UPDATE: The G20’s Financial Stability Board (FSB) has just announced alarming news regarding the global payment infrastructure. According to reports, targets for improving cross-border payments by 2027 are unlikely to be met, revealing deep-rooted challenges within the system. This urgent issue directly affects millions as the complexity of modern payment networks continues to grow.
In an exclusive interview with Aghasi Gevorgyan, the Head of Network Infrastructure at Armenian Card CJSC, he shared critical insights into the escalating difficulties engineers face in cross-border payment systems. With over 20 years of experience in financial technology, Gevorgyan emphasized the necessity for professionals to master essential engineering principles by 2030 to ensure resilience in their infrastructures.
The FSB’s warning underscores the reality that many engineers may not fully grasp the intricate relationships between technical choices, security protocols, and daily operations. Gevorgyan stated, “Daily operations inside a national payment ecosystem reveal how every technical choice interacts with audit procedures, security controls, and settlement flows.” This multi-faceted challenge reinforces the need for a unified approach to modernization.
As the backbone of Armenia’s payment ecosystem, Gevorgyan’s insights are vital. He noted that a staggering 99.9% uptime for millions of cardholders is achievable, but it requires strategic architectural decisions. “Stability grows from architecture that behaves predictably under pressure,” he explained. This mindset is crucial for engineers striving to build systems that remain stable during peak loads.
The FSB’s warning is compounded by the increasing complexity of multi-vendor integrations. Gevorgyan highlighted, “Every organization interprets standards differently, creating gaps during integration.” Engineers must establish shared documentation and transparent change control to align teams and vendors, ensuring smoother transitions in cross-border payment methods.
Moreover, the rise in cybersecurity incidents within the financial sector cannot be ignored. Gevorgyan, who successfully reduced network incidents by 40%, advocates for a proactive approach: “Resilience grows from understanding how threats evolve inside real traffic patterns.” His emphasis on visibility and rapid interpretation of system behavior is more critical now than ever.
For engineers looking to innovate while maintaining compliance with frameworks like PCI DSS and ISO 27001, Gevorgyan offers a path forward. He suggests integrating compliance into daily operations rather than viewing it as an external checklist. “Once the core routines are stable, teams gain space to introduce new technologies,” he said.
With the deadline for G20 targets approaching, Gevorgyan’s insights serve as a wake-up call for professionals in the field. As the landscape of global payments evolves, engineers must prioritize developing core skills, including a deep understanding of both network architecture and business logic.
As we head toward 2030, the implications of these challenges are clear. The future of global payments hangs in the balance as engineers and organizations grapple with the urgent need for modernization and resilience. The time to act is now—professionals must rise to the occasion to ensure a secure and efficient payment infrastructure for all.
Stay tuned for further updates on this developing story as the implications for the financial sector become more pronounced.
