It was aimed to quantify trends in payments modernisation, cloud and ‘as-a-service’ delivery models for account-to-account payments (corporate and retail/consumer payments). We were also interested in gauging the impact of the COVID-19 pandemic on financial institutions’ own operations, and on the needs and expectations of their customers, and the adoption rate of various domestic and cross-border payment networks.
The movement of money can be a complicated business. Payments modernisation has always been an imperative for banks since the inception of the modern banking system – from the introduction of cheques to the telegraphic transfer by radio or cable through to the networks of today. The trend is always towards greater speed, security and interoperability – but with that, complexity.
The proliferation of payment networks covering various models for moving money domestically and internationally means financial organisations have to deal with many gateways, messaging standards, processing and settlement rules and regulations. This proliferation has led to much fragmentation and duplication of payment systems within organisations. It has also limited reachability and interoperability.
Delivering on these requirements can involve system replacement, but just as often the challenge is to work around and integrate legacy systems that can’t easily be replaced, and bring them into a more modern architecture.
Download your copy of this Finextra Survey Report, produced in association with Volante Technologies, to learn more.