As a head of product within the payments industry, an essential part of my role is observing the sector’s evolution, taking note of current trends and anticipating further developments. As each year approaches its conclusion, the time comes to reflect on all that occurred and predict what the next 12 months is likely to offer.
Looking back on 2024, two areas undergoing key developments have stood out: open banking in B2B finance and the rising sophistication of fraud.
Open banking and the ongoing battle in fraud prevention
While open banking continues make waves in consumer finance, adoption in the B2B sector has been slower. However, the potential of open banking in this space remains considerable.
When more businesses begin to realise the benefits—particularly the ability to streamline financial processes and access data in real-time—I believe open banking in the B2B space will bloom.
Elsewhere, fraud continues to be an ever-evolving problem, becoming more sophisticated all the time as new technologies emerge. For every step forward we take with innovations like AI, fraudsters are quick to exploit them in new ways.
Indeed, every benefit that we acquire from next-generation technologies creates an avenue for fraudsters to do harm. Staying one step ahead in this area is no small task, but it’s critical to the industry’s future.
2025 – the year we make major advancements in fraud detection and open banking
As the tactics of fraudsters becomes increasingly complex, I expect 2025 to be the year that financial institutions begin to leverage AI and machine learning to a much greater degree. The ability to detect and flag fraudulent activities in real-time will soon become standard practice. I’m excited to see how fraud prevention tools will adapt and help businesses proactively combat emerging threats.
I’m similarly optimistic about open banking’s future in the B2B sector. Though progress is slower than many would have liked, more businesses are recognising the value of open banking tools that enable efficient and secure financial transactions. I’m hopeful that 2025 will be a decisive year in which B2B open banking becomes mainstream, allowing businesses to take advantage of the convenience and efficiency that open banking already provides to consumers.
A year from now, I envision a financial ecosystem that competently balances cutting-edge technology with robust security measures. As the demands of both businesses and consumers evolve, we at AccessPay will remain resolute in our commitment to staying ahead of the curve, adapting to new trends, and creating solutions that truly make a difference.
