Recent trends in global finance indicate a dramatic shift in the landscape of cross-border payments. In 2022 alone, the value of cross-border payments surged to over $150 trillion, marking a significant increase from previous years and highlighting the critical role these transactions play in the global economy (Visual Capitalist). This rapid growth underscores the pressing need for more efficient, transparent, and reliable cross-border payment solutions.
The cross-border payments market is vast and continuously growing, driven by increasing globalization and digital commerce. However, traditional methods of handling these transactions often fall short, plagued by issues such as high transaction costs, lengthy processing times, and limited transparency (EY US) (McKinsey & Company). The EvonSys Payments Platform addresses these challenges head-on by integrating seamlessly with SWIFT services.
EvonSys, a global leader in low-code solutions and a Platinum Sponsor at Pega World 2024, unveiled its groundbreaking EvonSys Payments Platform (EPP). An innovative platform that promises to transform the way financial institutions interact with their retail banking customers when it comes to handling cross-border payments, setting new standards for transparency, traceability, and efficiency.
EPP leverages advanced technologies, including SWIFT GPI, SWIFT Go, SWIFTRef, and pre-validation services, to ensure data accuracy and reduce transaction delays. By providing real-time insights into fees, exchange rates, and delivery times, EPP allows financial institutions to offer their customers a more transparent and efficient payment experience. The platform's real-time tracking feature ensures that payments can be monitored throughout their journey, from initiation to final credit.
Built on the robust Pega Infinity platform, the EvonSys Payments Platform embodies Pega’s "build-for-change" philosophy. This approach enables rapid adoption of new services, standards, and API specifications, ensuring that banks and their customers benefit from the latest innovations in the payments ecosystem.
Andy Elliott, Vice President of Product Strategy at EvonSys, emphasizes the transformative potential of EPP:
"We are proud to introduce the EvonSys Payments Platform at Pega World 2024. As we prepare to unveil the EPP, we invite you to join us in a movement toward a future where transparency and efficiency are at the heart of every financial transaction."
Since early 2024, EvonSys, Swift and 24 other organizations, representing a combination of financial institutions and business application providers, have been collaborating to show how Swift capabilities can benefit end customers. The goal of this collaborative exploration phase is to develop mutually agreed quality guidelines, as well as APIs for embedding Swift services into customer facing channels to help meet consumer expectations around transparency, simplicity, and security.
The launch of the EvonSys Payments Platform at Pega World 2024 was a resounding success, garnering significant interest and positive feedback from attendees. This innovative platform is poised to redefine the cross-border payments landscape, offering enhanced transparency, traceability, and efficiency. Financial institutions adopting EPP can expect not only operational improvements and cost reductions but also superior customer experience. EPP helps banks stay ahead in the rapidly evolving payments industry by integrating advanced features and maintaining a forward-thinking approach.
For more details about the EvonSys Payments Platform, visit our EPP page.
.png)
