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https://www.fintechf.com/01-news/exclusive-predicting-the-unpredictable-ad-van-der-poel-bank-of-america-in-the-fintech-magazine-2/

Exclusive: 'Predicting the unpredictable' – Ad van der Poel, Bank of America in "The Fintech Magazine"

2020-09-09 14:29:14, Author: Lauren Towner, Fintech Finance

Content Categorization
/Business & Industrial
/Finance

Word Count:
1193

Words/Sentence:
28

Reading Time:
7.95 min

Reading Quality:
Adept

Readability:
13th to 15th

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Van der Poel goes as far as describing ISO 20022 as a 'foundational change for our industry', and that's because of the sheer volume of data that will be unlocked as different countries' specific payments systems eventually become interoperable.

Describing the fast-evolving payments ecosystem, van der Poel says: "Initially, many were focussed on digitising the payment component, but we and our clients are now very much focussed on digitising the whole trade.

"From the consumer's perspective, everything needs to be easy to use and customer-friendly; globalisation is increasingly affecting payments; and let's not forget that we need to make sure we are compliant, transparent and doing the right things," says van der Poel.

Emphasising its impact, van der Poel says: "In deploying ISO 20022, we get a lot more data that's richer and delivered in a structured format.

Cashflow forecasting is an area where van der Poel sees big improvements being made as fintechs step in to develop tools to analyse this newly-harvested data."

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