Forbes: Momentum Is Building for a 21st-Century Digital Banking Infrastructure

Forbes: Momentum Is Building for a 21st-Century Digital Banking Infrastructure

Tillman Ehrbeck shares insights in an article published by Forbes on the trends discussed at the Springs Meetings of the World Bank/International Monetary Fund (IMF) in Washington, DC.  Tilman, a former IMF employee and Advisory Council Chair to the U.N. Special Advocate for Inclusive Finance in Development, says that “while consumers have seen some digitization on the front end of financial services, the backend infrastructure where funds move through the system often still runs on decades-old technology. Modernizing fund transfers at the wholesale level would enable new product innovation and lower system costs.”

As success is gained in China through companies like Ant Financial and WeChat Pay, and internet giants like Amazon are gearing up, there is momentum toward a 21st-century digital banking infrastructure, and central and large commercial banks as well as fintech innovators are making moves.

Read more of Tilman Ehrbeck’s insights published on Forbes here, and follow him on Twitter to join the conversation.

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