The Outsourcing Imperative: The strategic importance of partnerships for cloud-based payments

In today’s rapidly evolving financial landscape, managing complex financial systems has become increasingly challenging for banking providers. The demands of mature cloud technology, evolving payment rails, and channels such as real-time cross-border payments and stablecoins require innovative solutions. Additionally, regulatory differences by country and region add another layer of complexity, especially for banks operating across multiple borders. 

With the buzz around generative AI and other emerging tools, financial institutions must consider outsourcing certain functions to maintain competitiveness and efficiency. Enhancing user experience and regulatory compliance are paramount, as customers now expect a variety of payment options, from digital wallets to AI-driven payment agents. Outsourcing becomes key in today’s payments landscape, and financial institutions are increasingly turning to Payments as a Service (PaaS) to navigate the complexities of modern banking operations. 

This report highlights the key takeaways of a Finextra webinar, hosted in association with FIS, by a panel of industry experts. Discover:  

• Drivers for adopting cloud-based payments; 
• Why banks and cloud are still an unfinished story; 
• Why outsourcing is necessary in today's payments landscape; and 
• How banks can change the status quo through partnerships.