Technology Record - Issue 26: Autumn 2022

F I NANC I A L S E R V I C E S real-time payment processes. “The resulting insight that comes from a constant stream of real-time payment information is where the real value lies for banks and their clients,” says Hazou. That’s because, according to Hazou, the business of payments is evolving. “It’s no longer just about processing payments as widgets – but it’s actually very rich in useful data. A lot of the changing shape of business models in financial services is about data. Data is rich in insights, obviously, and a lot of those insights are incredibly valuable to clients. So, whereas banks were traditionally places you would go to process something, now banks – and their 131

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