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,

Introduction

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 Need for Enhanced Cross-Border Payments

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.

Introduction to the EvonSys Payments Platform

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.

Features of the EvonSys Payments Platform

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.

A Commitment to Innovation

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."

The SWIFT Factor

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.


Julien Lajeunesse, Head of Front-End Enablement at Swift, said: “Customers increasingly expect their cross-border payments experience to match the one they receive domestically. Swift is committed to enabling our community to provide a first-class service directly to their end-users, improving upfront transparency, certainty and speed for those sending money around the world. We’re delighted to be working on a pilot with financial institutions and business application providers to integrate Swift solutions into customer-facing channels, improving the cross-border payments experience for individuals and businesses.”

Conclusion

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.

What’s a Rich Text element?

The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.

Static and dynamic content editing

A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!

  • This is a list

How to customize formatting for each rich text

Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.

Related Articles

Safeguarding Your Business: EvonSys MSP's SOC as a Service for SMEs

Read More

Leveraging Managed IT Services for Retail Sector Excellence: A Comprehensive Analysis of Benefits, Challenges, and the EvonSys MSP Advantage

Read More

Whitepaper: Unlocking the Power of Zabbix Version 7 for Infrastructure Monitoring in SMEs

In the digital age, small and medium-sized enterprises (SMEs) must leverage cutting-edge technology to stay competitive. Robust, scalable, and cost-effective infrastructure monitoring is crucial for maintaining optimal performance and business continuity.
Read More

Weathering the Storm: Business Continuity Planning After the CrowdStrike Incident

The recent Crowd Strike incident, where a defective update temporarily disrupted service for many users, serves as a stark reminder of the vulnerabilities inherent in our reliance on third-party security solutions.
Read More

Modernizing Cross-Border Wire Transfers: How Banks are Evolving to Compete with FinTechs

In today's globalized world, cross-border wire transfers have become a fundamental aspect of international commerce and personal finance.
Read More

A Whitepaper: Leveraging MSP for Remote IT Consumer Support

In today's digital world, businesses rely largely on technology to run smoothly and efficiently.
Read More