma concludes that “a truly interoperable, standards-based, sustainable network ecosystem of money and value transfer will evolve over time….while standards like ISO 20022 are evolving and increasingly being adopted, closed versus open ecosystem challenges, country-level data specifications, legislation, consent — and ultimately digital identity and trust — will take center stage in the future of payment transaction processing.”

This article was written by CIO and originally published on CIO. A subscription may be required.