Then organizations have to test with multiple counterparties and if problems are discovered, it may require further renovation and retesting. Each step is very time consuming and absolutely essential, and it is anticipated that costs associated with getting it done will rise appreciably as strains on labor markets to support such testing grow.
The group has now started delivering on its mandate. For the working group to be successful, banks should see the evolution towards open banking as an opportunity to renew their innovation strategy and client focus, in a changing global environment. Instant payments are another enabler for innovative payment solutions.