Immersive Trends in Payments Technology Unveiled at EBAday 2024

The landscape of payments technology is undergoing a seismic shift, driven by the rapid advancements in artificial intelligence (AI) and cloud computing, according to Finextra. As highlighted by Claudia Olsson, CEO and founder of Stellar Capacity and a Young Global Leader of the World Economic Forum, at EBAday 2023, the existing structures are ill-prepared for the disruptive potential of these technologies. Olsson emphasized the imperative to reconceptualize global architecture to harness the full potential of cloud computing and AI.

Fast forward to EBAday 2024, and these prophetic words are at the forefront of discussions. Cloud computing, touted for its flexibility and scalability, has gained traction among European banks. However, there’s a consensus that its utilization has not reached its zenith. The concept of payments-as-a-service looms large, urging payments practitioners to ponder its viability.

Moreover, the emergence of generative AI, epitomized by technologies like ChatGPT, has ignited fervent discussions. While rule-based AI has been the norm, the transformative power of large language models heralds a new era of differentiation for PSPs.

Yet, the quest for AI supremacy rages on, with US tech giants sprinting to establish dominance in generative AI. Microsoft’s Azure witnessed a staggering 31% revenue surge in 2023, attributing much of its success to AI investments. This underscores the urgency for financial institutions to embrace AI or risk lagging behind.

The cloud remains pivotal in the digital transformation of banking and payments. EBAday 2024 in Lisbon, Portugal, slated for 18-19 June 2024, promises insights into crafting strategies that streamline operations, boost scalability, and accelerate time to market in this era of technological upheaval.