The second Deloitte Future of Payments event in Zurich on 19th October 2023 was a stimulating exploration of insights, innovations and trends that are shaping the payments sphere, both globally and in Switzerland. The event included keynote speeches and a panel session with experts from the payments industry and the regulatory community. Furthermore, attendees were able to forge valuable connections with others in the industry.

As part of the Payments event, the results of the Deloitte Payments survey 2023 were shared, together with an assessment of recent trends in payments.

Here is a brief summary of the key survey findings and trends:

Strategy and expectations:

• 45% of survey respondents consider payments to be a strategic driver and 55% see payments as a need-to-have commodity.

Payments services and their challenges:

• Best-in-class payments services:
  
  • Card issuance is provided as an excellent service that acts as a revenue driver (e.g., interchange fees, foreign exchange rates),
• Three main challenges have been identified:
  
  • Implementation of SIC5/ Instant payments,
  • Compliance requirements (e.g., AML, fraud),
  • Implementation of new payment trends (e.g., open banking).

Modernisation of processes:

• 90% of survey respondents see some benefits to be obtained from the introduction of instant payments, while 10% plan to only meet regulatory requirements.
• Straight-through processing (STP) of payments is interrupted most likely due to necessary manual process steps and false-positive compliance hits.
• The majority of respondents had already launched initiatives to modernise their payment processes.

Deloitte also shared thoughts on the future of payments:

Distinguished keynote speakers gave presentations on pivotal subjects such as embedded finance (Marianne Wildi, CEO of Hypothekarbank Lenzburg) and payments as a service (Brigitte Schönegger, Sales DACH Executive at Finastra). Santosh Ritter (Country Manager of VISA Switzerland) delivered a fireside chat.

In the concluding session, moderated by David Frei (Director & Payments Lead at Deloitte Switzerland), a panel discussion delved into three critical aspects of payments: markets & customers; technology; and regulation.

“In the near future, payments will become an even more important key for banks to be close to their customers" stated by Cyrill Kiefer, Partner at Deloitte Switzerland.

Key contact

Cyrill Kiefer - Banking Leader Deloitte Consulting Switzerland

Cyrill leads the Banking practice of Deloitte Consulting Switzerland. He has successfully led various «end-to-end» transformation projects from strategy to go-live in the area of trading, sales excellence, digitalisation and organisational change management. He has more than 20 years of consulting experience in serving retail- and private banks as well as market operators. Cyrill focuses on the interaction between banks and clients by articulating digital visions and strategies including the design and implementation of digital solutions and the respective operating model.

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David Frei - Director, Swiss Payments Lead 

David is a Director at Deloitte’s Consulting division in the Financial Services Industry (FSI). He is in the Role of Swiss Payments Lead and holds 15+ years of experience in Payments Transformation. David participated and oversaw in transformation projects with global FSI customers focused on Banking and Retail Payments, Payments Strategy and TOM Implementation, Instant Payments, Request to Pay (RTP), Account to Account Payments, ISO 20022, Open Banking, PSD2 and more broadly Digital and Corporate Banking. He has vast experience in Retail Payments, Acquiring, Payment Service Providers(PSP), Omni-Channel Payments and Payment Methods as well as in Issuing including Payments Infrastructure at Merchant’s premise and E-Commerce.

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