FURT2025
FR ANK
PAYMENTS ARCHITECTURE
Toine van Beusekom argues for banks to shape their own destiny by taking a future-facing approach to payments. A2A could be the key For years, banks have operated with fragmented payment systems, focussing more on regulatory deadlines than future-proofing their technology stack. While using multiple engines to process different payment types – often with an ISO 20022 mapper to support – might have worked during a period of low-volume real-time transactions, it’s becoming clear that this will work going forward. In a world of rising customer demands for fresh, easier, cheaper solutions, and surging instant payment networks – SEPA Inst becomes fully operational this October – they need something more. Toine van Beusekom, Strategy Director at Icon Solutions, believes one of the biggest opportunities for banks to
reclaim ground lost to fintech challengers lies in crystallising their account-to-account (A2A) payment capabilities to deliver true innovation. A2A payments, which promise speed, simplicity, and cost-effectiveness over card-based alternatives, represent a significant opportunity for banks, says Beusekom. “The top priority, however, is resilience,” he cautions. “A bank won’t get in the news for delivering faster payments, but if it’s relying on outdated technology, or hasn’t built a scalable new solution, it’ll eventually be in the news for system outages t hat prevent people from going about their daily lives.” Beyond resilience, there’s another risk: increasing difficulty in introducing new products or services.
Toine van Beusekom, Strategy Director at Icon Solutions
“Put simply, banks that are still relying on outdated systems will find it harder to innovate,” adds Beusekom. Currently, fintech challengers are offering alternatives like crypto rails and instant payments through card networks such as Visa and Mastercard. These innovations are driving the shift away from traditional banking rails, thanks in part to a lack of unified protocols and outdated banking networks. So, can banks overhaul their existing systems and match the pace of change? Beusekom is optimistic that they can – if they take a strategic approach. “It’s about understanding why they’re transforming, what success looks like, and how they get there,” he says. This shift involves replacing legacy systems with more efficient, future-proof solutions – reflecting the increasing
A fresh frontier: Banks need to equip themselves for the challenges ahead
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