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What is the Most Outdated Payments Practice? | FF News at Pay360
In this video from the Pay360 conference in London and as part of our quickfire questions round we asked the attendees what the most outdated payment processes are. They eloquently touched upon a few specific practices in the financial industry that are obsolete.
Starting with a Lithuanian point of view, the question of unnecessary bureaucracy during the process of opening a new account is brought up. There, it is required that all papers must be both verified and notarized, which makes it quite difficult for the market participants to initiate, grow, or even renew their business. It serves as a strong sign of the fact that there are still regulatory barriers in the way of the smooth evolution of a sector in such regions, even when the market is implementing more digital solutions.
The conversation goes on to describe checks, specifically, the paper ones and while some progress has been made in this area but still, a big part of the checks comes not in electronic form, but stays in the paper format.
To conclude, the attendees we spoke to gave a truthful observation on the complication in the payment space.
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