ISC: Banks Need to Leverage Technology to Retain Share in Payment Market

Banks have to keep abreast of innovative technologies mainly when it comes to payment instruments to be able to maintain their fair share of the payment market, says the managing director of Informatics Services Corporation – a leading provider of banking and payment solutions affiliated to the Central Bank of Iran.  
Addressing the Iran Transaction Exhibition on Wednesday, Aboutaleb Najafi recommended banks to move toward open banking. 
“Given the presence of new and innovative players in the [payment] industry, banks should beware that they could lose their share in the payment market if they don’t make changes to the current trend,” IRIB News agency quoted him as saying.  
Reiterating strong ISC support for fintech companies, Najafi underscored the positive outcome of new technologies in different industries, including the banking and payment industry.