The accelerated digital transformation caused by Covid-19 pandemic and precautionary restrictions of social distancing has increased consumers’ expectation as they are now demanding higher level of digital services with real-time, fast, secure, and reliable payment systems.

This shift has put a bigger burden on regulators and financial institutions to advance the payment market infrastructure as they need to identify how to inter-operate with multiple payment schemes around the world, combat the increased risk of fraud, and develop new services to realise value for their customers and shareholders. In addition to this, with the growing adoption of instant payment systems, the new financial payment regulations such as the PSD2 and ISO 20022, financial institutions in the region are under pressure to deliver real-time payment services domestically and cross-border in this new fast-paced digital marketplace.

Achieving 24-7 payment domestically and cross-border in real-time, however, often comes with several challenges making it imperative for regulators and financial institutions to reform the current business models and adopt latest standards and systems.

As the Instant Payment System and ISO 20022 are being adopted in the region, the Future of Payments Middle East and Africa Digiconference will bring together CIOs, CDOs, payment and compliance leaders from the region and payment technology experts to look at the implementation of the region’s payment system and how the sector can successfully transform the sector to become Instant Payment and ISO2002 compliant.